Dear NKN token owners, it is approaching the final days of NKN token swap from NEP-5 to ERC-20 (Deadline: March 28th, 2019, 23:59 UTC). And it is very important to read on for your own interest.
Why?
Even though the bulk of circulating NKN tokens have been successfully swapped (over 223 Million out of 350 Million), there are still up to 127 Million NEP-5 tokens yet to be swapped. Since there are less than 20 days until March 28th, 2019, time is running out.
What are the reason for pushing 100% token swap?
- Reduce user confusion: There are already NEP-5 based tokens (NKNO), ERC-20 based tokens (NKN), and testnet tokens (tNKN). And with mainnet launch, we will have mainnet NKN tokens soon as well. Too many different token standards and wallets confuse users.
- Reduce exchange complexity: several existing exchanges and potential large exchanges have expressed concern in maintaining multiple deposit and withdraw addresses, and tracking overall token circulation. The complexity also leads to more customer support calls as well.
- Improve token liquidity: Moving to ERC-20 based tokens (NKN) offers an opportunity to take advantage of a larger number of exchanges as well as the ERC-20 ecosystem.
What?
Deadline: March 28th, 2019 (23:59 UTC)
Our goal is to have only NKN(ERC-20) token tradable after the deadline expires.
Therefore we would like to call every NKN (NEP-5) token holders to swap their tokens to ERC-20 now, and certainly before deadline.
How?
What NKN team will do? We will lock the NEP-5 smart contract so that no transfer will be possible after deadline expires.
What you need to do? please check the below timetable (all times are UTC) to find out your action needed.
The original announcement for token swap is here:
https://medium.com/nknetwork/nkn-token-swap-nep-5-to-erc-20-c476d064718e
The guide for using NKN’s official token swap web tool is here:
https://medium.com/nknetwork/guide-nkns-official-token-swap-web-tool-375c5c48a87a
For questions and support, please email:
FAQ
What should I do if I’m on gate.io or Bilaxy?
You do not need to do anything. We have agreed with gate.io and bilaxy to transition to pure ERC-20 trading: e.g. remove deposit wallet in NEP-5.
What should I do if I’m on LaToken, BCEX, Switcheo (NKNO), or Bitrue?
Please withdraw your NEP-5 NKN tokens to your personal wallet and use our official token swap web tool to swap before deadline.
What will happen to the tokens that are not swapped after deadline?
They will be locked and kept out of token circulation.