ICON (ICX) Token Swap: An FAQ Guide

Siamak Masnavi

The purpose of this guide is to answer any questions you may have regarding the ICON (ICX) token swap process.

What Is Token Swap All About?

After the ICON token sale ended on 20 September 2017, the ICON Team distributed the ERC20 ICX tokens, so that owners could trade ICX at crypto exchange before the mainnet launch. The token swap involves exchanging ERC20 ICX tokens to ICX coins at a 1:1 exchange rate. Once the swap is made, you cannot change ICX coins back to ERC20 ICX tokens.

How Does the Token Swap Happen?

You can either let one of the three exchanges that currently offically support the token swap -- Binance, Upbit, and Bithumb -- do it for you (provided that your ICX tokens are held on those exchanges), or you can do it yourself via the ICONex wallet (available either as a Chrome browser extension or an Android app), in which case you can migrate the ERC20 ICX tokens stored in the ICONex ETH wallet to the ICONex ICX wallet.

When Will the Token Swap Take Place?

The token swap feature of the ICONex wallet has been ready since April, but at that time the exchanges were not ready to handle trading of mainnet ICX coins. So, the ICON Team postponed the token swap till this month so that both token swap processes could take place simultaneously.

The token swap schedule is as follows:

  • Binance. You must deposit your ERC20 ICX tokens by 20 June 2018 00:00  (UTC)
  • Upbit. You must deposit your ERC20 ICX tokens by 20 June 2018 22:00  (UTC+9).
  • Bithumb. You must deposit your ERC20 ICX tokens by 21 June 2018 22:00  (UTC+9).
  • ICONex Wallet. You may perform the token swap from 25 June 2018 13:00 (UTC+9) until 25 September 2018 13:00 (UTC+9).

What Is the Token Swap Procedure If My ICX Tokens Are on an Offically Supported Exchange?

Very simple provided that you have deposited your ICX tokens by the deadlines specified earlier. Exchanges will suspend withdrawals/deposits from those dates, handle the swap of ICX tokens to ICX coins, and then resume withdrawals/deposits once they believe the ICON mainnet is stable.

What Is the Token Swap Procedure If My ICX Tokens Are in the ICONex Wallet?

For a detailed step-by-step instructions, please use the guide prepared by the ICON Team. 

Here are the basic steps (as provided in the ICON Team blog post titled "ICX Token swap schedule announcement"):

  1. Create an ICONex ETH wallet and send your ERC20 ICX tokens to the ICONex ETH wallet (Guide to creating your wallet); Please check you create an ICONex ETH wallet(address starts with “0x”).
  2. Add ICX custom token to activate the token swap feature.
  3. Follow the instructions and complete the token swap submission. Notes: (a) Your ICONex ICX wallet will be created automatically and the same amount of ICX that you have swapped will be distributed to your ICX wallet. (b) You will need a small amount of ETH balance for the token swap.
  4. Mainnet ICX coins will be distributed once per day(except weekends). (Token swap submission available at all times)
  5. Token swap submission received before 09:00(UTC+9) will be processed and distributed on the same day at 18:00(UTC+9). Submission received after 09:00(UTC+9) will be processed the next day. (No distribution on weekends or holidays)

ICX token swap table.png

What Will Happen to My ERC20 Tokens If I Don’t Make the Token Swap?

If you miss the token swap window, the ERC20 ICX tokens will be burned(locked) and can no longer be used.

How Do I Know If My ICX Are ERC20 Tokens or Mainnet ICX Coins?

  • If your ICX is stored in a wallet address starting with "0x", they are ERC20 ICX tokens which need to be swapped.
  • Mainnet ICX coins are stored in the ICONex ICX wallet addresses starting with "hx".

How Much ETH Do I Need for Swapping ICX on the ICONex Wallet?

"The default setting is 21 Gwei, 69682 gas limit. Approximately 0.002 ETH would be enough."

After Swap, Will I Need ETH in My ICONex Wallet to Send Mainnet ICON Coins?

"No, tranfering mainnet ICX coins will cost you 0.01 ICX per transaction."

 

If you have any further questions, please consult the ICX Token Swap FAQ guide prepared by the ICON Team.