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Huobi Supports Mainnet Launch and ERC-20 Tokens Swaps


All blockchains are usually two-sided, having a main net and a testnet. Mainnet does the actual work of transferring funds, while the testnet is well, for testing. Most times, new projects piggyback on the Ethereum blockchain when starting and then, later on, launch their own blockchain, with the mainnet. Although, there is actually nothing special about a project having its own blockchain, however, it is usually a form of assurance that such project is legit. When the mainnet is launched, the project’s tokens already issued on another blockchain (usually ERC20 tokens) have to be swapped for the mainnet native tokens. Two upcoming switches are Tron (TRX) and Ontology (ONT) who will be switching to their mainnet. Users will be required to swap their current ERC20 gotten during ICO for the new mainnet native platform token. This won’t be the first time Huobi will be supporting mainnet launches. The popular exchange had previously supported the EOS mainnet launch and will be supporting several more token swaps including Tron and Ontology. Below are reasons you definitely want to deposit your TRX & ONT on Huobi. You can create a free account and move your tokens there.

TRON

Registration of all existing TRX/ONT tokens is crucial, otherwise, they would become worthless. The fate of your tokens depends on where they are currently stored. This brings us to the first reason you want to deposit your tokens on Huobi. If your ERC-20 TRX/ONT tokens are in an exchange like Huobi Pro, then all you need to do is relax as Huobi Pro will do the swapping of the new tokens for you. Priceless convenience! If however, they are stored in a wallet, you will not be able to move or trade them during and after mainnet launch. This is because such tokens stored in a wallet are completely illiquid during the transition period of the mainnet launches.

Considering there is no fixed duration for the transition period, one can expect the transfer of TRX & ONT from ERC-20 token to native token to take longer than expected. Thus, stay tuned and ensure you stay up-to-date with the latest news on the situation. Fortunately, as earlier mentioned, TRX/ONT holders who have their tokens stored on Huobi, can still trade their tokens. This will not in any way hinder them from getting the new issuance of the TRX/ONT mainnet native tokens. That’s the second reason why you should move your tokens to Huobi.

ONT

One key point to note is that ONT native tokens are indivisible, thus the smallest amount is 1 ONT. What this means for users is that if your NEP-5 ONT amount is not a whole number, you must buy (or sell) some to round the number up (or down) before performing the ONT mainnet token swap manually. However, users whose tokens are on Huobi, will not need to worry about such issues.

Token mainnet swap for Tron tokens are forever supported by the Tron foundation and certain exchanges. So, there is no need to worry about token freezing which Block.one did for all EOS tokens after the mainnet launch.

Mainnet

In addition to all said above, deposits into a Huobi account will entitle users to an airdrop. Details can be found here.

In their monthly report for May, Ontology was able to close a partnership deal with a successful project like NAGA, amidst other activities like confounding a Joint Task Force with the NEO foundation. Also, some fresh skills were added to the team in various departments. Newly hired skills include software engineer, senior researcher, ecosystem development manager and senior PR specialist.

TRON, after acquiring BitTorrent, has been in a positive spotlight with new developments being announced frequently. Recently, the project’s crypto wallet, TronWallet was publicly released.

The post Huobi Supports Mainnet Launch and ERC-20 Tokens Swaps appeared first on Cryptomartez.




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