Binance, one of the world’s leading cryptocurrency exchanges, announced the completion of the contract swap and rebranding of Travala.com’s native token, AVA. The rebranding and contract swap transition the token from its previous BEP2 and BEP20 standards to the Ethereum ERC20 network.
Key Details
New Smart Contract Address: The new AVA (ERC20) token will operate under the smart contract address 0xa6C0c097741D55ECd9a3A7DeF3A8253fD022ceB9.
Deposits and Withdrawals: Binance has opened the gates for deposits and withdrawals of the new AVA (ERC20) tokens as of September 5, 2023, 12:00 PM.
Old Tokens Renamed: The old BEP2 and BEP20 AVA tokens have been renamed to AVAOLD and will continue to be listed under this ticker on Binance.
Token Swap: Users holding the old AVA tokens, now termed as AVAOLD, can swap these for the new AVA (ERC20) tokens at a 1:1 ratio using the convert function on Binance. However, withdrawals of AVAOLD tokens will not be supported going forward.
Implications for Users
For users, the transition means they will need to deposit their old AVA tokens, now termed AVAOLD, and use the convert function on Binance to swap these for the new ERC20-based AVA tokens. The swap is facilitated at a 1:1 ratio, ensuring no loss of value for the token holders.
Context and Significance
The move to the Ethereum ERC20 standard could potentially offer AVA token greater interoperability and a broader ecosystem for decentralized applications (dApps). Ethereum’s network is one of the most robust and widely-adopted platforms for smart contracts, which could provide AVA with increased utility and adoption rates.
Official Statement
In their official release, Binance stated, “Binance has completed the Travala.com (AVA) contract swap and rebranding plan to AVA (AVA) on Ethereum (ERC20) network. Deposits and withdrawals for the new AVA (ERC20) tokens are now open.”
Conclusion
The contract swap and rebranding of Travala.com’s AVA token to the Ethereum ERC20 standard mark a significant milestone in the token’s lifecycle. With the transition complete, users are advised to swap their old tokens for the new ERC20-based AVA tokens to continue participating in the ecosystem.
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Source: https://blockchain.news/news/binance-completes-travala-com-ava-token-swap-to-ethereum-erc20