Mainnet NKN VS ERC20 NKN
📌 This guide will help you to understand the difference between the ERC20 and the Mainnet NKN tokens.
What are the differences?
The main difference between the mainnet tokens and the ERC20 tokens is the following : **you can use the ERC20 tokens in exchanges (Coinbase, Binance, ...), you can use the mainnet tokens inside the NKN network. 1 NKN mainnet token have the same value of 1 NKN ERC20 token.**
Why this difference ?
Most of the exchange are using ERC20 tokens while NKN is using is own chain. Having both side to side allow the token to be listed and traded in exchanges such as CoinBase, Crypto or Revolut. Upbit is currently the only exchange allowing their customer to use both wallets type.
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How to swap tokens? ===
If you wan to swap your token there is so far 2 secure way of doing it :
- Use the official NKN swap tool (we will come later to its use) - Convert your token within Upbit (Upbit is, for now, the only exchange using both mainnet and ERC20 tokens)
There is a less secure way to do it using the "OTC" section of the official NKN forum. Still this method rely on human willingness to be good...pay attention 🤷♂️
The official NKN Swap tool
⚠️ DO NOT SWAP NKN FROM OR TO EXCHANGES SUCH AS COINBASE, BINANCE, CRYPTO, ... TO NKN MAINNET IT DOESN'T WORKS. The only official support for the swap tool is by email at swap@nkn.org
ERC20 → Mainnet
To swap ERC20 token for mainnet token you will need a **personal** ERC20 wallet. Metamask is, for example, one type of it. You can't use your exchange wallet address as those address are not personal to your account but part of a pool of addresses. So if you actually own ERC20 NKN token you will first need to send them to an external wallet, such as Metamask. The reason of this is you never actually know the withdrawal address because exchanges use several addresses, and they will use the one with enough tokens.
Once your token in your wallet go to https://swap.nkn.org click on the "token swap" button and select NKN ERC20 Token -> NKN Mainnet Token option.
There are 4 inputs to fill:
1. ETH wallet address FROM where you will send your ERC20 NKN token. Remember, this address can't be an exchange one. 2. Amount of NKN you want to swap: the valid range is from 30 to 30,000NKN. 3. NKN mainnet wallet address TO where you will receive your NKN mainnet token. 4. Your email address: this is optional, and mainly for customer support in case you experience technical difficulty.
