Binance Announces Icon (ICX) Mainnet Token Swap, Price Jumps

One of many world’s largest exchanges, Binance, has simply revealed that will probably be supporting Icon’s (ICX) mainnet inside the upcoming week.

Binance Helps Icon Mainnet Swap

Binance has lastly introduced that will probably be swapping the ICX ERC-20 tokens for the official mainnet cash, 5 months after the official launch of the mainnet.

Icon deliberate for the change mainnet swaps to happen earlier this 12 months, however Binance simply obtained round to engaged on the swap course of Based on a submit on the Icon’s official weblog, the Huobi, OKex, Bithumb, and Upbit exchanges are additionally engaged on supporting the ICX mainnet. Icon’s staff made it clear that they’re working with these exchanges to make sure it occurs as quick as doable.

To assist this swap, Binance has introduced that every one ICX deposits and withdraws will halt on June 20th, making certain that this swap is as clean as doable. Nonetheless, plainly Binance won’t stop ICX buying and selling throughout this transition interval, much like what occurred with the EOS mainnet launch.

On account of the truth that all buying and selling on Binance is off-chain, there must be no drawback with purchaser to vendor trades on the Binance platform through the token swap course of. When Binance begins the token swap, it’s anticipated that the mainnet declare window will final for a complete of three months lengthy, giving holders ample time to get the tokens they deserve.

Customers won’t have to do something to acquire their mainnet tokens, with Binance dealing with all the technical particulars relating to the swap. As soon as Binance finishes the swap they may enable for deposits and withdrawals to renew, particularly stating:

We’ll open ICX deposits and withdrawals once more as soon as we deem the ICX mainnet to be steady.

Along with supporting the token swap, Binance has additionally introduced that they’ve simply opened a USDT/ICX buying and selling pair, a lot to the shock of some.

Icon has suffered together with the cryptocurrency market, dropping over 80% since its early January all-time excessive. Regardless of the worth decline, ICX’s value noticed a pleasant bump when Binance launched the aforementioned announcement, beating Bitcoin by over 9% on the day.

Based on CoinMarketCap, ICX tokens are at the moment sitting at $2.08 U.S. and are up 9% over the previous 24 hours.

If ICX holders are nonetheless holding the ERC-20 model of ICX of their private wallets, it’s suggested that these customers switch them to a mainnet supported change to get the total worth of the token.

ICON – An Interoperability Targeted Blockchain Challenge

For many who are unaware, Icon is a South-Korean primarily based challenge that hopes to assist join unbiased blockchains with each other, so-called interoperability. The subject of interoperability has been a key theme within the trade, with many believing that this attribute can be important in future blockchains.

ICX is at the moment working to attach quite a lot of prime cryptocurrencies tasks, together with Bitcoin, Ethereum, and Qtum. By permitting totally different chains to speak with one another, Icon’s staff hopes to permit for decentralized coin swaps and for the elevated effectivity and use-cases of present blockchains.

The token swap is a key a part of Icon’s formidable objectives, with the swap permitting for customers to acquire tokens on the mainnet chain the place in depth improvement will happen.

 

Picture from Shutterstock

About Tom Greenly

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