The CENNZnet Journey Part 1: Token Swap

This article was first published on Centrality - Medium

The CENNZnet token swap was officially closed at the end of October and boy was it a good one! Over the 8 week swapping period more than 831 million $CENNZ were sent to the transition contract.

It’s certainly an exciting time to be a token holder on the CENNZnet. Understandably our community is bursting with questions about the next stage, so while our team is busy minting all the tokes, we wanted to run over some key concepts and the developments that happened during the swap.

Refresh — why did we do a token swap?

The CENNZnet mainnet, our robust blockchain, went live on August 31st 2020 and is now ready to support our CENNZ utility token. The recent token swap allowed us to move the old Ethereum-based (ERC20) tokens onto the native CENNZnet mainnet. Once the CENNZ tokens have been minted and set up on the mainnet we can move to the next stage of our roadmap — public staking (complete with CPAY rewards), more on this later.

Thanks to our dedicated community, the swap transition period has been a massive success. We are looking forward to uniting CENNZ and CPAY token holders onto the CENNZnet very soon and collaborating to shape the future of the CENNZnet economy!

What will happen to any unswapped ERC20 tokens left in the exchanges?ERC20 tokens will not be used by CENNZnet because only the new CENNZnet CENNZ will be able to stake and earn yield. A future way to convert ERC20 CENNZ tokens into CENNZNet mainnet tokens has not been announced yet.

We are working with all the exchanges who list CENNZ to support them in the transition from ERC20 CENNZ to CENNZnet tokens.

In the background — Upgrading CENNZnet

Running alongside our swap there have been some exciting developments to the CENNZnet network. Pl^g, our blockchain framework, is transitioning to 2....

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Centrality - Medium

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