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XDB News: Token Swap Date Extended

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DigitalBits blockchain is one of the best-known names in the football arena. Last year, it launched its Mainnet 2.0 with the introduction of the XDB mainnet token. The platform users now have to use these new tokens in place of previous ERC-20 ones.

For this reason, the blockchain announced its first token swap with Digifinex Exchange in August 2022. It also announced integration on other supported exchanges, including Gate.io and KuCoin.

The deadline for completion of integration was 7 October. But now, the XDB news confirms that it has revised the timeline. Now, the users can swap tokens between 18 October and 31 December on Coinbar. It also confirmed that it will be the final chance for token swapping across exchanges and brokerages.

DigitalBits Overview

DigitalBits is a highly acclaimed blockchain among footballers. It has collaborated with several major clubs like Inter Milan and AS Roma. Football legends like David Beckham and Francesco Totti serve as their brand ambassadors.

The project started as a fork of Stellar back in 2017 and shares its core features. It aimed to provide an efficient and affordable platform for brand currencies, NFTs, and stablecoins. Also, it identifies itself as 'the blockchain for brands'.

It is an open-source protocol layer blockchain that offers complete decentralisation and ease of use. Using the platform, you can create transaction tools. For brands, it can be beneficial as it allows asset tokenisation, increasing audience engagement.

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Token swap between XDB ERC-20 and Mainnet tokens

Initially, the platform used the XDB ERC-20 (Ethereum Request for Comments 20) tokens as its natives. However, last year, the blockchain changed its protocol and launched version 2.0 with Mainnet tokens. That’s why the previous tokens needed to be swapped with the newer ones.

The platform decided to integrate the mainnet chain with all its supported exchanges to make the process easier for the users. Through this procedure, exchanges seamlessly interchanged users' ERC-20 tokens into Mainnets with 1:1. The platform allocated a time window for each exchange.

During this period, exchanges paused withdrawals and deposits of the previous tokens, but allowed trades. The process allowed the users easy access to the mainnet tokens without needing manual swapping. Most of the blockchain’s compatible exchanges like Gate.io, KuCoin, Digifinex, and Bitpanda backed this procedure.

XDB news confirms extension in token swap date

Most exchanges that supported this procedure have already carried out token swaps. The KuCoin exchange was the last among them to do so, which closed the swaps on 7 October. However, the XDB news blog revealed that some users could not swap tokens within the proposed period.

To facilitate such users, an Italian-regulated exchange, Coinbar, presented a plan. It has extended the cut-off period. The DigitalBits mainnet went live on Coinbar on 18 October, and its token swaps will continue till 31 December 2022.

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After the end of this cut-off period, XDB ERC-20 tokens will be removed permanently. From 1 January, 2023 onwards, you can use Mainnets on the platform for transactions.

Bottom line

DigitalBits’ ERC-20 token is going to be removed permanently from the platform. Though it announced the cut-off date to be 7 October on KuCoin, there has been an extension. According to XDB news, the last date to swap the previous version for a new one will be 31 December on Coinbar.

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Author: Wasay Ali

Author: Wasay Ali

Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.

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