Huobi Pro to Support MainNet TRX and ONT Token Swap

TRON and ONTOLOGY are going to switch to MainNet in late June.

Not all digital asset exchanges can support MainNet token swaps when an ICO project is going to launch its mainnet. In the same context, Huobi Pro, the leading digital asset exchange, has been among the few platforms that have supported many mainnet launches, for example EOS.

What does the MainNet swap mean ?

When they first launched their projects, TRON and ONTOLOGY –like all other ICOs — have issued tokens which run on a blockchain other than their native blockchain. Simply put, all Tronix tokens exist as ERC20-based tokens (run on Ethereum blockchain) and all ONT tokens exist as NEP5 tokens (run on NEO blockchain). But with the launch of their mainnet, all the existing ONT will be switched from the Neo-based blockchain  to their native blockchain. The same is applied to TRX, all the existing TRX will be switched from the Ethereum-based blockchain to their native blockchain.

The MainNet swap is an eagerly awaited event in an ICO life cycle. As for Ontology, it is expected that ONT token migration will begin with and on 30 June along with the MainNet release. Concerning TRON, the team has already launched their MainNet in late May and it is scheduled to be fully tested  by the end of June. With reference to an official announcement, TRX token migration will be held between 21st and 24th of the same month. Also, it is important to claim that Tron swap is supported forever by Tron foundation and exchanges unlike Block.one for EOS tokens who freezes all tokens after the mainnet launch.

In regards to this major step, all ONT and TRX holders are required to check if their tokens are in an exchange that can support the swap. Also Holders should  swap their NEP5 ONT and ERC20 TRX tokens for native tokens before swap deadlines.

In the same manner as other supporting exchanges, Huobi  Pro has officially announced its support to MainNet Ontology (ONT) and Tron (TRX) token swap.

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Why should you deposit your TRX or ONT onto Huobi pro?

When users deposit their TRX and ONT onto Huobi pro, they don’t need to take any action during the swap period as the migration process is automatic on the exchange, meaning that if  the NEP5 ONT and ERC20 TRX tokens are in Huobi Pro, then the exchange will do the swapping of the native tokens for its users.

What if the tokens are in a wallet?

Alternatively, users have the possibility to migrate manually. Hence, they have to use an ONTO wallet or NEO wallet . In that case, users will not be able to move and trade theIr tokens as the liquidity of the tokens in a wallet is completely illiquid during the transition period of the mainnet launches. This transfer of TRX/ONT from ERC-20/ NEP5 token to mainnet token may take longer than expected, so users will not  be able to trade the token based on interim news.

However, if they leave their token in Huobi Pro, then the users can still trade the tokens and they get the new issuance of the TRX/ONT tokens.

About Huobi Pro:

If you don’t have a Huobi account. Still you can sign up. Moreover, there is a competition for the new verified users. All news verified users who do the first time ever deposit since the account was created, with a minimum USDT 300 or equivalent value, are offered to receive an airdrop of 5 tokens worth of USDT 5000.  

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What kind of issues ONT holders may face?

Only the rounded ONT tokens can be exchanged for the reason that ONT native tokens are indivisible. In other words, the smallest unit is 1 ONT.

So, in order to not lose all your  NEP5 ONT amount that is not a whole number, it is recommended to buy or sell some to round the number up or down before performing the ONT mainnet token swap manually. For this reason, if your tokens are held in Huobi Pro, you do not need to worry about such issues.

Official announcements from Ontology:

As of its latest announcements, Ontology established a partnership with CarBlock. In this matter, Li, Founder of Ontology, said:

“We are very pleased to cooperate with CarBlock to connect Ontology’s distributed infrastructure and services to more application scenarios as part of our real economy strategy. Our partnership with CarBlock will ensure effective circulation of transport data, integration of Ontology with the smart transport field, and overall enrichment of the Ontology ecosystem”.

Also, Ontology team announced the launch of Ontology Global Capital and Miss Selina Xu, a partner of Danhua Capital was designed as the Founding Venture Partner. OGC is believed to “supporting blockchain technology and blockchain industry ecosystems globally, accelerating industry participation and application rollout, and welcoming exceptional projects to connect with OGC.”

It is not all, Ontology announced the first members of Ontology Advisers Group (OAG) that is led by Professor Shoucheng Zhang, a professor of Physics at Stanford University now working on blockchain technology.

Breaking News about TRON :

Latest news reported that BitTorrent has been acquired by Justin Sun, the founder of TRON, after a legal battle. However, TRON’s Sun has been quiet regarding the matter. Noteworthy, BitTorrent is a communication protocol for peer-to-peer (P2P) file sharing. 

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Meryam Taghouti

I'm a BBA graduate from Tunis Business School, My passion for the Blockchain Technology and cryptocurrencies has led me to research and write about the crypto world.

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