Altcoins

Steps to Take Prior to Upcoming EOS and TRX Token Swaps

JP Buntinx | May 24, 2018 | 12:00 pm
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Altcoins

Steps to Take Prior to Upcoming EOS and TRX Token Swaps

JP Buntinx | May 24, 2018 | 12:00 pm

Interesting times are ahead for specific altcoin holders. Anyone who has invested in either Tron or EOS will need to prepare a course of action. Both currencies are in the process of launching their main net, and tokens need to be swapped. It seems Binance will be the go-to exchange to perform these swaps, although other platforms may do so as well.

The TRX and EOS Token Swap Process

For anyone looking to take part in these swaps, a few important steps must be completed. First of all, users who store funds in MyEtherWallet will need to transfer it to any of the supporting exchanges. This will also require people to set up an account for such platforms to enable trading.  Dedicated instructions on how to do exactly that can be found here.

EOS holders will have to go through similar steps to make this happen. Once the users’ account is funded, they wait for the token swap to take place and convert their EOS or TRX balance accordingly. It is possible there may be some deposit delays as a lot of transactions will hit both networks in the coming days.

For Binance, this will be a trialing time as well. With so many transactions to come in over the coming days, the company will have to pay close attention to all deposits coming in. However, there is a particular aspect users will need to take into account if they have EOS in their portfolio. It is very likely users not registering their EOS address will lose access to funds.

The EOS Caveat to Keep Tabs on

According to Exodus Movement, users will need to register an EOS wallet address as soon as possible. This is part of the project’s main launch on June 1st. The need to register is fairly simple to explain. Current tokens are based on Ethereum’s ERC20 format. However, EOS will use its own blockchain soon and no longer need Ethereum for its token transfers.

This is also where the token swap comes into the picture. During this process, ERC20 tokens will be taken out of circulation. Instead, they will be introduced to EOS-native tokens in the process. However, that conversion will only occur if users hold their ERC20 tokens in a registered Ethereum address.  Registering the address through Exodus will take care of everything automatically.

Right now, it is unclear how other service providers will handle this process. It is possible exchange users will need to take some extra steps, depending on which platform they use. All tokens remaining in an unregistered address by the time of the main net launch will be deemed useless immediately. As such, users need to do some research as to how they should process to avoid that situation from affecting them.

 

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