Thursday, June 1, 2023

Binance to Support Elrond Mainnet

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Elrond recently launched its mainnet and is now reviving its economic model through a token swap from ERD to eGLD. For this attempt, Binance has given full support to Elrond.

According to the release, the Elrond mainnet swap will begin on September 3. With eGLD deemed as the native token of the Elrond ecosystem and all ERD tokens being changed to eGLD tokens. Switching from one blockchain ecosystem to another refers to as mainnet shifting. Swapping typically occurs when a cryptocurrency project migrates from a third-party blockchain platform to its native blockchain platform.

Token Replacement

Eventually, the crypto tokens replaces newly issued tokens. All past blockchain network actions transfers to the new blockchain network. Mainnet switching occurs immediately after the launch of any network’s mainnet and sometimes referred to as “token migration.”

Elrond token switching will take place in two ways: on the Binance platform and through the Elrond Swap bridge. The token swap happens once all ERD deposits and withdrawals have halted. As a result, ERD token holders should leave adequate time before making ERD deposits to allow for processing; all ERD deposits and withdrawals will suspend on August 30, 2020, at 4 a.m. UTC.

All ERD trading pairs will delist from the exchange on August 31, 2020, at 3 a.m. UTC. After which no ERD pairings allows trade. Elrond balances will recalculate concurrently with the distribution of new eGLD tokens, which means that for every 1000 ERD tokens, a holder will receive one eGLD token. eGLD will be distributed in the ratio of 1000:1.

Trade Schedule

Trading for new pairs like EGLD/BNB, EGLD/BTC, EGLD/USDT, and EGLD/BUSD will commence on September 3 at 3:00 a.m. UTC, as will deposits and withdrawals for eGLD tokens.

The following stages involve in the new token swap from ERD to eGLD:

Token holders who staked or delegated their ERD tokens before introducing the Elrond mainnet will not have to go through the switching process again; their ERD tokens have already converted into eGLD tokens.

On September 3, when the switching process begins, ERC20 and BEP2 tokens held on Binance.com will also immediately swap into eGLD tokens.

On the Binance.org platform, BEP2 token holders must manually convert their tokens to eGLD by depositing ERD before August 30 or through the Elrond swap bridge after September 3, 2020.

There is no rush to exchange your ERD tokens to eGLD tokens through the Elrond swap bridge because the exchanging process will continue for the next 1 to 2 years. Thus, there is no risk of losing your tokens if you do not swap right now.

The token swap will provide enormous growth and extension prospects for the Elrond ecosystem, enabling all native Elrond features such as DeFi choices, staking, and delegation. Following the token swapping process, the Elrond economy will begin merging with the new online exchanges.

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