96 percent. Approximately.
That was the final swap rate when ICON’s official token swap for the ERC20 ICX Token closed at 1 p.m. (KST) Thursday.
During the swap, which launched in June, holders swapped their ERC20 ICX tokens to MainNet ICX coins on a 1:1 exchange rate (1 ERC20 ICX token = 1 MainNet ICX coin).
ERC20 ICX tokens, distributed after ICON’s token sale that ended on Sept. 20, 2017, allowed holders to trade ICX in exchanges prior to ICON’s mainnet launch.
Binance, Upbit, OKEx, DragonEx, Bithumb, Huobi, Bitrue, Gate.io and WazirX supported the swap, automatically swapping ERC20 ICX tokens stored in the nine exchanges to MainNet ICX.
Swaps requested before the close of the official swap period will be included in the swap. Swapped ERC20 ICX tokens will be locked, as will be remaining ERC20 ICX tokens to prevent future transfers.
Unswapped MainNet ICX, meanwhile, are to be held in a reserve for individuals or exchanges that were prevented from swapping their tokens on time by unavoidable circumstances. If that sounds like you – and judging from some of the activity on Twitter, it just might – contact ICON at firstname.lastname@example.org.
The result would seem to justify ICON’s decision in September to extend its token swap period by one month.
When that decision was announced on Sept. 21, the token swap completion rate was just 83.9 percent, lower than what the ICON team expected. At the time quite a large number of smaller token holders hadn’t swapped their tokens.
The extension aimed to minimize the potential harm to holders of ERC20 ICX tokens by giving them more time to swap. Though the extension initially met with some confusion and disappointment from some quarters of the ICON community, some observers today pointed to the final swap rate as proof of the wisdom of the decision.
“Really impressive that the number increased from the low 80s to the high 90s in just one month’s extension time,” writes “Cemetary,” a moderator on ICON’s official Reddit page. “Shows how the ICON team were correct with that decision.”
The end of the swap period allowed for a bit of levity, too.
“Somewhere someone is locked up in prison, the only thing that keeps him going is knowing he has an ICX bag waiting when he comes out, oh well, missed the token swap!”
The ICON Team thanked the community for its support during the swap.
“The ICON Team has regularly reminded our community about the token swap in a variety of ways since June, and the final swap rate reached approximately 96 percent,” said JH Kim, a member of the ICON Foundation council. “We all thank the ICONists for the patience and support during the token swap, since this really is a turning point for us to expand our ecosystem, as well as for ICON DApps to run their product as scheduled.”
He added, “As we mentioned in the latest article, ICON is now looking to the future as we continue to strive towards a Hyperconnected world. We couldn’t have gone this far without our community’s help. We still have got a long way to go, so we will be really grateful if we could continue this journey with our community.”