XCN Token Launch & CHN Burns
The new Chain Token smart contract has been deployed to the Ethereum main network after a successful audit from CertiK. The new token smart contract implements native on-chain governance, which the original contract lacked, and changes the ticker to XCN from CHN, and will re-denominate the token at a ratio of 1:1,000.
With the passing of CIP-2 the new total supply of CHN has been reduced to 68,887,533 after the successful burn of over 31 million units of CHN resulting in a 30% supply decrease worth over $2 billion dollars at current market prices. The re-denomination plan for Chain token will be done via the XCN Token Smart Contract. Users can simply send CHN through a normal ERC20 transfer utilizing any non-custodial wallet and you will automatically receive XCN back at ratio of 1,000 XCN to 1 CHN. The snapshot governance module will be updated to the new token smart contract.
This bridge will be trustless and fully decentralized and can be utilized at any given point so there is no deadline on when to perform the token swap. Please ensure you only interact with the given smart contract address or leave your CHN on digital asset exchanges who will handle the swap on your behalf.
XCN Token Swap Instructions
To swap your old Chain Token (CHN) for the new Chain Token (XCN) please follow the steps below:
1. Please take note of the new token details:
Contract address: 0xA2cd3D43c775978A96BdBf12d733D5A1ED94fb18
Decimals: 18
Symbol: XCN
For more advanced users please go to step 2. If you are not an advanced user please go to Step 9.
2. Go to the old Chain Token (CHN) smart contract and go to the “Write” section here:
https://etherscan.io/address/0x41C37A4683d6a05adB31c39D71348A8403B13Ca9#writeContract
3. First press “Connect Web3” which will either connect your MetaMask Wallet or another non-custodial Wallet that utilizes Wallet Connect. Once connected the box will turn green.
4. After you are connected scroll to the “Approval” box 1 and fill in the following information:
Spender: 0xA2cd3D43c775978A96BdBf12d733D5A1ED94fb18
Value: <enter the number of Chain Tokens you have followed by 18 zeroes
Example Value:
If I have 100 CHN the value here will be 100000000000000000000
If I you have a decimal value in CHN such as 100.842728, you will substitute the number of zeroes for the decimal values. For example, the value here would be 100842728000000000000
5. Press the “Write” button and then execute the transaction.
6. Once that transaction is complete you will then go to the new Chain Token (XCN) smart contract Write section here: https://etherscan.io/address/0xa2cd3d43c775978a96bdbf12d733d5a1ed94fb18#writeContract
7. Press “Connect to Web3” again to connect your wallet like you did in step 3.
8. Once connected scroll down to the “Mint” function which is item 7 and fill in the information below:
To (address): <this will be your wallet address>
For example: 0xe864C9439eb042e969c59Dd13D38cFdb28e16d73
Value: <the same number of tokens you approved in section 4)
For example: 100000000000000000000
9. Press write and execute the transaction. Once done you will have burned CHN and minted XCN to your wallet which the transaction will show.
Please note: ONLY INTERACT WITH THE TWO ABOVE SMART CONTRACT ADDRESSES IF YOU ARE SWAPPING YOURSELF. FAILURE TO DO SO MAY BE RESULT IN LOSS OF FUNDS. FAILURE TO FOLLOW THE INSTRUCTIONS ABOVE IDENTICALLY MAY ALSO RESULT IN LOSS OF FUNDS.
10. To utilize a simple user interface to perform the swap from CHN to XCN, you can utilize the XCN Swap app below that is fully decentralized and a trustless way to mint XCN by burning CHN:
PLEASE ENSURE YOU ARE VISITING THE RIGHT URL ABOVE
11. You will connect your wallet and then enter the amount of CHN you want to convert to XCN.
12. Once done, press Swap and confirm the transaction on your wallet. After the transaction is successful you will see the new Chain Token in your Wallet.
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