
How is the mainnet swap done?
A mainnet swap, also known as a token swap or migration, is a process commonly used in the blockchain and cryptocurrency space when a project transitions from a testnet or an existing blockchain to its own independent mainnet. This swap ensures that the tokens used on the old network are exchanged for the new tokens on the new mainnet. Here's a step-by-step explanation of how a mainnet swap is typically done:
1. Announcement: The project team will announce the mainnet launch and the details of the token swap, including the timeline, instructions, and any important considerations.
2. Wallet Preparation: Users need a compatible wallet that supports the token swap. Often, the project team will recommend specific wallets or provide instructions for preparing existing wallets for the swap.
3. Snapshot: A snapshot of the current network is taken at a specific block height. This snapshot records all token balances of the users on the old network.
4. Token Migration: The project team generates and deploys new tokens on the mainnet, usually in a 1:1 ratio based on the snapshot. These new tokens are often sent directly to users' wallets or distributed through a specified process.
5. Swap Instructions: The project team provides detailed instructions on how users can participate in the token swap. This typically involves users initiating a swap from the old tokens to the new tokens using a designated swap tool or smart contract.
6. Deadline: There's usually a deadline for completing the swap. Users must ensure that they initiate the swap before the specified deadline to exchange their old tokens for the new mainnet tokens.
7. Confirmation: Once the swap is completed successfully, users should see the new tokens in their wallets, and the old tokens become inactive or unusable on the old network.
It's essential for users to follow the project's official communication channels and ensure that they are using legitimate swap tools or platforms to avoid scams during the mainnet swap.
1. Announcement: The project team will announce the mainnet launch and the details of the token swap, including the timeline, instructions, and any important considerations.
2. Wallet Preparation: Users need a compatible wallet that supports the token swap. Often, the project team will recommend specific wallets or provide instructions for preparing existing wallets for the swap.
3. Snapshot: A snapshot of the current network is taken at a specific block height. This snapshot records all token balances of the users on the old network.
4. Token Migration: The project team generates and deploys new tokens on the mainnet, usually in a 1:1 ratio based on the snapshot. These new tokens are often sent directly to users' wallets or distributed through a specified process.
5. Swap Instructions: The project team provides detailed instructions on how users can participate in the token swap. This typically involves users initiating a swap from the old tokens to the new tokens using a designated swap tool or smart contract.
6. Deadline: There's usually a deadline for completing the swap. Users must ensure that they initiate the swap before the specified deadline to exchange their old tokens for the new mainnet tokens.
7. Confirmation: Once the swap is completed successfully, users should see the new tokens in their wallets, and the old tokens become inactive or unusable on the old network.
It's essential for users to follow the project's official communication channels and ensure that they are using legitimate swap tools or platforms to avoid scams during the mainnet swap.
Aug 11, 2023 08:24