In essence, a mainnet swap encompasses the transition from one blockchain network to another, typically occurring when a cryptocurrency project moves from a third-party platform (such as Ethereum) to establish its own native blockchain infrastructure. In this progression, the project’s existing cryptocurrency tokens undergo a gradual replacement with newly minted coins, coinciding with the migration of all blockchain activities to the freshly established chain.
A prime illustration can be observed in the case of Binance Coin (BNB). With the launch of the Binance Chain mainnet, users were encouraged to migrate their activities from the Ethereum blockchain to Binance Chain.
Consequently, holders of the ERC-20 BNB token initiated the exchange of their tokens for the newly issued BEP2 BNB coin, which serves as the native currency of Binance Chain. The mainnet swap was designed with a 1:1 ratio, maintaining parity between 1 ERC-20 BNB and 1 BEP2 BNB. Upon completion of the swap, any remaining ERC-20 BNB tokens were retired through burning, thus leaving only the BNB of the new chain operable.
In essence, a mainnet swap signifies the displacement of previously issued tokens with a fresh cryptocurrency, often hosted on an independent blockchain network. This process is occasionally referred to as “token migration” and typically commences shortly after the mainnet launch, serving as a pivotal juncture in the project’s evolution.
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