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How To Swap Band ERC-20 Tokens To Main Net Token

28 June 2020 | 1 comments | Posted by Che Kohler in Money Talks

Convert Band Tokens to Brand Protocal

Band is a brand new cryptocurrency that initially launched on the Ethereum blockchain using the ERC-20 token protocol as a way to gather investor support and a launchpad for the token. At the same time, the main net would be built later on. Band launched its main net in June of 2020, and the token migration is now in place for any early investors wanting to move over or those picking up the ERC-20 liquidity on the various exchanges and then wanting to convert them into BAND protocal tokens.

Converting tokens is never easy, and we've seen this play out when EOS moved from Ethreum to their mainnet and the trouble that migration caused. To encourage users to move over to the main net Band is offering staking rewards of between 15 - 17% for those who move over and stake their coins.

This is an attractive proposition for investors, but not every investor would be able to leap to the new chain without considerable guidance.

Investing in cryptocurrency takes some technical knowledge and know-how, and it's by no means easy, guides online are often written for those in the know and not for those simply wanting to try and get into this space for the first time.

In the spirit of demystifying the process, we've put together a detailed guide on how to convert your ERC-20 BAND tokens into BAND Protocal Tokens that can be used on their main net.

Getting on to the main net

BandChain launched using the COSMOS SDK will support the Band Protocal going forward. The BandChain was launched, and public staking went live on June 10, 2020. If you would like to get out of the Ethereum network and on to the BandChain, you can use the manual swap feature or use other token ecosystems and exchanges like Binance

Important facts before swapping tokens

  1. Do NOT send BAND tokens from exchanges — if you do, you risk losing your funds forever. Please use your personal ERC20 wallet address where you own the private key such as Ledger, MetaMask, and Trezor.
  2. There is a minimum of 10K BAND required for manual swaps.
  3. Swapping the smaller amount will be done via exchange. We will be releasing more detail soon.
  4. Token swaps are conducted at your own risk. Any mistakes can result in the loss of funds.
  5. Remember to have ETH in your wallet to pay for transaction/gas charges

Manual Swap from ERC20 to BandChain Instructions

As manual swap is a sensitive three-step process, don't hesitate to contact us via email or Telegram if there's any questions or issues.

Step 1 — Create BAND Wallet

To get started, you will need to have the bandcli command line tool ready to be used. bandcli supports Ledger wallets with both Cosmos and the upcoming BAND application.

Please download the latest release below.

https://github.com/bandprotocol/bandchain/releases/tag/v0.2.4

As a precautionary measure, you should play around with your wallet on Wenchang Testnet 2 first to make sure there are no issues with wallet creation and connection. Your testnet address will also be used on the mainnet network — in a similar fashion to Ethereum where mainnet addresses can be used on testnet.

NOTE: You will be able to use this BAND address on supported wallets such as Atomic Wallet and Ledger once mainnet support is live.

Step 2 — Match Your BandChain Address With ERC20 Address

Once your BAND wallet is created, you will need to register your BandChain address (from Step 1) with your ERC20 address to the BandSwap contract. This will ensure that the correct amount of BAND native tokens are deposited into your wallet on BandChain.

The contracts live at: https://etherscan.io/address/0xd28af52f06f1fef2ec04967c05e030092fcfc175#code

You will need to invoke the setBandAddress function from your ERC20 address and use your BandChain address as the argument.

For example, this transaction is sent

from

0x20a0a593382f179fa2542dd622b61b4e0eab4c87

to match the BandChain address

band1h0396v20crtw0kkgs2s5nkujgxnsfy2purpkam.

Step 3 — Transfer BAND ERC20 to Escrow Contract

The next step involves transferring your ERC20 BAND tokens to Band Protocol's official swap escrow contract. The amount of ERC20 BAND deposited will be equivalent to the amount of BAND native tokens you receive upon successful main net launch.

The contract lives at: https://etherscan.io/address/0x8cd2283bf278e55ec40ba00438a7c71455d135b8#code

For example, this transaction has sent 10 BAND from 0x20a0a593382f179fa2542dd622b61b4e0eab4c87 to the escrow contract.

