Connect with us
TEST TEST
()
()
()
()
()
()
()
()
()
()
()
()

Altcoin News

Vechain Token Swap and X-Node Binding Guide

Published

on

Introduction and Overview

This guide covers the basics of the Vechain Token Swap (VEN to VET) and X-node binding process. There are two methods of swapping the tokens – either automatically by a supported exchange or doing the swap via the VechainThor Mobile Wallet. It is important to note that X-nodes will need to be bound and have a special process –  so follow the instructions to the letter!

This guide will be improved upon over time as the procedure is updated and the app is launched. 

The VeChainThor Mobile Wallet application will be available for download in the Apple App Store and the Android App Market as early as July 9th, 2018 (Google PlayStore, iOS App Store).

The main functions of the VeChainThor Wallet include:

  • creating a wallet;
  • transferring and receiving VET and VTHO;
  • X Node binding (the process of migrating your X Node from MEW);
  • collecting VeThor rewards, including the base generation rate, any VeChain Foundation rewards, and any Economic Node or X Node VeThor rewards;
  • swapping any other VEN tokens for VET
  • X-node holders have an additional step to BIND their X-Node to the VechainThor Wallet

Automatic Token Swap (*Supporting exchanges only)

If you hold your VEN on supporting exchange, the exchange will do the token swap automatically – and you don’t need to worry about your tokens. As of the time of publication, the following exchanges have stated they will support the VeChainThor Mainnet launch by conducting a VEN-to-VET token swap:

  • Binance
  • Bithumb
  • Huobipro
  • Kucoin
  • Coinspot

It is important to note that every exchange will have different cut off times for the token swap. Therefore, don’t send tokens once deposits have been disabled by the exchange. Once the token swap has been completed and withdrawal function is enabled by the exchange, you can withdraw your VET to the VechainThor Mobile Wallet

Manual Token Swap Method

  1. Download the VeChainThor Mobile Wallet application;
  2. Create a new VeChainThor Wallet;
  3. Transfer your ERC20 tokens to the intermediary address presented when selecting the newly created VeChainThor Wallet in the exchange screen;
  4. Store your tokens in the Wallet (per step 3 above) and start earning VTHO.

In all of the above instances, it is necessary to STORE your VET tokens in a VeChain wallet in order to generate VTHO. Exchange support for VTHO generation has not yet been announced.

 

X- Node Binding Process

  1. Download the VeChainThor Mobile Wallet application and create the wallet;
  2. Bind your X Node ERC20 wallet address by sending .01 VEN to a special (intermediary) address monitored by the Foundation;
  3. Swap your VEN tokens for VET using an approved exchange (mid- July). Send the VET to the wallet created in step 1 above, OR swap your VEN tokens using the mobile wallet application’s official VeChain Foundation Token Swap service (July 24th);
  4. Store your tokens in the Wallet (per step 3 above) and start earning VTHO no later than July 30th. The Foundation’s X Node monitoring of the X Node addresses begins again August 1st, If you do not have the appropriate number of tokens in your wallet by that time you will lose your X Node.

 Glossary

  • VEN refers to the original ERC20 VeChain token.
  • VET refers to the newly-issued VeChainThor token, for which you will swap your held VEN for.
  • VTHO refers to the newly-created and issued VeThor token, which powers transactions on the VeChainThor blockchain. For more details on VeThor tokens and how they are used, and how VTHO and VET tokens relate to each other, please see the VeChain Development Plan and Whitepaper.
  • BINDING refers to the process of validating an ERC20 address with the VeChain Foundation for the purposes of X Node migration and/or VEN/VET token swapping.
  • INTERMEDIARY ADDRESS refers to a unique ERC20 address generated by and inside your VeChainThor Mobile Wallet application.

Reference:

VechainThor Wallet and Token Swap Manual 

VechainThor Wallet AMA on Reddit

*Update: Added address for VechainThor Mobile Wallet download (Google PlayStore, iOS App Store)

1 Comment

1 Comment

  1. Pingback: Vechain successfully launches - here's what you need to know - Asia Crypto Today

Leave a Reply

Your email address will not be published. Required fields are marked *

FOLLOW US ON TWITTER

Trending

Copyright © Shenzhen Wujiexian Information Consulting Co. Ltd.

Click to Hide Advanced Floating Content

Follow us on Twitter or join our Telegram