Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Istiak on January 28, 2020, 03:32:46 PM
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I saw recent year many tokens migrate from one blockchain to another. I am not sure why they do that and how much it cost them to do that? And is that profitable for the company?
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they do that because they really want to run on their own platform. Or is there a better platform. There are many tokens from the ETH platform moving to the XLM Platform.
I saw recent year many tokens migrate from one blockchain to another. I am not sure why they do that
For this, you should ask the team. Or you should not need to think about this.
how much it cost them to do that? And is that profitable for the company?
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Based on a investors perspective, its just a waste of time. But on the team's perspective its a win-win situation, for example they are migrating to binance chain. Its because they want to get listed on binance dex and binance cex at the same time or it is because of the trend as wel.
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Unfortunately, there are a lot of such companies, at first many companies launch their token on one blockchain, and then either create their own blockchain or switch to another well-known blockchain for various reasons, for example, fewer companies use eos blockchain and more and more companies want to create their own tokens on ethereum blockhain.
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I saw recent year many tokens migrate from one blockchain to another. I am not sure why they do that and how much it cost them to do that? And is that profitable for the company?
I think the most common reason is they only want to ride the hype of the said Blockchain or Network! for example when Binance chain was launched their DEX many projects were leave in the Ethereum Network and transfer to the Binance chain for that reason most of them think that if they join the Binance chain they will have a chance to list their coins/tokens in the main Binance exchange that's what i thought.
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Everyone has their own dream I think. Before eos or tron have their own chain. They are just relying to eth network to run their platform. No profits but they wanted to gain names and own product. That's why those who rely on eth network are indebted to ethereum forever whatever or how far those projects goes. They can't say they are the one who started it all. For me eth network will be forever the true smart contract and tokenization king and no one will ever beat that.
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They act according to what they think right.
Swap is included to alternative plans if ever the wind doesn't goes well. Team management is the responsible to do it at the perfect time to anticipate the possibility of bankruptcy. Profit matters than bankruptcy.
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If there is better why not. Swap has been done by almost all projects, such as Bitzon from erc20 to XLM. Volentix from erc20 to EOS and others. I do not understand how much it costs. What is certainly not too big because they already understand how the erc20 platform works. So the next is not difficult.
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~ how much it cost them to do that? And is that profitable for the company?
The possible reasons for swapping were already mentioned in the previous comments so I am just going to focus on these two.
1. It doesn't really cost the company that much to migrate to mainnet or to another blockchain. Oftentimes, they let the token holders pay for it. In the case of many erc-20 projects for example, they would require the holders to have a minimum amount of eth in their wallet before the swap can happen.
2. Migration could have a temporary effect such as price pumps but only time can tell if they made the right decision.
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Depending on what platform is good and stable at the time An example that I experienced when I participated in the ico project last year. The project swaps to change the platform used for their token. Examples such as ERC 20 are swapped using a Stellar or EOS platform. Many do this, in addition to improving the quality of tokens and providing other facilities to transact according to the market.
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I think who deserves to answer this question is the developers or the teams of crypto projects. They must know well about this because they are familiar to do this thing. However, in my view, this can not give significant influences on the tokens. Maybe just follow the hype or to make a bit lower transaction fees.
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There is no cost for the token swap to the company. So it does not effect the company budget. Also the developers want to change the platform for more security or coding opportunities. For us I do not think that there is too much benefit. In bull market times it is valuable because all of the news pump the markets, so it makes sense at those times.
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There are many reasons of token swap. Somenof it is when the token has been hacked by the hackers. They will swap in order to nullify the value of the token and token swap because they are migrating to their own chain.
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It happens that project managers see the advantages of the new blockchain and the prospect of working on it is much greater than on the current one. Each team has its own experts and each thinks as profitable for the project. It's not about money, it's about the quality of the future product and this is well understood by the project organizers, so they move to another blockchain.
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I don't really understand why they want to swap. In fact, they change the price that was high to low. Is it because of the change in the token that we have received? I do not agree with Swap, the number of tokens we become more and drive the price down.
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It happens that project managers see the advantages of the new blockchain and the prospect of working on it is much greater than on the current one. Each team has its own experts and each thinks as profitable for the project. It's not about money, it's about the quality of the future product and this is well understood by the project organizers, so they move to another blockchain.
