This article tries to answer any questions you may have regarding the launch of VeChain’s native blockchain (i.e. VeChainThor Mainnet) and the process by which ERC-20 VEN tokens on the Ethereum blockchain will get swapped for VET tokens on the VeChainThor blockchain.
What Is the Timeline for the Blockchain Upgrade and Token Swap?
On 21 June 2018, the VeChain Foundation sent out a tweet that provided this very helpful roadmap for the launch of the VeChainThor Mainnet:
The VeChainThor Blockchain is days away from being unleashed. Please review the following timeline and be prepared to witness Blockchain X! pic.twitter.com/kxlQkcc6PI
— VeChain Foundation (@vechainofficial) June 21, 2018
As you can see, there are several interesting dates here:
- 30/06/2018: VeChainThor Mainnet is launched (i.e. goes live).
- 09/07/2018: VeChain mobile wallet should become available around July 9th.
- Mid July 2018: Exchanges that have officially announced support for the VeChain’s blockchain upgrade will start the VEN to VET token swap process.
How Many VET Coins Will I Receive After the Token Swap for Every VEN Token I Hold Now?
After the VeChainThor Mainnet goes live and the token swap process has been completed, for every VEN token you have now, you will receive 100 VET tokens.
This is how a VeChain Foundation tweet sent out on 18 May 2018 explained the reasoning behind this 1:100 split:
Due to the rate of adoption, we recognize that VET would primarily be calculated using fractionals in smart payments. With the mainnet launch’s token swap, we will conduct a 1:100 coin split to alleviate this concern. At that time, every 1 VET owned will be exchanged for 100.
— VeChain Foundation (@vechainofficial) May 18, 2018
So, for example, if you have 100 VEN tokens now, you will have 10,000 VET coins after the token swap. It is likely that sometime in July 2018 data providers such as CryptoCompare will be showing prices for VET that are 1/100 of what they would have been had the VeChain Foundation not decided to do a 1:100 split. The total value of your holdings will, of course, remain the same.
What Exchanges Are Supporting the Token Swap?
So far, the following exchanges have officially promised support for the token swap:
We don’t know yet the deadlines on these exchanges for depositing your tokens, but it should be around mid July 2018.
What If I Don’t Want to Move My VEN Tokens to an Exchange?
Well, although letting one of the exchanges that has officially announced support for the token swap is probably going to be the easiest ways to get your VEN tokens swapped for shiny new VET coins, the good news is that it seems that VeChain Foundation will support the token swap independently of exchanges for quite a while (this support will probably come from the official VeChain mobile wallet, but we don’t know for sure at this time). So if, for example, your currently hold your VEN tokens in a MyEtherWallet (or on a hardware wallet such as the Ledger Nano S), and you don’t feel safe in moving your VEN tokens and leaving them there for some time, you are definitely OK for now; just remember that at some point (we will update you via a future article as soon as more information becomes available from the VeChain Foundation), probably within the next few months, you will need to migrate your VEN tokens to a VET wallet.
Please remember that at this time there are no VET wallets and it is not possible to do a VEN to VET token swap; so if some website you have never heard of offers to do the token swap and asks you to give them your private keys for the Ethereum wallet holding your VEN tokens, please regard this as a scam.
Feature Image Credit: Photo by via Pexels; licensed under “CC0”
