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Author Topic: What is swap mean?  (Read 164 times)
Bravijaya
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June 30, 2019, 04:25:43 AM
 #1

Hello
What is the meaning of swap in cryptocurrency?
Why they (the project/dev?) need to swap the token?
What is the advantage/disadvantage for the project?

My experiences in crypto I am always late to swap the token cause seldom online on their group.
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CryptopreneurBrainboss
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June 30, 2019, 05:14:47 AM
Last edit: June 30, 2019, 05:50:27 AM by CryptopreneurBrainboss
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 #2

Swap like swapping of blockchain e.g from ETH to EOS or to mainnet, it simply means the cryptocurrency is migrating from one blockchain to another (most times from a third party blockchain to their very own blockchain).

Quote
Why they (the project/dev?) need to swap the token?
The correct/perfect answer has to come from the project in questions but most time it has to do with taking advantage of the additional features the new blockchain they intend swapping to has to offends and also to take advantage of the hype associate with the new blockchain e.g Binance chain for publicity.

Quote
What is the advantage/disadvantage for the project?

They get the advantage/disadvantage associated with the new third party blockchain or their native blockchain (mainnet). For advantage, e.g for tokens swapping to Binance chain they get listed on Binance decentralized exchange and the possibility of getting listed on Binance centralized exchange increases. For tokens swapping to Ethereum blockchain they get the advantage of listing on Ethereum based decentralized exchange which means they get listed on more exchanges.

For disadvantage, token swapping from Ethereum blockchain can no longer be tradable on Ethereum based decentralized exchanges like IDEX etc or used on the Ethereum network. The disadvantage or advantage are associated with the blockchains involved in the swapping process.

You should note though, when projects swap from third party blockchain (e.g eth blockchain) to their native blockchain (mainnet) it's to continue development of the token to bring about mass adoption.





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rosezionjohn
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June 30, 2019, 05:45:37 AM
Merited by CryptopreneurBrainboss (1)
 #3

Swap like swapping of blockchain e.g from ETH to EOS or to mainnet, it simply means the cryptocurrency is migrating from one blockchain to another (most times from a third party blockchain to their very own blockchain).
I just want to add, it can also be swapping within the same blockchain but different contract address.

Why they (the project/dev?) need to swap the token?
In addition to what Brainboss already said, some devs do this to fix an existing issue with their smart contract.

nakamura12
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June 30, 2019, 09:26:24 AM
 #4

Swap like swapping of blockchain e.g from ETH to EOS or to mainnet, it simply means the cryptocurrency is migrating from one blockchain to another (most times from a third party blockchain to their very own blockchain).
I just want to add, it can also be swapping within the same blockchain but different contract address.

Why they (the project/dev?) need to swap the token?
In addition to what Brainboss already said, some devs do this to fix an existing issue with their smart contract.


I've seen a project that did what you said that they swapping within the same blockchain but the different contract address will be their new contract address that will be used and it's on short notice. Brainboss did explain the disadvantage already and also right about that only the project's developer know the reason why they decide  to swap the token just like the xDAC which is an erc20 token and they swap it to xDAC coins. Anyway, I just use it as an example and I am not affiliated with the said xDAC tokens or xDAC coins at all and only use as example purposes of a token that will be swapped if the developer decided to do it.

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joniboini
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July 01, 2019, 01:36:11 AM
 #5

My experiences in crypto I am always late to swap the token cause seldom online on their group.

Most crypto projects have their announcement channel. You should subscribe to these channels and activate notifications so if there's any update you won't miss it.

If your tokens are already popular and supported by Delta Direct or Blockfolio Signal, you should get enough notifications too.
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