I agree with you, I also think so. We are all always mistaken and the project founders first make their projects on one blockchain and then see prospects in another. Therefore, they decide to switch to it.
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Yes brother it is a common features in now. Many projects firstly launched its own platform but when they faced a issue then they change their decisions and swap in to others xlm and tron or Blockchain. BIZpaye, OPPopenWiFi, they firstly launched in Ethereum based platform but next time they launched their crypto in to different platforms.
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As far as I understand, this will almost not affect the holders
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it depends on the developer who wants the best thing for the price and demand of the enthusiast using the platform from the token. Usually interested people prefer to invest and use tokens that use a familiar and friendly platform.
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Sawps are as a result of tokens that has a broken smart contracts or a mis match in the blockchain transcation. i don;t think it is of any benefits. it quite easy to generate New tokens to replace the old ones but token swap has more benefits. token swaps are mostly as a result of attacks on the blockchain that affect the initial contracts.
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I think one of the benefits of token swap is that if you're opportune to participate during the swap date the price of the token usually go up, so if you sell your token that particular time you will make good profit during swap to another Blockchain platform.
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I don't really understand why they want to swap. In fact, they change the price that was high to low. Is it because of the change in the token that we have received? I do not agree with Swap, the number of tokens we become more and drive the price down.
In cases with swaps, the team that always does it in their own interests always wins.
Last year, ethereum was too low in price and this generated a lot of bad rumors about the possible collapse of this coin. Therefore, many teams began to switch to other platforms or create their own blockchain. I do not like to use more and more forms of wallets. If I have a choice, I prefer tokens on the ethereum platform.
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I saw recent year many tokens migrate from one blockchain to another. I am not sure why they do that and how much it cost them to do that? And is that profitable for the company?
Over the past two years, the popularity of ICO projects has gradually fallen, and about 90 percent of new tokens were issued on the ethereum platform. This is one of the reasons why this coin has also fallen in price and popularity. ICO teams tried to use other platforms or even create their own blockchain in order to avoid a drop in their token in the price after it appeared on the exchange.
Now the situation on the cryptocurrency market has begun to change for the better. Ethereum as a percentage grows even better than Bitcoin. Therefore, I do not think that the outflow of new ICO projects from the ethereum platform will continue. Although they will always experiment in this matter.
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Actually when a project don't achieve its goals and destination with its own platform then it turns into another platforms normally called it swap. I don't support swap because many investors lost their assets due to the token swap information. I already faced such problems also.
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price may go up if using a new platform or if they reduce the amount of supply from their tokens. Many argue that swaps will provide better prices than before
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If it rwally happens, we can get worthier token or coin after the swag program. But most projects give funny ondition where the coin after swap is not be able to receive anymore after swapping. It is necause the third party that make this error, right?
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For users and investors, the degree of participation in the token swap process often depends on where the token is stored. For many people who normally store tokens on exchanges, the ability to take multiple steps to participate in token swaps is very low. More specifically, the Binance exchange said it will handle all of the process technical requirements for the migration of EOS, Tron, ICON, and Ontology.
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token swapping will help Projects experience a lot of delays, when users can swap their tokens. Some projects, such as EOS, have many "difficult deadlines" after which tokens on the old Blockchain will be "frozen" and cannot be accessed.
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token swapping is a feature that allows direct exchange / transaction between Coin with different Blockchain platform without the supervision of a 3rd party intermediary.
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when swapping tokens Both transactions are instantaneous, so there is no opportunity for fraud or intentionally holding the coin. And in the event of one of the parties canceling the transaction midway, the money will be returned to both parties after a certain period of time.
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Based on the point of view of the car, it is only a matter of time. But at the team's point of view, this is the source of the jet, for example, they are migrating to the binary chain. The reason is that they want to look at the balance in the future and pay attention to the balance, or they are welcome because of this trend.
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For me personally, changing the platform of the token I have is always an extra headache. When I hear such news about swaps, I usually sell these tokens right away. Of course, if the price permits and there is no expectation for a serious growth of this token in the near future.
