Learn everything you need to know to prepare for the June mainnet launch.
On June 2, 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.
Why do I need to register my tokens?
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. The problem is that EOS doesn’t allow US residents to participate in the token distribution, so US holders won’t be allowed to register their tokens.
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 you hold your EOS tokens on an exchange, it’s very important that 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.
When do I need to register by?
EOS holders must register their tokens by June 1, 2018. Within 23 hours of the final token distribution period on June 1, 2018, at 22:59:59 UTC, all EOS tokens will become fixed (ie, frozen) and will become non-transferrable on the Ethereum blockchain.
How do I register?
Because EOS blocks token registration for US residents, there’s only one way to register your EOS tokens:
Move your tokens to an exchange that supports the EOS token swap.
Many cryptocurrency exchanges have already announced that they’ll 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:
- Binance
- Bitfinex
- COBINHOOD
- Kraken
- Kucoin
- OKEx
- GOPAX
Non-US residents can hold their EOS tokens in MetaMask, MyEtherWallet or Exodus, but they’ll also need to register the wallet address on the eos.io website.
Where to buy EOS
Prepare for the token registration before June 1 to ensure that you don’t miss out on the token swap.
At the time of this writing, the author holds IOTA and XLM.
