$800 Million ICON's Token Swap Is Launching Within 24 Hours

The countdown has begun for smart contracts protocol ICON's June 20 token swap.

On Wednesday, investors will swap their ethereum-based ICX tokens, used for project fundraising, for coins on a live version of the ICON blockchain, effectively exchanging all existing tokens.

ICON sold 50 percent of its ICX token supply for the idea in a pre-sale last September, raising 150,000 ETH worth around $42,750,000 at the time.

The project launched its blockchain in January this year, and according to CoinMarketCap, ICON's token has a collective market capitalization of about $800 million.

The token swap will be implemented at an exchange rate of 1:1 via the ICONex wallet from June to September 25., as well as through supporting exchanges.

Until Thursday for Bithumb - the only three exchanges supporting the swap, according to ICON. In the event that, instead of using the ICONex wallet, token holders wish to have an exchange carry out the migration process, ICON has advised users to have approximately 0.002 ETH in their ICX-ethereum wallet in order to pay for the transaction.

Once ethereum tokens are swapped for mainnet coins they will be burnt, with those that don't make the swap being locked once the swap period ends.

ICON has not yet indicated how token holders can track the progress of the token migration.

Unlike other projects, such as EOS, ICON opted to conduct its token swap after its mainnet launch.

In addition to releasing its mainnet and preparing for the token swap, ICON recently announced partnerships with the Deloitte Startup Advisory Group and social media platform Line Plus, adding to their list of enterprise partners which include Samsung, Wanchain, Hyundai and Aion.