IoTeX Staking & Token Swap Guidance
- IoTeX Official Channel
- Oct 31, 2019
- 3 min read
Updated: Mar 4, 2020
Hello IoTeX Community! There are currently two tokens in the IoTeX Network that are swappable on a 1:1 basis -- IOTX-E (ERC20) and IOTX (Native):
IOTX-E (ERC20): used for staking/voting on Ethereum Mainnet, and currently trading on most exchanges (e.g., Binance, Bittrex, Kucoin)
IOTX (Native): used for staking/voting and running txns/contracts on IoTeX Mainnet, and currently trading on select exchanges (e.g., PIEXGO)
Throughout the next six months, important events such as official exchange swaps and migration to “Native IOTX only” will occur. In this blog, we provide schedules/guidance for staking and token swaps.
Staking Schedule: IOTX-E & IOTX
For the past six months, staking/voting was performed exclusively on Ethereum to bootstrap the network (i.e., go from 0 → 1). Now that the IoTeX blockchain is sufficiently robust and decentralized, we are excited to introduce Native IOTX staking/voting!
The schedule for staking/voting using IOTX-E and IOTX is summarized below:
Mainnet Alpha (Apr 2019 - Oct 2019): staking on Ethereum using IOTX-E (ERC20) only
Mainnet Beta (Nov 2019 - Q1/Q2 2020): staking on both Ethereum and IoTeX using IOTX-E (ERC20) and IOTX (Native), respectively
Mainnet GA (Q1/Q1 2020 and on): staking on IoTeX using IOTX (Native) only. Note: all existing votes/tokens on Ethereum will be automatically converted to IoTeX
See instructions to stake IOTX-E, and stay tuned for tutorials on how to stake Native IOTX.
Token Swap Guidance
In this section, we provide guidance for swapping IOTX-E to IOTX. Whether you want to swap via IoTeX tools or exchanges, there is a convenient option for you!
IoTeX Swap Tools
The IoTeX Foundation has built tools for the community to freely swap between IOTX-E and IOTX. Although swapping to Native IOTX is not mandatory yet, we recommend the community to start holding, using, and staking Native IOTX.
Swap IOTX-E to IOTX: swap IOTX-E (ERC20) to IOTX (Native) with just a few clicks; recommended for all IOTX-E token holders
Swap IOTX to IOTX-E: although this capability exists, we recommend the community to start holding, using, and staking Native IOTX
⚠️ Note: every Ethereum Address (“0x…”) has a corresponding IoTeX Address (“io…”) which shares the same private key (see here). Make sure you have the private key of any ETH/IOTX Address you swap to - do NOT swap to an exchange account! ⚠️
Exchange Swaps
Exchanges that currently list/trade IOTX-E (ERC20) will perform official token swaps to IOTX (Native) throughout Q4 2019 & Q1 2020. The swap schedule will differ by exchange - make sure to follow both IoTeX and exchange announcements for official token swap schedules.
Binance and Gate are also supporting ongoing token swaps -- anyone can deposit IOTX-E (ERC20) to Binance or Gate, who will automatically swap to Native IOTX. For more information, please see the official announcements from Binance & Gate.
Remember: you do NOT need to use exchanges to swap -- see "IoTeX Swap Tools" above.
Existing Votes/Tokens on Ethereum
After Mainnet GA is launched in Q1/Q2 2020, all existing votes/tokens on Ethereum will be automatically converted to IoTeX Mainnet. This process involves taking a snapshot of the voting smart contract on Ethereum and installing the snapshot to IoTeX. You do NOT need to unstake/restake your tokens.
Example: if you recently staked 10,000 IOTX-E (ERC20) with 350 day stake duration, your votes/tokens will be automatically converted to IoTeX after Mainnet GA. When the stake duration expires and you unstake, you will receive 10,000 IOTX (Native).
The final cutoff to swap IOTX-E to Native IOTX will be announced in Q1 2020.
About IoTeX
Founded as an open source platform in 2017, IoTeX is building the Internet of Trusted Things, where all physical and virtual “things” — humans, machines, businesses, and DApps — can exchange information and value at global scale.
Backed by a global team of 30+ top research scientists and engineers, IoTeX combines blockchain, secure hardware, and decentralized identity to empower intelligent IoT networks and machine economies. By serving as a decentralized trust fabric for IoT, IoTeX will empower the future decentralized world by “connecting the physical world, block by block”.
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