The much-awaited Constellation mainnet token swap is here. Launched last year, the token swap is scheduled to take place on Wednesday, April 29 at 6.00 UTC. The estimated Ethereum (ETH) block height for the swap would be 9966936.
During the launch, all ERC20 DAG tokens were slated for transfer from the Ethereum blockchain to Constellation mainnet decentralized chain network. The transfer aimed at changing all ERC20 DAG tokens to native DAG tokens. According to a Medium blog post, the swap between the two tokens will be on a 1:1 basis.
Constellation further confirmed the token swap on Twitter recently. It also kept the community in suspense over a huge partnership expected on May 7.
$DAG mainnet token swap update! This is not only pivotal for $DAG but for the entire #DLT as well as they continue to work with U.S Department of Defense and its branches. AND on MAY 7, a huge commercial partnership will be named! STAY TUNED!$LINK $QNT $BTC #cryptocurrency pic.twitter.com/kVsxJmgy5h
— $DAG Constellation (@Crypto_DAG) April 22, 2020
About the swap
The swap will occur in two forms.
- KuCoin exchange swap – To participate in this swap, interested users do not have to carry out any special actions. They only have to send their DAG to KuCoin or leave them there if they are already on the exchange. And all DAG tokens on KuCoin will automatically be swapped from ERC20 tokens to mainnet DAG tokens.
- Smart Contract manual swap – This is a slightly more complicated option than the KuCoin swap. To prevent any error, it is expedient that all instructions be followed to the letter.
- The first thing to do is to ensure all ERC20 DAG tokens are stored in a private key wallet, such as Myetherwaller, Ledger, Metamask, etc.
- Next, is to create a new wallet address on MOLLY, which is the DAG Mainnet native wallet.
- Users then need to submit a smart contract transaction on the ETH chain from their ERC20 DAG wallet. The new DAG mainnet wallet address and signature for the token swap will be embedded in this transaction.
Users can also watch a step-by-step video representation of the manual token swap via a smart contract.
On Wednesday, April 29, all actions on the Ethereum smart contract will stop. There will also be a 48-hour moratorium on trading. After the pause, the Constellation network will go live with exactly the same account balances as previously held in the ERC20 tokens.
More pointers on the manual swap process
Below are a few important points that users need to keep in mind.
- For the manual token swap, it is important to have the private keys to the wallet storing the DAG tokens.
- If your ERC20 DAG tokens are in an exchange, the first point of action is to withdraw them to the wallet prior to the freeze takes place.
- For DAG tokens stored in a smart contract or multi-signature wallet. You will need to transfer them into a regular wallet.
- It is important to perform all these actions before the freeze, to be able to take part in the token swap. Failure to do so will result in a token loss as users will be unable to claim mainnet DAG tokens after the freeze.
- Trading with ERC20 tokens can continue right until the smart contract freeze. However, users must ensure that at the time of the freeze, all the ERC20 DAG tokens are in the same wallet used in carrying out the smart contract. Any ERC20 DAG tokens not stored in the specified smart contract wallet will not be swapped.
- In the event of owning more than one wallet, users will need to carry out smart contracts on all the DAG wallets. The only alternative is to unify all DAG tokens in one wallet used to carry out the smart contract.
The Medium blog post also specified that any deposit, withdrawal, or trading will commence once the maximum 48-hour integration period ends. Moreover, all ERC20 DAG will be frozen and termed outdated at the time of the token swap. And so will not have any effect or use on the Mainnet DAG tokens.
Token swap timeline at a glance
Tuesday, April 28 – Withdraw your ERC20 DAG from IDEX, Hotbit, HitBTC to Kucoin, or a private wallet.
April 28, 10:00 UTC – All deposits and withdrawals of ERC20 DAG tokens on Kucoin are halted.
Wednesday, April 29, 6:00 UTC – Contract freeze and swap.
April 29 – May 1 – Exchange Integration and Testing.
Friday, May 1 – Trading resumes on KuCoin on the DAG Mainnet.
We previously reported that Constellation becoming a member of the MouseBelt blockchain alliance.