Binance Supports Icon (ICX) Mainnet Swap
Mainnet Swap Support
Binance has revealed that it will support the swap of ICX ERC-20 tokens with the official mainnet coins, five months after the mainnet was officially released.
Icon’s mainnet swap was planned for the exchange to take place earlier this year, but Binance just managed to finish the swap process. On Icon’s official blog, a post states that the Huobi, OKex, Bithumb, and Upbit exchanges also intend on supporting the ICX mainnet. Icon’s team also mentioned that they were working alongside the exchanges speed up the launch.
Binance also announced that it will be halting all ICX deposits and withdraws on June 20th, to help the swap go faster. However, it appears that Binance will not interrupt ICX trading when the transition happens, similar to what occurred when the EOS mainnet was released.
Because all trading transactions on Binance happen off-chain, there should be no issues with straightforward trades on the platform during the transition process. When Binance commences the token swap, it is anticipated that the mainnet claim opening will available for three months, giving holders sufficient time to receive their tokens.
Users will not be required to do anything to receive their mainnet tokens, with Binance conducting all of the technical aspects involved the swap. Once the swap is completed the exchange will resume deposits and withdrawals
“We will open ICX deposits and withdrawals again once we deem the ICX mainnet to be stable,” stated the exchange.
Aside from the token swap, Binance has also revealed that they have recently listed the USDT/ICX trading pair on its platform.
If holders still have the ERC-20 version of ICX in their crypto wallets, it is recommended that they transfer the amount to an exchange that supports the mainnet, so they can receive the token.
The token swap is a one of Icon’s ambitious objective which will enable users to get tokens on the mainnet chain where further development will happen.
ICX is also currently making developments to be able to connect a variety of cryptocurrencies projects, such as Bitcoin, Ethereum, and Qtum. By letting different chains to connect with each other, Icon’s aims to make decentralized coin swaps accessible and to improve the efficiency and use-cases of present blockchains.