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"

Weekly Newsletter

0x Protocol (ZRX) Surges Over 33% After Listing on ‘Coinbase Consumer’

Siamak Masnavi

On Tuesday (16 October 2018), less than one week after crypto exchange Coinbase listed cryptocurrency 0x Protocol (ZRX) on "Coinbase Pro", it announced that it had made ZRX also available on "Coinbase Consumer" and on its mobile apps.

0x's white paper describes it as "a protocol that facilitates low friction peer-to-peer exchange of ERC20 tokens on the Ethereum blockchain." One interesting fact about 0x is that it forms the foundation of Paradex, the decentralized exchange that Coinbase acquired on 24 May 2018, and which is being integrated into Coinbase Pro.

Here is how Linda Xie, co-founder and managing director of Scalar Capital, describes the purpose of the 0x Protocol:

"0x was co-founded by Will Warren and Amir Bandeali in October 2016. They envision a world in which every asset can be represented as a token on the Ethereum blockchain including fiat currencies, stocks, gold and digital game items. This tokenization will lead to thousands of tokens that need a method of trustless exchange. Decentralized exchanges have been a major step forward but there are still the remaining inefficiencies and lack of operability between decentralized exchanges. 0x aims to create a standard protocol on the Ethereum blockchain that allows any Ethereum token to be traded and for anyone to operate a decentralized exchange. These parties building on top of 0x are referred to as Relayers as they host off blockchain order books and can charge fees for their services."

And this is how she describes the ZRX token:

"0x has its own Ethereum token, ZRX, which is used to pay trading fees to Relayers for their services. However, the main purpose for ZRX is decentralized governance over 0x protocol’s upgrade system, meaning owning ZRX gives you a say proportional to your holdings in how the protocol should be improved over time. "

If you believe in the idea of "Tokenization of Everything", which is something that Goldman-backed FinTech startup Circle frequently talks about, then you can see how important 0x could be in future, and why Coinbase might have decided to make ZRX the first ERC-20 token to offer on its trading platforms.

Anyway, here is how Coinbase announced the news on Twitter:

Coinbase Consumer is the trading platform hosted at, and it is used by most of Coinbase's millions of users; in contrast, Coinbase Pro is hosted at, and it is intended for use by "professional" (or very experienced) investors.

Coinbase's blog post says that it is now possible to trade ZRX on and on Coinbase's mobile apps. As you can see in the following screenshot, now allows trading of BTC, ETH, BCH, LTC, ETC, and ZRX:

Coinbase Consumer Screenshot.png

However, it is worth noting that "ZRX will be available for customers in most jurisdictions, but will not initially be available for residents of the United Kingdom or the state of New York."

This latest news led to another surge in the price of ZRX tokens. According to CryptoCompare data, ZRX is currently trading at $0.9802, up 33.8% in the past 24-hour period.

Here is the one-day price chart for ZRX:

ZRX One Day Chart - 17 Oct 2018.png

Will Warren, co-founder and CEO at 0x, used the following tweet to try to temper investors' expectations:


Featured Image Courtesy of ZeroEx