The ICON project, specializing in developing solutions that connect separate blockchain platforms to combine the advantages of different networks, is initiating today a token swap procedure as it migrates over from an ethereum blockchain over to its own.
During the startup period, ICON project issued Ethereum-based ICX-tokens for its investors. Unlike other platforms ICON is executing the swap after their mainnet has proven to be operational. Swap ratio from ICX-tokens to ICX-coins will be 1:1 (meaning 1 Ethereum ICX token for 1 mainnet ICX coin). Swap can be completed either via an ICONex Wallet from June 25 until September 15 or over Binance and Upbit by end of the day on June 20, and by June 21 over at Bithumb.
However, due to recent reports of a cyber attack on Bithumb, it is unclear if the platform will participate in the swop. Insider.Pro has reached out to ICON for a comment, but none have been given at the time of publishing.
ICON advises users to keep approximately 0,002 ETH in ICX-ethereum wallets to pay off the transaction fees if users prefer to migrate via a crypto exchange instead of the ICONex wallets.
After the swap to ICX-coins, ICX-tokens are set to burn, and those tokens that fail to be swapped over will be frozen until the swap period is over to prevent tokens from being used in the future.
Last September ICON sold %50 of its ICX tokens and raised 150,000 ETH (worth $42,750,000). This January ICON launched its blockchain platform and reached a market capitalization of $791 million with a daily trading volume of $44 million according to CoinMarketCap data. https://coinmarketcap.com/currencies/icon/
By Nadya Astam