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On 2 June, EOS will be transitioning from the Ethereum network to its own mainnet. While this is undoubtedly an exciting time for the project and its supporters, it also means EOS token holders will need to make sure they register their tokens so that they don’t lose any holdings.
So, what do you need to do for the EOS June token swap and when? Let’s take a closer look.
The EOS tokens currently in circulation are ERC20 tokens on the Ethereum network. However, once EOS switches over from the Ethereum blockchain to its own mainnet in June, these tokens will be replaced with EOS coins issued on the EOS network.
The current EOS tokens will be frozen on the Ethereum blockchain before the launch of the mainnet. If you keep your EOS tokens in a wallet, then you’ll need to register your ETH address (where your current EOS tokens are held) to a public EOS key. Doing so will allow you to retain control of your EOS holdings and avoid any losses.
If you keep your EOS tokens on an exchange, the process is slightly different. The exchange may support the token swap and handle the process for you. If they do not support the swap, then you will need to move your tokens off the exchange and into an Ethereum wallet, and then register your ETH address. If you hold your EOS tokens on an exchange, it is very important you check what your exchange plans to do regarding the mainnet launch. Failing to do so may result in the loss of your funds.
Once the mainnet has launched, a snapshot will be taken of the EOS holdings in all registered wallet addresses and used to determine the distribution of new EOS tokens. By completing the registration, you can make sure your wallet is included in this snapshot.
EOS holders must register their tokens by 1 June 2018. Within 23 hours of the final token distribution period on 1 June 2018 at 22:59:59 UTC, all EOS tokens will become fixed (ie, frozen) and will become non-transferrable on the Ethereum blockchain.
There are several methods you can use to register your EOS tokens:
Option 1. Move your tokens to an exchange that supports the EOS token swap
Many cryptocurrency exchanges have already announced that they will support the token swap. If you deposit your tokens into your account with one of those platforms, the exchange will look after the technical requirements of completing the registration. The following are some of the exchanges that have said they will support the swap:
However, if your exchange doesn’t support the token swap or if you simply don’t want to store your tokens on an exchange, there are three other options to consider.
Option 2. Register through MetaMask
If you choose option 2, 3 or 4, you’ll need to register your Ethereum wallet address, where you currently hold your EOS ERC20 tokens, to a public EOS key. If your tokens are stored in MetaMask, you’ll need to complete the following steps:
Option 3. Register through MyEtherWallet
If you want to register a MyEtherWallet address, you’ll need to do the following:
Option 4. Register through Exodus
To register your EOS address inside Exodus, you’ll need to complete the following steps:
Remember to register before 1 June to ensure that you don’t miss out on the token swap.
At the time of writing, the author holds IOTA and XLM.Compare rates on Sushi in Australia and earn up to 13.9% or learn how to stake SUSHI using a wallet.
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