Binance has officially announced that it has fully completed the ONT mainnet swap. To this effect, it indicated that users can now deposit and withdraw ONT on the trading platform. The first news about the swap became public knowledge about two months ago when Binance stated that it would handle all the technicalities involved for all its users that hold ONT. Now that the Swap is complete, Binance will be in charge of the monthly distribution of ONG to all holders of ONT.

Ontology 1.0

The Ontology mainnet (“Ontology 1.0”) officially went live on June 30, 2018. Together with its deployment, the Ontology team published an update of its mainnet ONT token swap guide. The updates include a newly introduced means for mapping and migration, as well as a note concerning ledger support. Originally, there are different methods for the token swap, including mapping with the use of other wallets, ONTO wallet one-stop mapping and an automatic exchange-based mapping and migration. Since there is no provision on the ledger that backs private key extraction, the Ontology team recommended that ledger users carry out their mapping on an exchange. Detailed instructions on how to swap ONT is listed here.

Exchanges That Support ONT Swap

Simultaneously, the team released a list of exchanges that will support the ONT mainnet token swap. Such exchanges include Huobi Pro, Binance, KuCoin, Upbit, among others. The mapping officially began on July 9, 2018, and is scheduled to come to an end on October 1, 2018. The team stated that ONT token holders who default in converting their NEP-5 ONT tokens to Ontology MainNet ONT tokens within the stipulated time frame would not be able to do so after the period lapses.

The new tokens are indivisible, and users will therefore only be able to swap whole number tokens.

Follow us on Telegram | Twitter | Facebook

Featured Images are from Shutterstock.

Blokt is a leading independent cryptocurrency news outlet that maintains the highest possible professional and ethical journalistic standards.

LEAVE A REPLY

Please enter your comment!
Please enter your name here