Gate.io Suspends SWINGBY Trading to Support ERC20 Swap

Through its official Twitter handle, Gate.io announced its support for Swingby Protocol. The exchange will begin suspending all deposits and tradings for SWINGBY from June 22 in preparation for the swap. The platform will have entirely removed the support for SWINGBY BEP9 tokens by June 30.

Swingby is a decentralized proof-of-stake network designed to make transfers between different chain trustees. The chain integrates the latest technology and cryptographic solutions to move Bitcoin into any network easily and quickly. And what’s more, the platform returns the profits to users through Meta nodes and pools liquidity with up to 30% APR.

SWINGBY is the native token of this trustless solution for interoperability. It is created based on the BEP9 token standard and comes with a total supply of 1,000,000,000 SWINGBY. The project created this utility token with the fundraising goal of $560,000.

As per the recent reports from the Swingby team, the BEP9 token is migrating to the ERC20 standard. The former token standard will reportedly lose all the support by the end of July. In support of the Swingby team’s decision to swap, Gate.io will suspend all the SWINGBY BEP9 deposits and trading from June 21 at 10:00 UTC.

As per the schedule released by Gate.io, the Swingby trading offline will begin on Wednesday, June 22, at exactly 10:00 UTC. Along with spot and grid trading of SWINGBY tokens, the trading platform will close all the open offers for token swapping. Gate.io also requests users to adjust their grid trading strategies before the swapping to avoid complications.

All activities related to SWINGBY BEP9 tokens will be completed by June, including token swapping. Gate.io will resume SWINGBY ERC20 withdrawals once they get the confirmation from the Swingby teams. The listing of new tokens will depend on the result of the listing review. 

SWINGBY users on Gate.io do not have to worry about the swap as the exchange will take care of it.