Binance will support the exchange of Maker Token (MKR) and the change of Skycoin Token (SKY) to SKYCOIN before 25/7/2025.
This change aims to avoid confusion with the old Skycoin Tokens that were delisted in 2021, while also upgrading the SKY brand to new standards with a 1:1 ratio between old and new Tokens.
MAIN CONTENT
Binance supports the exchange of Maker Token (MKR) and Skycoin (SKY) to SKYCOIN.
The old SKY code of Skycoin will be replaced with the SKYCOIN code before 25/7/2025.
The exchange rate is 1 old SKY Token for 1 new SKYCOIN Token.
How does Binance support the exchange of Maker Token (MKR)?
Binance officially announces support for the exchange of Maker Token (MKR) to smoothly upgrade and enhance the Sky (SKY) brand, ensuring user rights are protected.
This helps investors feel secure in trading, benefiting from a clear and transparent conversion process on the world's leading exchange.
Why did Binance change the Skycoin Token code from SKY to SKYCOIN?
The Token exchange aims to resolve confusion with the old Skycoin SKY Token that was delisted since 5/11/2021. Binance applies the new SKYCOIN code for clear differentiation and also enhances brand recognition.
This is to be done before the deadline of 25/7/2025 to maintain transparency and accuracy for users when trading this Token.
Token exchange is an important step to ensure clarity for the community, avoid confusion with the history of Tokens, and build a sustainable development foundation.
Binance spokesperson, 18/7/2024
What is the schedule for exchanging and the replacement ratio of old SKY Tokens to SKYCOIN?
The Token exchange phase will take place from 21/7 to 25/7/2025 with a ratio of 1 old SKY Token to 1 new SKYCOIN Token, facilitating a quick conversion process without disrupting trading.
Binance is committed to providing technical support for accounts holding old SKY Tokens to ensure all issues are resolved promptly, enhancing user experience.
How does Binance handle technical issues for those holding old SKY Tokens?
The Binance technical team will provide full support for investors holding old Skycoin Tokens in their accounts, helping to thoroughly resolve difficulties and risks during the exchange process.
This policy reflects Binance's commitment to reliability, maintaining investor trust in the volatile cryptocurrency market.
The ability to provide quick and effective support is the foundation for Binance to maintain its leading position in the global cryptocurrency environment.
Binance CTO, 2024
Frequently Asked Questions
Will Maker Token (MKR) be affected by the Skycoin exchange?
The exchange of Skycoin Tokens does not affect Maker Tokens (MKR). These are two separate activities carried out simultaneously by Binance.
What do users need to do to exchange Skycoin Tokens on time?
Users just need to hold SKY Tokens in their Binance wallet before 21/7/2025 to be automatically exchanged for SKYCOIN Tokens at a ratio of 1:1.
Will all existing Skycoin Tokens be exchanged for SKYCOIN?
Yes, all Skycoin Tokens with the SKY code on Binance will be exchanged for the SKYCOIN code before the deadline of 25/7/2025.
How does Binance handle technical issues during the exchange process?
Binance has a specialized technical support team to help users resolve any issues arising during the Token conversion process.
When and why was the old SKY token code delisted?
The old Skycoin SKY Token was delisted on 5/11/2021 due to various licensing and market factors, Binance supports the exchange to the SKYCOIN code to ensure continuity.
Source: https://tintucbitcoin.com/maker-ho-tro-swap-doi-sang-sky/
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