NOTE: You must use the same ERC20 address registered on the BandSwap contract in Step 2. Do NOT use exchange addresses or you may risk losing funds.

Step 4 — Submit Form

Lastly, please fill out the provided form with the information from Step 1 and 2. Once our team verifies all the information, we will process the swap and send native BandChain tokens to the nominated address within two weeks when the main net is live.

Band Swap ERC-20 to mainnet using Binance

If you don't have enough tokens for a manual swap or feel the process is far too cumbersome for your liking, then you can use Binance instead.

Deposit your Band ERC-20 Tokens

  1. Log in or create an account with Binance
  2. Select the deposit option
  3. Select Band token
  4. Get an ERC-20 Band Compatible address
  5. Deposit your tokens into the ERC-20 Band Address
  6. Once the tokens are confirmed in your Binance wallet
  7. You can switch to the withdraw panel.

Binance Deposit for Band ERC-20 Tokens

Band wallet deposit on Binance for ERC-20 Tokens

Withdraw your Band Protocal

  1. Click the withdraw tab
  2. Then select the Brand Protocal tab
  3. Select the amount you wish to withdraw
  4. Add your new Band Wallet Address (starts with Band)
  5. Add a memo or opt to exclude one
  6. Click withdraw
  7. Confirm with the 3 step confirmation process

Swapping to ERC-20 Tokens

If you're thinking about swapping Band the other way so you have access to the liquidity on the ERC-20 market, then here's how to switch yours around, if you're keen to sell on a ERC-20 based exchange.

Manual Swap from BandChain to ERC20 Instructions

You can always swap tokens on BandChain back to ERC20 to interact with the Ethereum ecosystem natively.

Step 1 — Send BandChain Token to the Escrow Address Firstly, you'll be required to send BAND token to the escrow address band17jx7vlcxss4h0p52jh6kfgpmu9hchr4kmtqrer, and the transaction must consist of one MsgSend with value at least 10000000000uband (10k BAND) with your ERC20 address as the memo. The total amount of BAND sent to the escrow address will be the amount of ERC20 BAND you will receive.

Here is an example: bandcli tx send [[YOUR_WALLET]] band17jx7vlcxss4h0p52jh6kfgpmu9hchr4kmtqrer 10000000000uband --memo [[YOUR_ERC20_ADDRESS]] --chain-id band-wenchang-mainnet

Step 2 — Submit Form Fill out the provided form with the information from

Step 1. Once our team verifies all the information, we will process the swap and send ERC20 tokens to the address on memo within two weeks when the main net is live.

Band Swap main net to ERC-20 using Binance

If you don't have enough tokens for a manual swap or feel the process is far too cumbersome for your liking, then you can use Binance instead.

Deposit your Band ERC-20 Tokens

  1. Log in or create an account with Binance
  2. Select the deposit option
  3. Select Band token
  4. Get a BandChain Compatible address
  5. Deposit your tokens into the main net Band Address
  6. Once the tokens are confirmed in your Binance wallet
  7. You can switch to the withdraw panel.

Withdraw your Band Protocal

  1. Click the withdraw tab
  2. Then select the Brand ERC-20 tab
  3. Select the amount you wish to withdraw
  4. Add your new ERC-20 Token compatible wallet
  5. Click withdraw
  6. Confirm with the 3 step confirmation process

Join the Band

There you have it a step by step guide to switching between BandChain and Ethreum. We hope that you found it easier to do and that it didn't cause you too many issues. Have you invested in Band? Why do you like the project? Let us know in the comments down below.

Contact us

If you would like to know more about digital assets or would like to market your digital asset company or how to set it up for your business, then don’t be shy we’re happy to assist. Simply contact us

Are you looking to promote your business?

South African finance business owners can create your free business listing on nichemarket. The more information you provide about your business, the easier it will be for your customers to find you online. Registering with nichemarket is easy; all you will need to do is head over to our sign up form and follow the instructions.

If you require a more detailed guide on how to create your profile or your listing, then we highly recommend you check out the following articles. 

Recommended reading

If you enjoyed this post and have a little extra time to dive deeper down the rabbit hole, why not check out the following posts on cryptocurrency and blockchain.


Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.

Tags: Blockchain, Cryptocurrency

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