One of the world’s largest exchanges, Binance, has just exposed that it will be supporting Icon’s (ICX) mainnet within the upcoming week.
Binance Supports Icon Mainnet Exchange
Binance has eventually announced that it will be exchanging the ICX ERC-20 tokens for the official mainnet coins, five months after the official release of the mainnet.
Icon planned for the exchange mainnet exchanges to occur earlier this year, but Binance just got around to working on the interchange process According to a postbode on the Icon’s official blog, the Huobi, OKex, Bithumb, and Upbit exchanges are also working on supporting the ICX mainnet. Icon’s team made it clear that they are working with thesis exchanges to ensure it happens spil quick spil possible.
To aid this interchange, Binance has announced that all ICX deposits and withdraws will halt on June 20th, ensuring that this exchange is spil sleek spil possible. However, it seems that Binance will not cease ICX trading during this transition period, similar to what happened with the EOS mainnet release.
Due to the fact that all trading on Binance is off-chain, there should be no problem with buyer to seller trades on the Binance toneel during the token exchange process. When Binance embarks the token interchange, it is expected that the mainnet eis window will last for a total of three months long, providing holders ample time to get the tokens they deserve.
Users will not need to do anything to obtain their mainnet tokens, with Binance treating all of the technical details regarding the exchange. Merienda Binance finishes the interchange they will permit for deposits and withdrawals to resume, specifically stating:
Wij will open ICX deposits and withdrawals again merienda wij deem the ICX mainnet to be stable.
Te addition to supporting the token exchange, Binance has also announced that they have just opened a USDT/ICX trading pair, much to the verrassing of some.
Icon has suffered along with the cryptocurrency market, pulling down overheen 80% since its early January all-time high. Despite the price decline, ICX’s price eyed a nice bump when Binance released the aforementioned announcement, hitting Bitcoin by overheen 9% on the day.
According to CoinMarketCap, ICX tokens are presently sitting at $Two.08 U.S. and are up 9% overheen the past 24 hours.
If ICX holders are still holding the ERC-20 version of ICX te their individual wallets, it is advised that thesis users transfer them to a mainnet supported exchange to get the utter value of the token.
ICON – An Interoperability Focused Blockchain Project
For those who are unaware, Icon is a South-Korean based project that hopes to help connect independent blockchains with one another, so-called interoperability. The topic of interoperability has bot a key theme ter the industry, with many believing that this characteristic will be essential te future blockchains.
ICX is presently working to connect a multitude of top cryptocurrencies projects, including Bitcoin, Ethereum, and Qtum. By permitting different chains to communicate with each other, Icon’s team hopes to permit for decentralized coin exchanges and for the enlargened efficiency and use-cases of existing blockchains.
The token exchange is a key part of Icon’s ambitious goals, with the interchange permitting for users to obtain tokens on the mainnet chain where extensive development will occur.