Elrond recently stated that the Elrond Bridge is here. They called for users to Swap their old ERC20/BEP2 ERD tokens for eGLD via their dedicated website. The Ratio for the swap: 1 000 ERD (old) = 1 $eGLD (new).
Beniamin Mincu, Founder and CEO at Elrond Network tweeted: “The Elrond Swap Bridge has been live for a few hours. Anyone can swap their ERC20/BEP2 ERD tokens to eGLD. P.S. Please keep in mind that all swap transactions requested late during the night (UTC+3), will be processed first thing in the morning.”
The Elrond Swap Bridge makes it possible for ERC20/BEP2 ERD holders to be able to swap their tokens for eGLD. The swap duration is 1 hour or more. The swap ratio is 1000 ERD for 1 1EGLD.
The steps are very simple. Swappers should fill in a few details like the kind of Elrond (ERD) they are looking to swap, the details of the eGLD wallet address should be provided. Those who do not have an eGLD address should create one. They need to verify to clarify that they are not a robot. They the swap request will be registered in a few seconds. After sending the tokens, the users will have to wait for the transaction to complete.
The address will be generated for one time use for one swap. After using the address for one swap users will not be able to use it over again for future swaps. The swaps request will be then processed and completed.
Elrond have expressed that token swap is a very important part of their milestone in the ecosystem. They believe it is a prerequisite to kick start the Elrond economy, which eventually is towards integrating more exchanges, staking, delegation, DeFi and several others.
Sydney Ifergan, the crypto expert tweeted: “I am waiting to see how the PoS algorithm with sharded architecture will have Elrond unfold VISA level throughput in their Bandwagon of providing Swap.”
The first step of the eGold token swap is over and EGLD is live on Binance. Beniamin Mincu, stated that like a plane adjusting its trajectory before going supersonic to reach its destination, they are fine-tuning their economics to onboard the next billion people with rapid speed.
He expressed that the successful Elrond mainnet exchange integration was a critical milestone. He clarified that native transactions on Elrond are being processed very smoothly. He expressed his many respects for CZ Binance and the entire team at Binance and on how awesome the effort and support with the swap execution were.
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