TIME Token Swap: Reasons and Process
The TIME token – the native token of the Chrono.tech ecosystem – was created in February 2017, following the project’s successful crowdsale.
Three and a half years is a long time in crypto, and both the Ethereum platform and its broader ecosystem have seen many changes since then. The original TIME token contract is now outdated, causing various difficulties for users and developers.
We will consequently be upgrading TIME to a new version of the token contract. The swap process will take place from 1-31 October.
There are a number of reasons for updating the token contract, including the following:
- The older smart contract means that token transactions are around four to five times more expensive than for new versions of comparable contracts.
- The contract has outdated metadata hard-coded into it. This needs changing to reflect ongoing development progress.
- The contract was deployed using a version of the Solidity compiler that cannot be integrated with modern analytics services.
- Integration with DeFi applications is not easy with the current form of the token.
TIME token supply
The total supply of TIME will remain the same, at 710,113 tokens. That is, tokens will only be swapped and no new TIME will be created.
New TIME contract version
Chrono.tech’s TIME token contract is currently ERC20-compliant, as were the majority of project tokens at the time of launch (and still many today). It will be updated to the newer ERC677 standard.
ERC677 is 100% compatible with ERC20, which means that ERC677 works everywhere that ERC20 works, but has additional functionality and is better optimised. Further information about the ERC677 standard is available on GitHub.
ERC677 is used by a number of well-known crypto projects, such as Chainlink. The token contract has successfully passed a number of audits. LINK’s audit can also be viewed on GitHub.
TIME can be swapped using Chrono.tech’s exchange, TimeX.io, for a period of one month, starting from 1 October 2020 and ending on 31 October 2020.
Please note that TIME holders will still be able to swap their tokens after 31 October. However, these swaps will be processed manually, on a case-by-case basis, and so there may be delays. Our goal is to ensure all TIME holders have the opportunity to swap their tokens, but that the process is not unnecessarily prolonged.
TIME and exchanges
Currently, TIME is listed for trading on the following exchanges:
We are in the process of communicating with all relevant exchanges and have currently secured commitments to provide trading markets for the new contract TIME from KuCoin and TimeX.
KuCoin users still will need to transfer TIME token to TimeX.io for a swap. After swap is completed, users can transfer the TIME back to KuCoin and trade it on the new contract TIME markets.
We will provide additional information when we have heard from other exchanges.
The Chrono.tech team will create new liquidity pools on Uniswap once the contract has been updated.
TIME swap and LaborX users
LaborX premium account holders will have their TIME stored on their LaborX wallets automatically updated. Premium account users are not required to withdraw their TIME and send their tokens to TimeX.io for the swap. Non premium account users are required to transfer TIME to TimeX.io for a TIME swap.
The swap process is irreversible. When the swap has been completed, TIME tokens cannot be changed back to the old contract.
Trading for the new TIME contract will be supported on TimeX after 31 October 2020. Withdrawals for the new token will also be available after this date.
$ 0 TIME withdrawal fee
During the swap process, from 1st of November 2020 to 30th November 2020, TIME withdrawal fee will be $ 0.
Also, see the guide How to swap your TIME tokens.