LOVELY V3 SWAP: The Future of Automated Trading on Binance Smartchain
Binance is one of the most advanced and reputable cryptocurrency exchanges. Binance has many different trading pairs and virtual currencies listed on its platform. Additionally, Binance offers a variety of different services to its users. As an example, the Binance Launchpad token contest recently concluded with the launch of several new projects that will be launching on their main platform soon.
The primary use of Binance is as a blockchain-based exchange for buying and selling virtual assets, but there are many other features that set it apart from competitors. One such feature is the availability of their own native token called BNB (which stands for “Binance Coin”).
The value proposition behind holding this particular token is that you receive a 25% discount on all trading fees if you use it to pay them instead of another currency like ETH or BTC.
But what if there was more value in using another coin? This article will cover everything you need to know about the upcoming LOVELTY V3 swap on Binance.
What is Binance?
Binance is an exchange platform that was originally created in China, but has expanded to different countries all over the world. Binance is an up-and-coming cryptocurrency exchange company with a lot of great features and services. As you can see from the previous section, one of the most unique features on Binance is the LOVELTY V3 Swap.
This swap is set to happen sometime during 2019, but there are some important things for you to know about it before it happens.
About the LOVELTY V3 Swap
The LOVELTY V3 swap is scheduled for June 26th. The new LOVELTY V3 Smartchain will be released to the public as an independent blockchain and will not be connected to the Binance chain anymore. All LOV tokens on Binance will be swapped for LOV tokens on this new blockchain. Binance will make all of their old LOV tokens traded at market price available for swapping at a discounted rate. This means that people who are holding onto their old LOV coins should not wait until the day of the swap because they could lose out on some great returns if they don't get in now.
The reason this swap is taking place is because Binance has decided to discontinue support for the old blockchain, which was deemed too expensive and potentially risky to keep running indefinitely.
The launch of the new blockchain means that everyone trading on Binance will have a chance to experience it before anyone else as it launches first on Binance's platform.
What Will Be Swapped?
The LOVELTY V3 swap is scheduled for December 11th, 2018. The LOVELTY V3 swap will result in the swapping of all LOV tokens from ERC-20 to Binance’s native BNTY token.
This means that the holders of LOV will have to send LOV tokens to a new address on Binance and they will receive a similar amount in BNTY after the swap occurs. In addition, users will be able to use their new BNTY tokens to pay for trading fees on the exchange if they choose not to use their old LOV coin. LOVELTY V3 is another important step in the development of the future of cryptocurrency trading, as well as blockchain technology in general. With this upcoming swap, there will be more security and functionality added into our ecosystem which should help propel it forward.
How to Participate in the LOVELTY V3 swap?
The LOVELTY V3 swap will occur on March 27th. Binance is a decentralized exchange, so you need to send your LOV tokens to your Binance address in order for them to be swapped for the new token. You can do this by clicking on the ‘Funds’ tab on the top left of the main trading page and then selecting the 'Deposit' button. You'll need an Ethereum wallet that supports ERC20 tokens like MyEtherWallet or MetaMask in order to participate in this swap. If you're having trouble finding one, check out our article here: "How Do I Send ETH or Tokens to my Binance Address?". The token swap period will start at 8:00 AM UTC and last until 8:00 AM UTC on Monday, March 27th. Once it's over, you'll be able to see a balance of LOV holdings in your wallet.
In an effort to create a more efficient and decentralized marketplace, Binance has decided to swap the LOVELY V3 Smart Contract for a new one. This swap is happening in two phases, the first phase will swap the V3 contract for a V3-2 one and the second phase will swap the V3-2 contract for the V3-3 smart contract. The first phase will take place on July 16th and the second phase will happen on November 16th. To participate in this swap, you need to purchase LOVELY from Binance or other exchanges and send them to your Binance account. After the first phase, Binance will provide a tool that will allow you to execute transactions on the new V3-3 contract.
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