SINGAPORE , Feb. 10, 2021 (GLOBE NEWSWIRE) — (via Blockchain Wire) – DeFi mission KingSwap (https://www.kingswap.io/) in the present day introduced that it had initiated its plan to have holders of its authentic (OLD) $KING tokens swap these tokens for NEW $KING tokens which are already beginning to flow into in restricted provide and might be traded on 3 centralized exchanges – Bitmart, Hotbit, and Coinbig. As well as, the present ERC-721 NFTs will likely be phased out and solely ERC-1155 NFTs will likely be issued as soon as KingSwap adopts its Layer 2 expertise by mid-February 2021. The swap applies to all neighborhood members and holders with OLD $KING tokens in MetaMask or Ethereum wallets, together with these carried over from Uniswap, which have to be swapped by April 17, 2021, and all OLD $KING tokens will not have the ability to be swapped by a deadline of April 25, 2021.
ERC-1155 tokens mix the ERC-20 normal for fungible tokens and the ERC-721 normal for non-fungible tokens (or NFTs), with out the necessity for being recorded on every node of the Ethereum blockchain. ERC-1155 tokens are safe, tradable and resistant to hacking, whereas permitting for extra environment friendly trades and bundling of transactions.
The token swap is part of KingSwap’s long-planned Layer 2 Implementation, which is anticipated to enhance the safety of the KingSwap crypto community. The Layer 2 Implementation will scale back the prices and fuel charges of interacting with the community, enhance collaboration and transfer the KingSwap crypto community nearer to a hyfi (hybrid finance) platform, set up a strong community moat on co-beneficial floor in a manner that reduces the opportunity of being forked, and facilitate tremendous scalable development.
“It is a key part in enhancing the pace and safety of the KingSwap community throughout the board whereas delivering the best worth attainable to $KING token holders,” mentioned Emelia Thiara, KingSwap Operations Head. “The swap of ERC-721 for ERC-1155 permits us so as to add extra flexibility and utility to the NFTs within the KingSwap platform and our community, and we wish to ensure that these holding the OLD $KING tokens are conscious of how they’ll improve these tokens in essentially the most well timed method attainable earlier than the OLD $KING tokens are phased out.”
Every swap of the OLD to NEW $KING tokens will likely be reviewed as a part of KingSwap’s due diligence course of to permit for the swapping of solely correctly acquired tokens. Customers who require help in swapping their tokens are suggested to achieve out to KingSwap’s Telegram account or e-mail firstname.lastname@example.org. The present ERC-721 NFTs won’t have to be swapped for the brand new ERC-1155 NFTs and can retain the identical properties and makes use of within the KingSwap ecosystem.
KingSwap’s advisors embody Enterprise Capitalist Dr. Giampaolo Parigi (PhD); Professor Alex Nascimento (MBA), School and Co-Founder, Blockchain at UCLA; Michael Terpin, Founder and CEO of Remodel Group and Co-Founding father of BitAngels; Lionel Iruk, Esq.(J.D), Dr. Robert Choi (PhD), Frank D. (MBA), Dr. Anish Mohammed (M.D and PhD) and Malcolm Tan (LLM).
KingSwap (https://www.kingswap.io/) is a DeFi mission primarily based out of Singapore that’s introducing a liquidity pool platform with fiat conversions. KingSwap’s high-yield liquidity platform provides in depth staking rewards, digital collectibles, and fiat conversions. An evolution of Uniswap, KingSwap supplies user-friendly options that present real-time advantages when it comes to value curves and contributor rewards.
Firm: KingSwap Pte Ltd
Individual to Contact: Amanda Tan
Firm Tackle: 50 Raffles Place, Singapore Land Tower #19–03 Singapore
Electronic mail Contact: Hi there@KingSwap.io
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