How Can a Developer Use Mainnets? A developer deploys their DApp to the Mainnet. ... Users interact with the DApp. ... The transactions are processed by the network nodes. ... The smart contract state is updated. ... The changes to the smart contract state are reflected in the DApp.

Mainnet Swap | Binance Academy (2024)

Home

Glossary

See Also

HashPack | Powering your web3 adventure

Community Submission - Author: Maximus59

Essentially, a mainnet swap consists of switching from one blockchain network to another. In most cases, the swap takes place when a cryptocurrency project migrates from a third party platform (e.g., Ethereum) to their own native blockchain network. At this point, their cryptocurrency tokens are gradually replaced by newly issued coins and all blockchain activity is moved to the new chain.

Let’s takeBNB as an example. After themainnet launch of Binance Chain, users were encouraged to migrate from theEthereum blockchain to the Binance Chain. Therefore,ERC-20 BNB token holders started to replace their tokens with the newly issued BEP2 BNB coin (the native coin of Binance Chain). The mainnet swap followed a 1:1 ratio so that 1 ERC-20 BNB had the same value as 1 BEP2 BNB. After the swap, all remaining ERC-20 BNB tokens were burned, so now only the BNB of the new chain can be used.

Therefore, a mainnet swap takes place when a blockchain project replaces previously issued tokens with their new cryptocurrency, which is typically running on their own blockchain network. This process may also be referred to as “token migration”. Usually, the mainnet swap begins right after the mainnet launch.

It should be noted that the migration of tokens is not always associated exclusively with the launch of a new blockchain. It may also take place in situations where projects simply move from one protocol to another. For example, Storj performed a mainnet swap, migrating their tokens from a Bitcoin-based protocol to the Ethereum network as a way to avoid scalability problems.

Each mainnet swap has its own particularities in terms of execution. Some projects assign migration periods, with a predefined deadline for users to exchange their old tokens for the new ones. If they fail to do so, they may end up losing access to their funds because the old tokens are usually destroyed or frozen.

In contrast, the mainnet swap performed by Binance gave users the freedom to leave their BNB tokens on their Binance account, so the swap could be automatically done by Binance team. In fact, the swap was performed through withdrawal requests. In other words, by keeping their ERC-20 BNB on their Binance account, users could later withdraw the newly issued BEP2 BNB in equal amounts, without having to worry about manually swapping their tokens.

FAQs

What is mainnet swap? ›

Essentially, a mainnet swap consists of switching from one blockchain network to another. In most cases, the swap takes place when a cryptocurrency project migrates from a third party platform (e.g., Ethereum) to their own native blockchain network.

Read On ›

Is mainnet real money? ›

Transactions on Mainnet

These transactions are real, meaning they have actual value and are permanently recorded on the blockchain. This is why transactions on the mainnet must be performed with caution – once a transaction is confirmed, it cannot be reversed.

Discover More Details ›

What happens after mainnet? ›

After the mainnet swap is completed, remaining tokens are usually destroyed so that only the new coins can be used. Despite the popularity of Ethereum and the ERC-20 standard, there are many other blockchain platforms that support the issuance of digital tokens (e.g., Stellar, NEM, NEO, TRON, and Waves).

What does mainnet migration mean? ›

Mainnet swap is the migration of a cryptocurrency project from a third-party blockchain network, such as Ethereum, to its native blockchain network. A third-party blockchain network is used when a cryptocurrency project is in its testnet phase.

See Details ›

What is the purpose of mainnet? ›

What is the Mainnet Used For? The Mainnet is used for various essential purposes in the blockchain ecosystem. It facilitates real cryptocurrency transactions, allowing users to send, receive, and store digital assets on a secure and decentralized network.

Find Out More ›

Is swapping crypto good? ›

Swaps are much more cost-effective, often faster and support cross-chain crypto exchanges. Swaps are also great solutions for purchasing lesser-known crypto projects that could explode in valuation. Despite their plentiful benefits, swaps have downsides, including security, counterparty and slippage risks.

Tell Me More ›

How much is 1 pi mainnet worth? ›

Price of PI today

The live price of Pi is $ 39.11 per (PI / USD) with a current market cap of $ 0 USD. 24-hour trading volume is $ 251,899.39 USD. PI to USD price is updated in real-time.

Show Me More ›

Can I earn money from PI coin? ›

While it's true that PI coins currently have no value, there are several ways to maximize your potential profits if the Pi Network becomes successful. Increase your mining rate. The more frequently you click the lightning button in the app, the higher your mining rate will be. Make sure to do it every 24 hours.

Explore More ›

How to use mainnet? ›

How Can a Developer Use Mainnets?

A developer deploys their DApp to the Mainnet. ...
Users interact with the DApp. ...
The transactions are processed by the network nodes. ...
The smart contract state is updated. ...
The changes to the smart contract state are reflected in the DApp.

How do I transfer to mainnet? ›

Complete Mainnet Checklist For Mainnet Migration

Download Pi Browser App.
Create a Pi Wallet.
Confirm your Pi Wallet.
Commit to Lockup Configuration.
Submit your KYC application.
Wait for KYC results.
Sign Acknowledgement to receive Tokens.
Migrate to Mainnet.

Show Me More ›

Is Bitcoin a mainnet? ›

Mainnet is the term for the real Bitcoin blockchain and network, and is used in contrast with testnet, signet, and regtest networks. Unlike the other networks, which are used for testing purposes, mainnet coins (BTC) have monetary value.

Read The Full Story ›

What is the pi price today? ›

Pi Price Summaries

Pi's price today is US$40.31, with a 24-hour trading volume of $305,472. PI is -1.44% in the last 24 hours. It is currently -3.26% from its 7-day all-time high of $41.66, and 7.06% from its 7-day all-time low of $37.65.

See Details ›

What network is mainnet? ›

A mainnet is a term describing an independent blockchain network, with different tokens, coins, and applications running on it. This is in contrast to a testnet, which is essentially a testing ground used to troubleshoot before projects or cryptocurrencies launch on the mainnet.

Get More Info Here ›

Can I sell pi coins? ›

Pi is not yet officially tradable: Pi is still in its development phase, and its value is purely speculative. There is no guarantee that it will ever be tradable on a major exchange. 2) Beware of scams: There are many scams targeting people who want to buy or sell Pi coins.

What does network is mainnet mean? ›

Mainnet is a term used to describe a working, fully-operational blockchain. A mainnet network has been fully deployed and is in production, like the Bitcoin and Ethereum blockchains. In a mainnet, cryptocurrency transactions are verified and recorded to the blockchain.

What is the difference between ETH and erc20 mainnet? ›

Is ERC-20 the Same As ETH? Ether (ETH) is the native token used by the Ethereum blockchain and network as an internal payment system. ERC-20 is the standard for creating smart contract-enabled fungible tokens to be used in the Ethereum ecosystem.

View Details ›

What happens when pi goes to mainnet? ›

In the Open Network period of the Mainnet phase, Pi Mainnet Blockchain's firewall will be removed, where external apps and organizations will be able to connect and transact with the Pi Mainnet blockchain.