WAXplained #3: Tokenswap

Why it is necessary and how to do it

** WAX closed down the official swap, this guide is no longer viable **
** If you are still holding ERC20 WAX right now there nothing you
** can do but wait. Be aware of scammers offering fake tokenswaps.
** There is a good chance for a another swap in the future.

As the name suggests, during a tokenswap you swap one token for another.
In this article, I will first give you a brief overview of the process and afterward a step by step guide.

So let’s start with why the swap is needed:

Right now the WAX tokens are tokens on the Ethereum Blockchain. With the WAX mainnet going live these tokens become obsolete. To use the WAX Platform and its features you need tokens on the WAX mainnet. So somehow you need to get your tokens from chain A) Ethereum, to chain B) WAX. This is where the tokenswap comes in.

The process is actually pretty simple and self-explanatory if you think about it.
To swap tokens you need four things:

1.) A place to ‘store’ your tokens on Chain A).
This is your address or your Exchange account.

2.) Software to access your tokens on Chain B).
As a software to access the new Blockchain we are using a Wallet called ‘Scatter’. This is also what we use to generate our new private keys.

3.) A place to ‘store’ your tokens on Chain B).
This will be your WAX Blockchain account.

4.) A way to link Blockchain A) to Blockchain B).
This is where the magic happens. After you created your account on the WAX Blockchain it will be linked to a unique personal address on the Ethereum Blockchain. The so-called ‘burn address’. For every token, you send to this address you will get one new token on the WAX Blockchain.
It will not matter if you send all at once or in several batches over time.

And that’s it, you will have swapped your tokens. Sounds simple, doesn’t it?

WAX Tokenswap Step by Step

Assuming you already have an exchange account there is not much to explain in that regard and we will start with setting up what is needed for the swap.

Setting up Scatter:

The first thing you will have to do is download and set up the Scatter wallet on your machine. You can download Scatter here:
get-scatter.com

Once you downloaded and installed Scatter you will be asked to generate a key pair. If you do not own a ledger, click “I’m new to blockchain”.

You will be asked to set a password for your account. If you are not using a hardware wallet this password will be used to encrypt your private keys, so make sure it is strong.

After setting your Scatter password you will be prompted with an empty Wallet where you have to generate your key pair by clicking the Generate Key button. If you plan to use a ledger click Import Key instead and select your device.

Since WAX is an EOSIO based chain, this is what we are going to select:

Make sure to store your keys in a secure place and head back to your wallet afterward. Choose either to store the plain key or the QR code. This step is not required if you are using a Hardware Wallet.

Back in your wallet it will look like the picture below. As mentioned earlier, you do NOT need an EOS account to use WAX, so do NOT click ‘Create one now!’. Instead you click on Networks and then activate the WAX Blockchain.
If you want you can even deactivate the EOS Mainnet.

Making a WAX Account:
Head over to account.wax.io and register for an account.

After creating a login and confirming your email address you will see this window, where you select BEGIN WAX TOKENSWAP.

You will be asked to set up two-factor authentication as you should for any crypto account. Set this up and make sure to take note of your recovery phrase.

Linking your public key to your WAX Account.
Before proceeding now open your Scatter Wallet and copy your public key.
To do this go back to the Wallet section and click the three dots next to your key and select ‘Copy Public Key’.

Now switch back to your browser, proceed until you reach this window, where you have to paste the key you just copied into the field ‘Public Key’.

Put in your current 2FA code and click Confirm Public Key.
The Website will then create a WAX Blockchain Account for you and link it to your key. Note your account name and head back to Scatter.

Now back in Scatter again click the three dots, but instead of copy public key, click Refresh Accounts.

If everything worked as intended you can now see your WAX Account in your Scatter Wallet. It will look like this, but just with your Account Name:

And ultimately, swapping tokens!
Now that you have linked your Key to your WAX Account you can proceed with the tokenswap. Switch back to your browser and click Continue.
You will be presented with your personal WAX Burn Address:

You can now start swapping by sending tokens to your burn address from where ever you store them. After 5 to 30 Minutes they will show up in your Scatter and your WAX Account Dashboard.

Congratulations, you did it!

24 hours after you completed your swap you will be eligible to claim your first rewards!

If you want to swap more tokens and need access to your burn address, open the WAX Account Dashboard and click Upgrade More ERC-20 Tokens to have it show your burn address.

If you should run into trouble at any point, feel free to reach out to the helpful WAX Telegram Community.

If you have trouble understanding any step, feel free to leave a comment.

When you are done swapping make sure to read this article on Rewards and Voting!