Alchemint, the NEO-based stablecoin project, has recently announced an upcoming MainNet token swap for their Special Drawing Token (SDT). The update is scheduled to occur on 1st August from 1:00pm to 4:00pm (GMT + 8), during which time SDT holders have been warned not to perform any transfers of SDT as this will interfere with the mapping process.
As the team is preparing to launch an optimized MainNet contract, they have decided to use it as an opportunity to rebrand the Special Drawing Token (SDT) to Standards (SDS). This is intended to emphasize the correlation between SDS and the various stablecoins such as SDUSD and SDCNY that will operate within the Alchemint system. The rebranding is intended to help simplify user understanding of how the price stabilization system operates. SDS will completely replace SDT for all financial and governance purposes on the Alchemint platform.
In addition to the announcement, the Alchemint team also shared a Q&A post regarding the token swap, providing SDT holders with necessary information to ensure the swap proceeds smoothly. All interactions with the smart contract such as charge, withdrawal and transactions will be halted during the update, and users are advised not to send their SDT tokens to any exchanges or other wallets. This is because each wallet will be credited with SDS tokens equal to their existing number of SDT at a 1:1 ratio. Following the update, SDT will no longer be usable on the Alchemint system so they will retain no value after the swap. The Alchemint team has also assured users that SDT can kept on exchanges, as they have negotiated the distribution of SDS tokens with exchanges and LEEKICO.
The only exception to this is the Switcheo decentralized exchange. As Switcheo does not store SDT tokens for users, investors are recommended to withdraw SDT from the Switcheo contract to their own wallet prior to the update. This will ensure that SDT quantities will be accurately mapped so that SDS can be correctly distributed.
More information on Alchemint can be found at the links below.
About The Author: Brett Rhodes
Brett is a blockchain enthusiast and freelance writer who originally began producing content for the gaming & eSports industries. Now he spends most of his time contributing in the Neo ecosystem.
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