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Developer do that for different reasons, ranging from their own token block chain, to blockchain that is easy to understand and have liquidity at the market. Some also do it to have access to faster transactions.
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Indeed, initially a project runs on a blockchain, but if you want to increase interest by moving from one blockchain to another, why not?
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Personally, I hate token swap because this can make many holders of the tokens lose their tokens if they forget to swap it. Sometimes the requirement to swap it not easy and the swap process doesn't run smoothly. I have joined in some projects that they do swap, many people don't know about the swap. Then, may people who hold the tokens lose their tokens because cannot be used anymore.
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The token swap process is not only directly related to the Blockchain launch, but also involves the project's transition from one protocol to another. Specifically, Storj's token swaps are made possible by the Bitcoin to Ethereum protocol swaps because of the many scalability problems.
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One benefit of the token swap is that the traders are not locked out of this capital. Instead, they can exchange these shares on exchanges while they develop their technology.
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Token Swap is as simple as changing your old currency for a new one and the process is required otherwise the old currency will lose its value.
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Not all projects intend to swap their tokens, depending on the purpose and application of the token of the project that they swap. And the swap is also a good signal about the price increase, traders can profit from the trade, if they grasp the information early.
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Well the team want to migrate their own blockchain so they want to swap the tokens and I guess it will profitable for company because people will think that the price will increase after the swapping event.
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I don't really understand the token swap mechanism and what are its advantages. Can anyone explain?
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I saw recent year many tokens migrate from one blockchain to another. I am not sure why they do that and how much it cost them to do that? And is that profitable for the company?
the possibility of a swap there is a problem with a coin or platform they would choose the swap because they want to use blockchain best and is able to facilitate them to an extent that their transactions run easily and quickly as platform famous now as ethereum, XLM, eos, and TRX are able to compete eth present with gas is needed quite expensive so many projects that move blockchain for different reasons.
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I think the main reason is the partnership or even the offer was quite attractive to resist second was the transaction speed and TX fees, let us include Ethereum Network as an example the transaction speed is too slow plus the monstrous fees that quite dismayed in many of us. if I am a project team I will consider to migrate to another Network that can offer faster TX and much lower TX fees. crypto is not all about popularity but it should be balanced to function perfectly.
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Swap strategy is the form of going strong partnership with another blockchain or token. That is all about expansion of areas where the token will become available in another blockchain.
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I saw recent year many tokens migrate from one blockchain to another. I am not sure why they do that and how much it cost them to do that? And is that profitable for the company?
The #DevelopmentTeam definitely wants their tokens/coins to be valuable in the market, besides they have a road map that they have compiled in such a way as to do the mainnet, they do it to speed up the transaction system of the coins they have created.
If you look at coins like AWC, NOW, and many other altcoins that have 2 different blockchains, they do so because of a partnership and want to make it easier for traders and investors to be able to sell or buy coins as they wish.
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don't really know about this, but it's likely the crypto developer or project team. They must know very well about this because they are used to doing this. Seeing the reality, sometimes the journey of one token swap is not smooth, there are many obstacles, from tokens not developing in the market until the project dies later because of the token there is no demand
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As I know, Swap is to change the token or the blockchain of that token. Thus, there will be a number of swap token cases as follows:
+A project issues ERC-20 tokens on the Ethereum blockchain, then they successfully self-develop another blockchain and swap from Ethereum blockchain to their mainnet. For example: Credits, CyberMiles, Universa ... => They will become independent blockchains with their own tokens possessing many advantages.
+A project is using ABC token but then decide to convert it to BCD, they will swap, for example token SPARTA to ALTT => Increase token friendliness and consistency.
+A project token is allowed to exist on many different blockchain platforms. Like USDT exists on both Ethereum & TRON => The token reaches more potential users
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Tokens are exchanged from one blockchain to another. Because the token changes when the value of the token decreases. But swap tokens do not attract people. Because when the price of tokens goes down, it would be better to swap tokens considering the development of tokens. But I don't think this price can hold. Because the swap token does not have a value. People do not want to invest. So after a while, the popularity of token decreases. The tokens that end later. But because the #DevelopmentTeam of some tokens is good, the value of token is more. So I do not support any change in this.