The users who hold Zilliqa ERC20 ZIL tokens will be glad to hear that one of the world’s top exchange Binance extends his support for Zilliqa Mainnet token swap. To those people who don’t know how token swap works. Here we got you a detailed guide on how the token swap is done.
What Is Token Swap?
Tokens ERC20 ZILs on the Ethereum network will be swapped to native ZILs on the Zilliqa network at the rate of 1:1. To be more clear the ZIL mainnet is the first blockchain platform to implement sharding in its technology.
How Swap Will Be Done?
Users can deposit ERC20 Zil for a swap on Binance platform. The Token swap will be started exactly on April 22, 00:00 AM(UTC).
From April 22, Binance will temporarily suspend withdrawing and depositing of ERC20 Zil tokens. Also, trading of ERC20 Zil will be stopped for all on Binance. Furthermore, Binance will prepare for Token swap.
After the suspension, Binance user’s ERC20 ZIL tokens will be sent to Zilliqa, where the Zilliqa team will burn them. Then the same amount of mainnet ZILs are sent to Binance’s Zilliqa mainnet addresses.
The native ZILs will be placed at Binance’s addresses on Zilliqa mainnet till users request a withdrawal. The Binance will then keep each user’s mainnet ZIL tokens in their Binance account. Furthermore, the trading for mainnet ZIL will be started. This mainnet ZIL token is based on Zilliqa blockchain. After this, the deposit of ERC20 ZIL and withdrawal of native ZIL will be started, but this is yet to be confirmed.