The Zilliqa token swap on the mainnet is almost complete. As reported on Twitter by Zilliqa’s Senior VP Mr. Germskiller, more than 98% of the total ZIL tokens have been migrated to the mainnet.
[12 Feb 7PM GMT+8] $ZIL token swap update:
— mr.germskiller (@mrgermskiller) February 12, 2020
The end of this transition phase is set for February 15th, which means there are still only a few days left to transfer the remaining 1.45% of ZIL tokens.
The swap started in April 2019 and by November, 94% of the tokens had already been transferred to the mainnet.
The ZIL token was born as a temporary ERC20 token on the Ethereum network with the aim to have a working blockchain and to migrate the tokens on it. During this ongoing transition phase, the tokens are being migrated to the Zilliqa network at a rate of 1:1.
Meanwhile, the provisional ERC20 tokens will soon be frozen and will become obsolete and therefore no longer usable.
For this reason, it would be essential that all ZIL tokens are moved to the Zilliqa mainnet by February 15th.
In fact, to use the various dApps of the Zilliqa ecosystem, native ZIL tokens are required to pay gas fees, similar to the ETH tokens on Ethereum. Older ERC20 ZIL tokens cannot be used in this way, and will therefore lose value.
The swap can be made by simply depositing the old ZIL ERC20 tokens on an exchange by February 15th, 2020, as the exchange will automatically convert them to the new native tokens on the Zilliqa mainnet.
The recommended exchanges for this Zilliqa swap are:
- Huobi Global.
Zilliqa recently partnered with Incognito to make transactions private for those using their blockchain.
Also, just a few months ago, in December 2019, Zilliqa saw the birth of its first stablecoin anchored to the price of the euro, called Hybrid Euro.