TRON (TRX) and Ontology (ONT) are currently in the process of preparing for their respective mainnet token swaps. To facilitate the token swap process for its users, Huobi Pro will automatically swap any TRX and ONT tokens that are deposited to the exchange.
What is a Mainnet Token Swap?
In the world of cryptocurrency, many new projects are looking to build their own blockchain platform, but need a temporary token of sorts to raise ICO funds. In order to do this, most developers use Ethereum’s ERC-20 standard, which defines a set of rules for token generation and usage. The ERC-20 standard allows projects to specify their own token economics, and the generated tokens can be stored in an ETH wallet. Similarly, the NEO platform also offers a token standard called NEP-5.
After a project’s mainnet, or live network, has been launched, developers may choose to do a 1:1 swap of the ERC-20/NEP-5 token to tokens that can be utilized on the mainnet. In this case, TRON and Ontology have launched their mainnets. The TRX ERC-20 and ONT NEP-5 tokens won’t have any function on the mainnet, so they will lose all value following the token swap. Thus, it’s important to receive your mainnet tokens, which will retain their value because they can be used on the mainnet for staking, purchases, etc.
Token Swap on Huobi Pro
Huobi Pro, which recently finished its EOS token swap, is now supporting both the TRX and ONT token swaps. Here are two reasons why you should use Huobi Pro to swap your tokens.
- Manually swapping the tokens can be challenging, especially for new investors. For example, manually swapping ONT NEP-5 tokens require sending the tokens to a specified mapping address in addition to one’s private keys. With so many phishing scams at the moment, sending your tokens to an exchange is a safer and more convenient solution.
- If you perform a manual swap, your tokens won’t be liquid during the swap process, which can take up to 24 hours. If you’re an active trader, this means you won’t be able to react to market news because your tokens will be “stuck” during the token swap. On the other hand, if your tokens are on Huobi Pro, you’ll still be able to trade freely during the swap process.
TRON & Ontology in the Future
TRON and Ontology are two of the biggest projects in the blockchain space. Just a few days ago, TRON’s Justin Sun announced an acquisition of Bittorrent, Inc. While not many details were revealed about the acquisition, TRON stated it is interested in building a “decentralized Internet”.
Ontology, while newer in the blockchain space, has made a number of significant accomplishments as well. Recently, Ontology formed a partnership with CarBlock, a blockchain-based transportation solution. Ontology has also formed the Ontology Olympus Accelerator, a program that “invites technology and product experts across fields to collaborate in entrepreneurship and build new distributed business applications.”
Don’t miss out on TRON and Ontology’s exciting future by forgetting to swap your tokens. The swap process will start soon, so sign up for Huobi Pro today, and let them handle the token swap for you.