IAGON Token Swap: All You Need To Know
A full guide for swapping Iagon old token with the new one. Steps. Conditions. Terms.
Hello and welcome Iagon hodler, to the Iagon public token swap!
The big day of the swap bridge launch is coming and we understand that you are probably eager to exchange your tokens. The bridge will be released on Aug 5 at 20:00 CET.
Before we guide you through the steps of swapping your old Iagon token with the new, we want to take the opportunity to say thank you again on behalf of the entire Iagon team, for supporting our project. We believe that Iagon has a very bright future and we are glad you think so too.
It is also important to convey some information, firstly that the amount of IAG tokens that you can swap is equal to the number of IAG tokens you had in your wallet at the snapshot, which was taken on the 7th May 2021 at 12.00pm CET.
We need to note that 7.5 million new IAG tokens have been transferred to swap contract to make it works correctly.
In regards to how the claiming of tokens is set up. We have seen what has happened with other IDO’s and past ICO’s concerning the high inflation of tokens, due to supply shocks on the market.
However, to create a level-playing field for early and new investors a total of 10% of the new tokens will be released immediately, while the remaining tokens will remain locked and be distributed over time (3-month lockup, 12-month vesting). This will help to avoid supply shocks and creates an environment where the token can appreciate at price.
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Here are the steps you need to follow, to activate the token swap:
You need to visit the Token Swap website link - https://swap.iagon.com.
Please click 'Connect Wallet' on the top right side of the screen.
Metamask and other browser-based wallets, such as brave work.
If you are not eligible for the swap, you will receive a notification like this on the screenshot
After you have connected your wallet and your wallet is eligible for the swap, you will see a welcome message like this.
Then you can click the 'Please accept the Terms and conditions to proceed' button
Please read the Terms and conditions in detail and accept by marking the checkmark at the bottom.
Then you will be able to proceed with the swap by clicking the related button.
Now everything is ready for you to initiate the token swapping process.
Please note that you need to exchange the equal or less amount taken at Snapshot on May 7 12.00pm CET. Otherwise the swap contract will not work.
First, you have to approve the spend limit, and then after the spend limit is approved.
Then the approve button will change to swap
Swap Tokens Distribution Schedule
Then you will be available to input the amount of old Iagon tokens you hold in your wallet that corresponds to the amount you had at the snapshot taken on May 7 at 12.00pm CET, as aforementioned. Once the number is input into the old IAG field, press the Swap token button. Voila!
After the swap is activated, you will receive 10% of your total new IAG tokens.
The rest of your tokens will be available for claiming in the following manner:
- After receiving the initial 10% percent of the total number of tokens, there will be a lock period of 3months.
- After the 3 month lockdown period is over, you will be able to claim 7.5% of the total amount of new IAG tokens, each month, over a 12 month period.
You decide the frequency for claiming tokens.
For example, you could claim each month, every 6 months, or wait to claim all the remaining tokens at the 12th release of tokens.
We look forward to the future of our journey and hope you will continue to be part of it.
Remember, to spread the word that Iagon is making the cloud a safer, greener (and cheaper) place to store valuable data.