ICON Initiates $800 Million Mainnet Token Swap

Original: Forbes

ICON (ICX), a project building a protocol that allows independent blockchains with different governance protocols to transact with one another, has officially announced the schedule for its $800 million ICX mainnet token swap.

In the announcement, ICON provides further details related to the exchanges that plan to support the swap, as well as its own ICONex wallet.

The token swap will be made through our exchanges (Binance, Upbit, Bithumb) and ICONex wallet. We will be expanding the number of exchanges that will support the token swap process and will announce them when ready.

ICON sold 50% of its ICX token supply last September in an ICO, raising 150,000 ETH, or around $42,800,000. Since that time, the value of ICX tokens has increased nearly 19x, bringing the project’s total market cap to $800 million.

The swap will be conducted at a 1:1 ratio of ethereum tokens to mainnet coins starting Wednesday through September 25. Once ethereum tokens are swapped for ICX coins, the tokens will be burned.

This announcement is a welcomed news to ICX investors, who have been waiting for the swap since the March, as initially detailed in the project’s roadmap. More drama was added to the situation when ICON encountered smart contract bugs in mid-June that worked

While ICON attempts to boost investor sentiment, all eyes are on the upcoming swap as an indicator of project health.

More On ICON

The ICON Project (ICX) is an effort to devise a decentralized network that allows independent blockchains with different governance protocols to transact with one another without the interference of any intermediaries. As a result of this, ICON enables users with varying levels of technical know-how to create a new blockchain project and join the native ecosystem.

More: ICX Token Swap Schedule Announcement
Photo: Forbes
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