What Is a Mainnet Swap?
A mainnet swap refers to the process of transitioning a cryptocurrency project from a third-party blockchain network, such as Ethereum, to its own native blockchain network.
During this swap, users exchange their existing tokens on the third-party blockchain for the project’s native cryptocurrency.
Initially, a cryptocurrency project may use a third-party blockchain network, like Ethereum’s testnet, to develop and test its platform.
However, once the project is ready for full-scale deployment, it launches its own mainnet and facilitates the migration of tokens from the third-party blockchain to its native blockchain.
This migration is often referred to as token migration or token swap.
When Does a Mainnet Swap Occur?
A mainnet swap typically occurs when a cryptocurrency project is ready to transition from one blockchain to another or when it decides to migrate its tokens from a third-party blockchain to its own native blockchain.
It is not limited to new blockchains and can also happen if a project decides to switch protocols, such as migrating tokens from a Bitcoin-based protocol to the Ethereum network.
The execution details of a mainnet swap vary from project to project.
Most projects set a deadline for users to complete the token migration. Failing to do so often results in losing access to the tokens, which are usually burned after the specified deadline.
How Is the Swap Done?
The process of swapping tokens during a mainnet swap can differ depending on the project’s implementation.
In some cases, users may manually initiate the token swap by following specific instructions provided by the project.
Alternatively, certain platforms may offer an automated swap process, where users can leave their tokens on the platform and have them automatically converted to the new native tokens.