The Worldwide Asset eXchange (WAX) has announced that its mainnet is now live. Users will now be able to trade their old ERC-20 WAX tokens for the new Genesis WAX protocol tokens.
Coin Rivet first reported on the Genesis Member Program back in April.
The latest announcement reads: “When you swap your ERC-20 WAX tokens during the token swap, you will become part of the Genesis Block Member (GBM) Program and receive Genesis WAX protocol tokens. GBM participants will receive daily token rewards for three years.”
The company has stated there will be a 72-hour unstaking period, meaning when a user opts to unstake tokens, they will have to wait three days for those tokens to be transferred from the staked balance – at which point they can be transferred at leisure.
Owners of the old ERC-20 tokens are now able to burn them and receive the new Genesis tokens in exchange. The token swap period ends on August 30 2019 at 5pm Pacific Time.
In order to receive the GBM rewards from the token swap, users must create their own WAX blockchain accounts and process the token swap manually.
The announcement makes clear that nobody should allow a third-party to perform the token swap on their behalf if they wish to claim the GBM rewards.
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