VeChainThor Blockchain Launch and Token Swap FAQ

Siamak Masnavi

This article tries to answer any questions you may have regarding the launch of VeChain's native blockchain (i.e. VeChainThor Mainnet) and the process by which ERC-20 VEN tokens on the Ethereum blockchain will get swapped for VET tokens on the VeChainThor blockchain.

What Is the Timeline for the Blockchain Upgrade and Token Swap?

On 21 June 2018, the VeChain Foundation sent out a tweet that provided this very helpful roadmap for the launch of the VeChainThor Mainnet:

As you can see, there are several interesting dates here:

  • 30/06/2018: VeChainThor Mainnet is launched (i.e. goes live). 
  • 09/07/2018: VeChain mobile wallet should become available around July 9th. 
  • Mid July 2018: Exchanges that have officially announced support for the VeChain's blockchain upgrade will start the VEN to VET token swap process. 

How Many VET Coins Will I Receive After the Token Swap for Every VEN Token I Hold Now?

After the VeChainThor Mainnet goes live and the token swap process has been completed, for every VEN token you have now, you will receive 100 VET tokens. 

This is how a VeChain Foundation tweet sent out on 18 May 2018 explained the reasoning behind this 1:100 split:

So, for example, if you have 100 VEN tokens now, you will have 10,000 VET coins after the token swap. It is likely that sometime in July 2018 data providers such as CryptoCompare will be showing prices for VET that are 1/100 of what they would have been had the VeChain Foundation not decided to do a 1:100 split. The total value of your holdings will, of course, remain the same.

What Exchanges Are Supporting the Token Swap?

So far, the following exchanges have officially promised support for the token swap:

We don't know yet the deadlines on these exchanges for depositing your tokens, but it should be around mid July 2018. 

What If I Don't Want to Move My VEN Tokens to an Exchange?

Well, although letting one of the exchanges that has officially announced support for the token swap is probably going to be the easiest ways to get your VEN tokens swapped for shiny new VET coins, the good news is that it seems that VeChain Foundation will support the token swap independently of exchanges for quite a while (this support will probably come from the official VeChain mobile wallet, but we don't know for sure at this time). So if, for example, your currently hold your VEN tokens in a MyEtherWallet (or on a hardware wallet such as the Ledger Nano S), and you don't feel safe in moving your VEN tokens and leaving them there for some time, you are definitely OK for now; just remember that at some point (we will update you via a future article as soon as more information becomes available from the VeChain Foundation), probably within the next few months, you will need to migrate your VEN tokens to a VET wallet.

Please remember that at this time there are no VET wallets and it is not possible to do a VEN to VET token swap; so if some website you have never heard of offers to do the token swap and asks you to give them your private keys for the Ethereum wallet holding your VEN tokens, please regard this as a scam. 

 

Feature Image Credit: Photo by via Pexels; licensed under "CC0"

First Stablecoin Trading Pair Goes Live on Binance DEX

Venture capital backed blockchain startup Stably, the issuer of USDSB, the first stablecoin to be launched on Binance Chain, has announced that a trading pair for USDSB is going live on Binance DEX today (June 24).

Seattle-based Stably was co-founded by Kory Hoang (Chief Executive Officer), a former Private Equity Data Analyst for PitchBook, David Zhang (Chief Technology Officer, who used to be a Software Development Engineer at Amazon, Amiya Diwan (Chief Product Officer), also a former Software Development Engineer at Amazon, and Bryan Guy (Chief Legal Officer), who is a licensed attorney.

Stably announced on 1 November 2018 the early access launch of its pegged and fully dollar-collateralized stablecoin, StableUSD (USDS), which had first been launched on the Ethereum mainnet on 16 August 2018. Stably said at the time that the fiat reserves were held in FDIC-insured escrow accounts managed by custodian Prime Trust, and that a leading accounting firm, Cohen & Co., would be conducting weekly attestations for these fiat reserves. 

Then, on 1 February 2019, USDS got listed on Binance's centralized exchange (Binance.com), and two trading pairs for it—BNB/USDS and BTC/USDS—went live on 5 February 2018.

Later that month, trading pairs to support trading USDS against four other stablecoins—USDT, USDC, PAX, and TUSD—became available on Binance.com.

On March 18, Stably said that USD had received support from Binance's over-the-counter (OTC) desk. Kory Hoang, the Stably CEO, had this to say at the time:

“Partnering with Binance OTC allows us to provide even more liquidity to trading shops who want to move large amounts between major cryptocurrencies and USDS."

In a blog post published on June 3, Stably announced it was going to issue StableUSD on Binance Chain, and that USDSB, a BEP-2 token, would become the first stablecoin on Binance Chain. Mahraan Qadir, Director of Product Management at Stably, went on to say:

Building on Binance Chain provides many benefits for stablecoin users, such as improved security, ease of use, and speed of transaction. This makes USDSB one of the fastest major stablecoins on the market, with one-second block confirmation time and the ability to process several thousands of transactions per second."

He also said:

Expanding onto Binance Chain will also allow the Stably team to eventually submit a proposal to list USDSB on Binance DEX, an initiative that we are planning to achieve in the coming weeks. If it is approved by the validators and gets listed, USDSB will become the first stablecoin to launch on Binance DEX..."

Well, now, three weeks later, we find out via another blog post by Qadir that USDSB has indeed been listed on Binance DEX and that trading pair BNB/USDSB is going live today on Binance DEX (expected to happen aat 10:00 UTC). Furthermore, he says that Stably is "planning to list USDSB with additional assets on Binance DEX very soon."

Also, according to Qadir, today, two trading pairs for USDSB are being launched on Binance.com: USDSB/USDT and USDSB/USDS.

Featured Image Courtesy of Binance