Mainnet Swap

What Is a Mainnet Swap?

The movement of a cryptocurrency project from a third-party blockchain network, such as Ethereum, to its native blockchain network, is referred to as a mainnet swap. A third-party blockchain network is used whenever a cryptocurrency project is in the testnet phase. 

However, once the testnet phase is completed, users will receive native money in return for their third-party tokens. As an outcome, it is also known as token migration or token shift. The mainnet swap is essentially swapping third-party tokens for the platform's native coin.

ELF has been kept as an Ethereum-based ERC-20 token since 2017. They declared the mainnet swap on September 9, 2021, after spending substantial time evaluating the security and reliability of their platform. The mainnet swap usually maintains a 1:1 ratio. The leftover tokens are burnt once the entire blockchain has been finalized.

Example of a Mainnet Swap Occurrence

A mainnet swap normally happens when a cryptocurrency project relocates its tokens from one blockchain to another or from a third-party blockchain to its home chain. Nevertheless, the mainnet swap is not mainly related to new blockchains. 

It may advertise if a project intends to switch from one protocol to another. One example could be the transfer of tokens from the Bitcoin protocol to the Ethereum network. The intricacies of how a mainnet switch is executed differ from one project to another. 

The vast majority of projects provide users with a timeframe for token migration. If one fails to do so, they will lose access to their tokens because they are usually destroyed after the deadline. Users may swap their tokens manually or leave them to the platform based on the primary aspects of execution.