$37 Million In Ontology (ONT) Airdropped To NEO Token Holders

Omar Faridi

A number of NEO platform users will reportedly be getting “free money” pretty soon. Starting this coming weekend, holders of tokens generated on NEO’s blockchain, the 12th largest cryptocurrency platform in terms of market capitalization, will get a share of 10 million ONT tokens. These tokens are a part of the relatively new Ontology network and their total worth is currently around $37,000,000 according to data from CryptoCompare.

In order to qualify for the giveaway, the recipients should have acquired NEO tokens on March 1st. Moreover, the purpose of the “ONT token distribution” is to reward those who invested in the NEO network because Ontology’s developers say that their contributions played a key role in the successful deployment of their platform.

Two-Stage Airdrop For Select NEO Token Holders

Back in February, the NEO Council, a group tasked with managing developments related to the NEO blockchain, stated that they would start the distribution of 20 million ONT tokens to certain NEO token holders via a series of airdrops. Ontology’s development team announced in March that they had given 10 percent of their platform’s maximum token supply, or 100 million ONT, to the NEO Council “for relevant cooperation and to support NEO community feedback.”

This past Monday, the NEO Council airdrop had been scheduled to be completed. The Ontology network’s token migration process also reportedly began the same day. During the token migration, NEO-based ONT token holders were instructed to shift their tokens onto the newly launched Ontology mainnet.

Several Recent Token Migrations

Notably, Ontology’s token migrations (or token swaps) are now among one of a number of other crypto projects that also recently performed token migrations after the launch of their mainnets. The highly anticipated deployment of the EOS and TRON mainnets required that all their ERC-20 based tokens be swapped for tokens native to their respective blockchain platforms. Similarly, the Ontology network’s token migration process requires swapping its NEP-5 tokens for those native to its newly launched blockchain.

NEP-5 tokens currently held on cryptocurrency exchanges will be automatically swapped for Ontology network’s native tokens. However, users holding tokens elsewhere will have to manually migrate their tokens, as outlined by the Ontology platform’s recent post. Depending on where the tokens are held, the migration process can be a bit complex. For instance, Nano ledger wallet users will reportedly have to send their NEP-5 tokens to a different crypto wallet in order to successfully complete the swap.

Notably, ONT tokens residing on Ontology’s mainnet are not divisible, which means that NEP-5 token holders must migrate whole-number tokens. For example, 2.45 NEP-5 tokens cannot be moved over to Ontology’s newly launched blockchain. Therefore, a user will have to either accept losing 0.45 NEP-5 tokens or try to acquire a non-decimal amount of the tokens before migrating.

The deadline for Ontology network’s token migration is October 1st, 2018.

Binance Preparing to Finally Offer BitMEX Some Real Competition in Crypto Futures Trading

Earlier today (July 2), at the second annual Asia Blockchain Summit (in Taipei, Taiwan), Binance CEO Changpeng Zhao (aka "CZ") announced that his firm "will be launching a futures platform very soon."

During his keynote speech, CZ talked about Binance's journey from the launch of its centralized spot exchange on 14 July 2017 to the launch of a Bitcoin-backed BEP32 token (called BTCB) on its native blockchain (Binance Chain):

CZ's Talk in Taipei - July 2019 - Slide 1.jpg

More importantly, toward the end of his talk, CZ presented a screenshot showing the trading interface for Binance's upcoming futures trading platform:

Binance Futures Screenshot - July 2019.jpeg

As for when this platform will be launched, CZ said:

Binance will be launching a futures platform very soon. I don’t have the exact date yet. The simulation test version will be live in a few weeks.

Based on what we can see in this slide, what CZ said, and what a Binance spokesperson told Coindesk, here is what we know so far:

  • Initially, there will be support for only Bitcoin (BTC-USDT).
  • Leverage will initially be up to 20X.
  • Eventually, support will be offered for higher leverage as well as more pairs. 
  • The test version of "Binance Futures" will be launched "about a week" after margin trading has been rolled out to all Binance users (this rollout is expected to be complete by around July 11).

Over on Crypto Twitter, this is what Anthony Pompliano (aka "Pomp"), Co-foun,er & Partner at Morgan Creek Digital Assets, had to say:

Also, crypto analyst/trader Luke Martin, made the following interesting observation: