ICON Token Swap Underway With 'No Issues,' Foundation Says

ICON's token migration, from ethereum to its own blockchain, is underway - and off to a smooth start, according to its Foundation.

AccessTimeIconJun 22, 2018 at 12:00 a.m. UTC
Updated Sep 13, 2021 at 8:05 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Millions of dollars worth of ICON tokens are now on the move - as the cryptocurrency project begins its token migration.

Designed to connect independent blockchain communities with a variety of governance strategies, the ICON protocol first launched its crypto token, ICX, on the ethereum blockchain, but – in what has become an increasingly popular process – is now moving those tokens over to its very own blockchain.

More specifically, the project, which launched its mainnet in January, is tasked with swapping around $42,750,000 worth of ERC-20 tokens with an equal amount of native ICX tokens from now until September 25.

And according to the ICON Foundation, the organization in charge of development, so far it's been smooth sailing.

Speaking to the process that started June 20, a representative for the foundation told CoinDesk:

"No issues have been reported and we haven't had any on our end."

As previously reported by CoinDesk, only supported exchanges – Binance, Upbit and Bitthumb – can currently shift ICX tokens to the new blockchain.

Therefore, according to the foundation, token holders must transfer their tokens to one of those exchanges in order to start the migration process. Later this month, on June 25, token holders will also be able to use the ICONex wallet to migrate their ICX tokens.

As soon as the migration is complete, users will be able to resume ICX deposits and withdrawals, the foundation said, although an estimated completion date was not provided. However, supporting exchanges indicated that they will wait to reopen deposit and withdrawal services until the ICON mainnet has proven safe.

"We will open ICX deposits and withdrawals again once we deem the ICX mainnet to be stable," Binance said on its website.

For now, ICX token holders must trust the ICON Foundation and the supporting exchanges to execute the swap successfully. However, the foundation stated it may yet provide users with oversight of the migration.

"As of now there is no place to watch the process, however, we are exploring ways to make this possible," a representative for the foundation told CoinDesk.

ICON, a crypto with a collective market capitalization of about $800 million, is only one of the top thirty cryptocurrencies to attempt a token migration in recent weeks. Tron, which aims to use its blockchain infrastructure create a "truly decentralized internet" kicked off its token migration on Thursday. Likewise, the scalability-focused EOS protocol underwent a token migration earlier in June.

Rubber ducks image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.