On December 2nd, LikeCoin will be launching the long-awaited LikeCoin chain. With this launch, the existing LikeCoin ERC-20 will be migrated to the new LikeCoin.
As such, we will be referring to the existing LikeCoin as LikeCoin ERC-20, and the new LikeCoin built based on Cosmos SDK will inherit the name, LikeCoin. This will help everyone to easily identify between two tokens and get accustomed to the terminology.
BitAsset will support the token migration via a simple process:
- On December 2nd, all LikeCoin ERC-20 held on BitAsset will automatically migrate to the new LikeCoin. And only new LikeCoin will be supported going forward for trading.
- All LikeCoin holders on BitAsset will be given a Cosmos token wallet address to support new LikeCoin.
- Deposit of LikeCoin ERC-20 will remain open for users who would like to migrate their tokens.
How to be part of the upgrade?
If you already hold LikeCoin ERC-20 on BitAsset and wish to participate in this migration, you do not need to do anything — the funds will be automatically upgraded on December 2nd.
What if I don’t want to upgrade?
Users who do not wish to upgrade must opt-out by withdrawing their funds before December 2nd. On this date, BitAsset will suspend all withdrawals of LikeCoin ERC-20 and any remaining LikeCoin ERC-20 on the exchange will be converted into the new LikeCoin.
After the upgrade, which is expected to be completed on December 2nd, deposits and withdrawals of new LikeCoin will open.
*If you have any questions regarding token migration on BitAsset, please visit https://www.bitasset.com/