The ICON token swap, which is scheduled for today (June 20th) is in full preparation. This Wednesday, we will see many investors swapping out their existing Ethereum-based ICX tokens (used for fundraising) for the ICON live version coins. This will allow an exchange of all the existing tokens in an elaborate code migration.
ICON has been launched in 2017 as a cryptocurrency and blockchain that wants to connect independent communities, each with their own governance proposals to a governing blockchain based on a protocol known as loopchain.
Meanwhile, last September ICON sold more than 50% of its ICX token supply, raising more than 150,000 ETH which are now worth around $42,750,000. The project launched in January this year, and already has a collective market cap of about $800 million.
ICON’s swap will be implemented in an exchange rate of 1:1 (Ethereum:ICX) via the ICONex wallet from June to September 25th and through other supporting exchanges. Users will be able to transfer their tokens to Binance and Upbit as well, and through Bithumb until Thursday. However, it is still not confirmed if the Bithumb support will be given, especially after the recent Bithumb hack which saw the exchange losing more than $30 million.
Unlike other projects (such as EOS) the ICON token swap will be opted to conduct after its mainnet launch.
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