How to handle the VeChain token swap

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With the launch of VeChains mainnet, it has come time for all of the holders of the Ethereum based VEN token to swap to the native VET token.

In this guide we will walk you through two different methods of completing the VEN to VET swap.

For official swap updates and the most up to date information make sure you are connecting with VeChain via their twitter announcements and their website.

Below we have outlined two different ways you can swap your VEN tokens to VET.  If you have any issues in the process make sure to reach out to the VeChain team as we cannot handle any VeChain swap support questions.

Token Swap Details

  • What is a token swap and what is the difference between VEN & VET? VEN is the Ethereum based token that could be bought during the ICO and on exchanges after the ICO. VET is the native coin of the VeChainThor platform. During the token swap, you can swap your VEN to VET tokens.
  • What is the conversion rate? 1 VEN is worth 100 VET.
  • How long do I have to perform the token swap? Only when you have an X-node you need to perform the swap before a certain deadline, please watch the video at the end of this post for more details on X-node swap specifics. If you don’t have an X-node follow methods #1 and #2 below.
  • Something went wrong, can you help me? No, we don’t offer support, but feel free to ask for support in one of the official VeChain Telegram channels.

Method #1 to swap your tokens: Exchange

  1. Have your ERC20 VEN stored on a participating exchange before the token swap takes place.
  2. Wait for the exchange to perform the token swap, you don’t have to do anything.
    1. Exchanges participating in the swap include: Binance, Kucoin, Coinswap, Bithumb, Bitfinex, Huobi, Lbank
    2. The exchanges have not given the specific time in which the swap will occur so if you use this method make sure to look at the VeChain and that exchange’s social media to determine when the swap is complete for that specific exchange.
  3. After the exchange has performed the token swap you will now have the VET tokens in your exchange wallet.
  4. Once you have the new tokens make sure to take them off the exchange and store in a safe location.

Method #2 to swap your tokens: Wallet

***Method #2 requires you to use the VeChain token swap app which will become available on August 10th at 12pm

  1. Download and install the VeChainThor Wallet
  2. Go through the entire setup process
  3. Click on “Create Wallet” and follow the instructions provided by the App
    1. Remember the mnemonic phrase is your only way to restore your wallet if needed in the future, so make sure you keep it safe.
  4. DO NOT SEND YOUR ERC-20 VEN TO THIS VET WALLET
  5. Now we have created a wallet we can complete the actual token swap process with.
    1. To do this click on Me, then click VET Token Swap service, then accept the service agreement and click on Start.
  6. Select the wallet you just created, this wallet is where your VET coins will be sent after the token swap is complete. Again do not send any of your ERC20 VEN to this address or it will be lost forever.  This address is only for your new VET coins.
  7. Next input the Ethereum address that holds your current VEN tokens (make sure this is the address you will be sending all of your VEN from that you want to swap)
  8. Once you input the ERC20 VEN address you will be given a receiver address (this is where you send your old tokens to be swapped)
  9. Send your VEN to this receiver address
    1. Please test first by sending 0.01 VEN to this address.
    2. Only send your VEN to this intermediary address, never to your VET address!
  10. Wait 5 to 10 hours, while the token swap takes place. During this time, the ERC20 VEN you send to the receiving address will be “destroyed” and in return, VET will be sent to your VET wallet.

Along with your step-by-step instructions please also watch this video with detailed information on the token swap created by the VeChain team.

 

Happy swapping from the DCI Team

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