Ace Entertainment, the developer and service provider of the ACE-based entertainment business and the issuer of ACE Coin, made the decision to perform a TOKEN SWAP of all issued ACE EOS-based tokens for ERC-20-based tokens.
The Token Swap has been completed, and ACE WALLET withdrawals have been resumed.
Why were tokens swapped? And why was ERC-20 chosen?
As entertainment business built around ACE Coin makes progress, the accessibility and usability across a wide variety of entertainment businesses have become increasingly important features.
The EOS platform is very fast and stable, however, it requires sizable node operation costs and has recently thrown frequent obstacles in our path such as transaction approval delays. Wallet creation and use has also proven to be difficult for inexperienced users.
ERC-20 on the other hand is the most popular blockchain network in the world. It can be listed on exchanges and other platforms simply by adding a Token Contract Address. This also brings the advantage of being easily compatible with various wallets services and DApps based on it’s overwhelming availability.
Due to the clear alignment with ACE Entertainment’s goal to expand the various entertainment businesses such as ACE Pub, ACE Gravia and ACE Store into the future, ACE as an ERC-20 token brings great advantages, and the decision to perform a Token Swap was made.
I didn’t participate in the ACE Token Swap yet. What should I do?
There’s no need to worry. The ACE TOKEN SWAP will be available until December 31, 2020 at www.ace-coin.io.
When depositing the previous EOS-based ACE into your ACE WALLET, select EOSIO from the DEPOSIT menu and deposit to the given address before the end of the SWAP period. The tokens will be automatically changed to ERC-20 ACE at the time of withdrawal.
※ Note: If you DEPOSIT ACE with the EOSIO option, it will take about 24 hours (based on business days) to be reflected in your ACE WALLET. You don’t have to worry that your balance is not immediately visible right after DEPOSIT. Check back after approximately one day (Monday of the following week in the case of weekends), and your balance should be updated and ready to withdraw ERC-20-based ACE.
※ The address system of ERC-20-based ACE is identical to other ERC-20-based tokens such as ETH and USDT. This means that transmissions to another blockchain is actually possible. However, please be aware that if you send ACE to an address other than an ACE address, the tokens will be lost.
※ If you have ACE in your EOS-based personal wallet such as Scatter or Fairy Wallet, TOKEN SWAP will not proceed. You must send ACE to ACE Wallet (www.ace-coin.io) to exchange your tokens for ERC-20-based ACE.