Blockchain based electronic contract platform FirmaChain added a new feature to its platform. The startup launched ‘Token Swap’, that allows its users to conveniently swap tokens. Token swap is the process through which the original ERC20 based FCT(FCT2) tokens are swapped into FirmaChain’s mainnet Colosseum based tokens. Swapped tokens can be used to participate on the FirmaChain mainnet and its ecosystem.
After creating a Firma wallet on ‘Firma Station’, users can access FirmaChain’s token swap site. On the token swap site, users are required to enter their wallet address, agree to the terms and conditions of the service and complete e-mail verification before connecting their MetaMask wallet. Once MetaMask is connected, users can transfer tokens to register for token swap. To swap tokens, the FCT(FCT2) kept in exchange wallets must be transferred to the user’s MetaMask wallet.
One factor that must be taken into consideration when swapping tokens is the gas fee (network transaction fee) charged when transferring tokens to and from MetaMask. Since MetaMask charges the transaction fee in Ethereum (ETH), users must also possess a certain amount of Ethereum (ETH) in their MetaMask wallet. Additionally, swapped FCTs cannot be transferred back to ERC20 based tokens.
“By opening the token swap site we are able to expand the use case of FCT(FCT2), from simply buying and selling tokens on cryptocurrency exchanges to participating in FirmaChain’s governance process and the broader ecosystem by staking their tokens.” said FirmaChain CEO Yoon, YoungIn. “Through 4 rounds of testing during FirmaChain’s testnet phase, we came up with an extremely secure and stable swap service. Therefore, we believe that our holders will be able to use our swap service to safely swap their tokens and ultimately will be able to rationally participate in the FirmaChain ecosystem.”