Holders of Harmony’s ONE token who want to participate in the network activities should prepare to swap their BEP-2 (Binance chain) and ERC-20 (Ethereum) tokens for Harmony’s native blockchain coin.
The announcement that the Harmony’s token swap is ready to start was made on a blog post Thursday and it said:
“The native ONE token of Harmony blockchain will serve as the bridge for building an open platform without sacrificing performance, decentralization, community-based governance, and verifiable security.”
No Way to Conduct the Swap Manually
Different from token swaps that have taken place before, like EOS for example, this swap doesn’t allow users to conduct it manually. This means they’ll have to load their tokens onto an exchange that participates as a Harmony bridge. As soon as the ERC-20 or BEP-2 based tokens are sent to the exchange, the tokens will become available for withdrawal, returning as the ONE coins on the native chain.
Bitmax Is the Only Exchange Operating the Swap at the Moment
After the initial coin offering boom, token swaps were happening everywhere back in 2018. However, things have changed since then, as companies no longer sell cryptocurrency before being functional. A spokesperson from Harmony says Bitmax is the only one with the swap live at the moment. Binance is also supposed to operate the swap until February 3.
The staking service HonestMining and the exchanges Huobi, Kucoin, and Gate.io are expected to enable the swap very soon too. Holders will have the ability to earn more ONE coins through staking and if they have the native version of the coin.
Harmony Integrated Offline Storage Wallets
Harmony has made sure it has integrated a few offline storage wallets like SafePal and Ledger. While some features of it are not live yet, the Harmony network is. Validating nodes is permissioned and expected to open soon. Validators will receive ONE tokens as rewards for keeping the network secure, under the Proof-of-Stake (PoS) system from Harmony.
The company had a 12.6 billion pre-mine of ONE tokens that were issued on Binance and Ethereum chains. It sold 36.9% of them in the launchpad and seed sale. A deadline for the swap hasn’t been given yet.