NKN Mainnet Token Swap Update 2024

[NKNer]

Introduction

Since September 2019, we have enabled two-way token swap between NKN Mainnet and ERC-20 tokens. A few major milestones have been achieved since then:

• A very thorough and detailed security audit has been successfully completed and the final report has been published. This audit looks into all the source code of our nkn node software, as well as wallet and client SDK. Our core development team has fixed all major issues discovered during this 6-month long audit. We are certain that our mainnet is secure and dependable.
• There is a significant increased usage of our NKN mainnet token for applications such as nMobile, nCDN and TUNA.
• We have the world’s largest blockchain network with up to 180,000 nodes globally. In addition, we have an absolute diversified and decentralized mining community, with less than 1% of mainnet nodes run by the NKN team.

Dual token co-existence & exchange swaps

There are two exchanges that can swap your NKN Mainnet and NKN ERC-20 tokens, not only between these two, but also to/from all other major cryptocurrencies such as USDT/USDC.

Gate exchange

Buy/Sell Bitcoin, Ethereum | Cryptocurrency Exchange | Gate.io

SWFT swap

AllChain Bridge

In addition, Upbit in Korea supports NKN/BTC pair for the mainnet NKN token.

We plan to make both NKN Mainnet and NKN ERC-20 tokens available for the foreseeable future. Here are the reasons:

• Ethereum is a proven platform with one of the strongest asset security capabilities in the entire blockchain industry. NKN Mainnet is very secure, as evident from the security audit, but relatively young compared to Ethereum.
• It will take some time to complete integration with all major exchanges.
• We want to make sure that every NKN token holder has enough time to carry out the token swap.

Swap schedule

In addition to the above exchange swaps, the official swap tool is located here: https://swap.nkn.org

NKN token swap between mainnet and ERC-20 is available according to the following schedule:

• ERC-20 to Mainnet token swap: always open
• Mainnet to ERC-20 token swap: open for 2 weeks every 2 months
  • January 15-26, 2024
  • March 18-29, 2024
  • May 20-31, 2024
  • July 15-26, 2024
  • September 16-27, 2024
  • November 18-29, 2024

Additional notes:

• We want to make every effort possible to ensure that token holders can swap their assets in sufficient time.
• Please note that NKN Foundation reserves the right to change the schedule due to national holidays, major events, technical support availability, and other factors.

Exchanges

Each exchange has a different technical and financial requirement when it comes to an integration schedule for mainnet tokens. NKN will work with all major exchanges to make sure they support NKN mainnet token, and provide a smooth token swap mechanism for current ERC-20 token holders who deposit their assets on those exchanges.

We will start with smaller exchanges and gradually move up to higher volume exchanges, with abundance of caution for asset security.

Hardware wallet support

Hardware wallets add an additional layer of offline security and are valuable to some of our token holders. We intend to support the most popular hardware wallets, and specifically Ledger Nano. The time schedule for hardware wallet support will be announced later, after some of our commercial product launches.

Additional information

How to tell if your NKN tokens are Mainnet or ERC-20?

• Mainnet NKN token address: NKN********
• ERC-20 NKN token address: 0x12FE45****

The official swap tool is located here:

https://swap.nkn.org

For complete guide, you can find it here: Guide: NKN’s official mainnet token swap tool

After reading our guide and you still have questions, please contact our customer support [email protected].

[AlexK]

I really do not understand why Mainnet to ERC-20 token swap open for 2 weeks every 2 months. only upbit exchange support mainnet token. Have you guys seen upbit price of NKN? -30% lower than other exchange. It is really big problem.

[zbruceli]

We are planning updates to the swap tool in general to improve liquidity in both directions. We are a bit limited by our engineering resource at the moment, but it is in the pipeline.

[Kurisu]

Can you guys open mainnet to erc-20 swap in advance?

[brounk9x]

The liquidity problem could be solved with a liquidity pool

[0verpm]

When does the token swap tool from mainnet to erc-20 open? At what time and in which time zone? It’s already May 17 2021 06:14 GMT and the token swap is still closed.

[r2edu]

30 NKN Fee? Really??

[zbruceli]

Have your checked the latest ETH gas fee? We are not trying to make money, simply to cover the ERC-20 token transfer fee. At 30 NKN, we are actually subsidizing the ERC-20 token transfer fee.

Source: https://etherscan.io/gastracker

[r2edu]

Ah ok, the fee is to move them from the swap to our wallet… i thought the fee was for the swap too

Sorry, my bad

Edit: i got Metamask wallet, it is ok? Then if i want to move them from metamask to an exchange i have to pay another fee? Why i can´t move them directly from the swap to an exchange?

Btw, i´m new to this kind of movements

[zbruceli]

Using exchange address as sending address for the NKN swap system is definitely a no no, because exchange use either same address for all users or a small pool of address for all users. Thus our swap system cannot distinguish who actually sent the tokens.

On the other hand, exchange addresses can be used for receiving nkn tokens since each account on exchanges will have its unique deposit address.

[r2edu]

Ok, i will send the Mainnet NKN from my wallet (nMobile) to the swap, then i can put my Binance adress -for example- as the receiving adress for the ERC-20 NKN and it will be ok?

[kdawgforever]

You should make this clearer in the swap tool. The current messaging makes it appear that exchange wallets is a no no for sending AND receiving.

It would also be great if you could post the open dates within the tool as well. I had to hunt for this post to double check the available ERC-20 dates.

[ktk]

Hi,

I did a token swap today.
But, I sent a different amount of tokens from swap order.

Please help me.
I sent a email to [email protected].

thanks.

[r2edu]

How many time it takes to make the swap? I´m waiting till the last second just to grabe any NKN i can so i pay the fee only once

[0verpm]

In my opinion it’s unfair that the swap tool is always open for ERC20 => Mainnet, but for Mainnet => ERC20 only during the schedule.

The problem is that, while the tool is closed for Mainnet => ERC20, there are few people who will actually trade ERC20 for Mainnet tokens via the OTC market since they don’t need to and can convert automatically via the tool at any time. This puts us, who want to trade Mainnet to ERC20 into an unfair position.

Can you please either open the token swap tool from Mainnet to ERC20 permenantly, so that we don’t have to wait for 2 months in order to trade our Mainnet tokens to ERC20 or otherwiwse close the token swap tool also for ERC20 => Mainnet so that during the close times someone actually uses the OTC Market to obtain Mainnet tokens?

Also, is there some roadmap when are you planning to get the Mainnet token listed on some exchange like Binance, Coinbase or Huobi? Currently it’s available only on Upbit (which is mainly made for the local market in that part of Asia), where I tried to register but didn’t get past the ID verification because of some unknown reason.

[zbruceli]

Hi, I’ve heard that Upbit has a bit difficult to get verified but it is possible after a few attempts. This will be the best way right now.

We do intend to expand the swap window for mainnet -> ERC-20 direction. Currently the limiting factor is our technical support resource: when the swap tool is open, there are always quite a few support requests by user mistakes or other errors. We have already improved in many ways, and gradually we can open longer time and more often.

Yes the ideal solution is to have major exchanges supporting both formats of NKN tokens. And we are working with several of them.

[liking90]

it’s almost September 22. And the exchanger has not been opened yet …

[cybersoft]

Why is the NKN Swap still closed?

Today is March 14th, 2022

[zbruceli]

It will be open later tonight March 14th California time.

[cybersoft]

Ok, ok;)