Kin (KIN) Offers Short-Lived Token Swap Window for ICO Token Holders
Within days, the window for depositing KIN to a small list of exchanges will run out, leaving Changelly, Shapeshift and CoinSwitch as the gateway to swap the tokens.
Holders of Kin (KIN) tokens by the Kik chat app will have to move fast to swap to the new asset, unless they want to lose their funds. With roughly 10,000 backers in one of the largest ICOs, the Kin project was unclear about what type of asset it would hold. The new KIN2 tokens will replace the initial ERC-20 token.
In a Medium post, the project describes the token swap process. The decision to migrate to a native blockchain goes against the previous readiness to support a double-asset structure. The deadline to migrate KIN tokens to KIN Coin is June 12, using a swap service, through partnerships with Changelly and CoinSwitch.
The deadline to use the exchanges where KIN is listed is March 19, coming up shortly. Bancor Network is seen as the more reliable choice, and some users are skeptical about using Mercatox, Yobit, and other small-scale exchanges. So far, KIN has avoided large exchange listings, despite expectations for Binance over the past year.
The more accessible way to swap the tokens would be to use legitimate swap services, such as CoinSwitch and Changelly.
Following the news of the upcoming new network, the price of KIN is reawakening from the recent lows. The compound effect of the bear market and the delay in using the KIN digital asset left the prices depressed. Now, the old tokens are starting to appreciate. KIN added more than 22% at one point, to trade at $0.000049. KIN managed to double its price in the past two weeks, starting a slow but steady rally with increasing trading volumes.
The hopes for the new KIN asset are that it would be widely used and integrated with the Kik app ecosystem. Expectations of a rally are boosting prices. KIN trades most actively against Ethereum (ETH), due to the predominance of decentralized Ethereum-based exchanges. However, the introduction of the new asset may change the weight of trading pairs. KIN has no pairing with stablecoins yet and trades on relatively low liquidity.