The token swap kicks off KingSwap $KING token improved flexibility and independence from Ethereum, while increasing network security and strength
DeFi project KingSwap, today announced that it had initiated its plan to have holders of its original (OLD) $KING tokens swap those tokens for NEW $KING tokens that are already starting to circulate in limited supply and can be traded on 3 centralized exchanges – Bitmart, Hotbit, and Coinbig. In addition, the existing ERC-721 NFTs will be phased out and only ERC-1155 NFTs will be issued once KingSwap adopts its Layer 2 technology by mid-February 2021. The swap applies to all community members and holders with OLD $KING tokens in MetaMask or Ethereum wallets, including those carried over from Uniswap, which must be swapped by April 17, 2021, and all OLD $KING tokens will no longer be able to be swapped by a cut-off date of April 25, 2021.
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ERC-1155 tokens combine the ERC-20 standard for fungible tokens and the ERC-721 standard for non-fungible tokens (or NFTs), without the need for being recorded on each node of the Ethereum blockchain. ERC-1155 tokens are secure, tradable and immune to hacking, while allowing for more efficient trades and bundling of transactions.
The token swap is a part of KingSwap’s long-planned Layer 2 Implementation, which is expected to improve the security of the KingSwap crypto network. The Layer 2 Implementation will reduce the costs and gas fees of interacting with the network, improve collaboration and move the KingSwap crypto network closer to a hyfi (hybrid finance) platform, establish a robust network moat on co-beneficial ground in a way that reduces the possibility of being forked, and facilitate super scalable growth.
“This is a key phase in improving the speed and security of the KingSwap network across the board while delivering the greatest value possible to $KING token holders,” said Emelia Thiara, KingSwap Operations Head. “The swap of ERC-721 for ERC-1155 allows us to add more flexibility and utility to the NFTs in the KingSwap platform and our network, and we want to make sure that those holding the OLD $KING tokens are aware of how they can upgrade those tokens in the most timely manner possible before the OLD $KING tokens are phased out.”
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