coins, and all blockchain activity is being transferred to the new chain.</p>\n<p>When a cryptocurrency project is in the testnet phase, a third-party blockchain network is employed. However, when it transitions from the testnet to the mainnet phase, users will get native cryptocurrency in return for their third-party tokens. As a result, it's also known as token migration or token swap.</p>\n<p>Users can either switch their tokens themselves or leave them to the platform, based on the primary aspects of implementation. <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/goon/binance/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance</strong></a>, for instance, permitted users to leave previously issued tokens on their accounts so that the network could automatically <strong>switch them out for native tokens</strong>.</p>\n<p>Keep in mind that token migration isn’t always necessarily linked to the introduction of a new blockchain. It can also take place when projects switch from one protocol to another.</p>\n<p>Another example would be Storj, which did a mainnet switch, transferring their tokens from a <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">
Bitcoin-based protocol to the <a href=https://www.bitdegree.org/"/crypto/buy-ethereum-eth/">
Ethereum network in order to prevent scaling issues.</p>\n<h3>When does the Mainnet Swap Happen?</h3>\n<p>A mainnet swap often happens when a cryptocurrency project migrates its tokens from one blockchain to another or from a third-party blockchain to its native chain. Besides, the mainnet swap is not solely related to emerging blockchains. If a project intends to switch from one protocol to another, it might make an announcement.</p>\n<p>The complexities of how a mainnet switch is executed differ from project to project. The majority of projects provide users a timeframe for token transfer, meaning that is possible to lose access to your tokens because they're generally <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-burning/">
burnt after a specific time period.</p>\n<h3>Example of Mainnet Swap</h3>\n<p>Users were urged to move from the Ethereum blockchain to the Binance Chain following the introduction of the Binance Chain mainnet. As a result, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-20/">
ERC-20 BNB token holders began to exchange their tokens for the newly created BEP2 BNB currency. </p>\n<p>The mainnet exchange used a 1:1 ratio, thus 1 ERC-20 BNB was worth the same as 1 BEP2 BNB. Following the transfer, all leftover ERC-20 BNB tokens were burnt, leaving just the BNB of the new chain usable.</p>","level":"medium","meta_title":"What is Mainnet Swap? 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executed when there is a danger of running out of funds, especially as a result of a losing trade. To prevent having to cancel a position, a trader might add money to his account. If adding funds to the account is not a practical solution, the position must be closed.</p>\n<p>However, the brokerage can perform this without needing consent from the trader.</p>\n<p>Traders, on the other hand, are able to utilize <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-stop-loss-order/">
stop orders</strong></a> to decrease risk exposure and make sure that margin calls won’t get triggered. These orders are basically instructions to purchase or sell an asset on a trading platform and cryptocurrency exchanges.</p>\n<p>Besides, they are developed to safeguard users from huge losses during high volatility and swings periods. Traders can also specify the precise quantity that an asset must decrease in order for a margin call to be performed.</p>","level":"easy","meta_title":"What is Margin Call? Definition & Meaning | Crypto Wiki","meta_description":"Margin Call meaning: Margin Call - When an investor's account goes below the maintenance amount, this is referred to as a margin call.","meta_keywords":null,"language":"en","created_at":"2022-03-22T07:31:09.000000Z","updated_at":"2023-02-08T11:35:36.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-margin-call"},"prevSection":{"id":462,"original_id":null,"author_id":42,"translator_id":null,"title":"What are Masternodes?","slug":"what-are-masternodes","section":"M","keyword":"Masternodes","status":"published","definition":"nodes that verify new blocks of transactions on a cryptocurrency blockchain and play a role in its governance.","content":"<p><strong>Masternodes are <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes that participate in the governance of a cryptocurrency blockchain</strong> by verifying new blocks of transactions. Masternodes act as servers on the blockchain they operate in. Depending on the blockchain protocol, they have special governing, managing, and regulatory roles. The masternode approach was first implemented by <strong>Dash, a derivative of </strong><a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin, in 2014. However, since then it has been adopted by numerous other cryptocurrencies.</p>\n<p>Masternodes are similar to <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-full-node/">full nodes</strong></a> because they perform core functions. However, they also have some additional functions that full nodes don't. These functions include anonymizing and clearing transactions as well as participating in governance and voting. </p>\n<p>Besides, <strong>masternodes operate on a collateral-based system</strong>, which means that operators need to own a significant amount of the cryptocurrency. However, since operating masternodes requires significant financial investment and expertise, masternode operators are rewarded with guaranteed crypto earnings, which are usually a specific percentage of their stake.</p>\n<p>Lastly, keep in mind that masternodes are regarded as the sources of support for blockchains. Therefore, they're frequently referred to as <strong>\"bond validator systems</strong>.\" Overall, they are really important because they prevent congestion of blockchain systems and aim to reduce the processing time of transactions.</p>","level":"easy","meta_title":"What are Masternodes? Definition & Meaning | Crypto Wiki","meta_description":"Masternodes meaning: Masternodes - nodes that verify new blocks of transactions on a cryptocurrency blockchain and play a role in its governance.","meta_keywords":null,"language":"en","created_at":"2022-03-21T15:16:46.000000Z","updated_at":"2023-01-09T13:13:46.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-are-masternodes"},"currentChapter":"M","currentSection":"what-is-mainnet-swap","chapterTitle":"M","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-mainnet-swap","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter M
What is Mainnet Swap?
Mainnet Swap MEANING:
Mainnet Swap -
is the migration of a cryptocurrency project from a third-party blockchain network to its native blockchain network.
Let's find out Mainnet Swap meaning, definition in crypto,
what is Mainnet Swap,
and all other detailed facts.
At this time, mainnet swap's cryptocurrency tokens are progressively being swapped with freshly produced coins, and all blockchain activity is being transferred to the new chain.
When a cryptocurrency project is in the testnet phase, a third-party blockchain network is employed. However, when it transitions from the testnet to the mainnet phase, users will get native cryptocurrency in return for their third-party tokens. As a result, it's also known as token migration or token swap.
Users can either switch their tokens themselves or leave them to the platform, based on the primary aspects of implementation. Binance, for instance, permitted users to leave previously issued tokens on their accounts so that the network could automatically switch them out for native tokens.
Keep in mind that token migration isn’t always necessarily linked to the introduction of a new blockchain. It can also take place when projects switch from one protocol to another.
Another example would be Storj, which did a mainnet switch, transferring their tokens from a Bitcoin-based protocol to the Ethereum network in order to prevent scaling issues.
When does the Mainnet Swap Happen?
A mainnet swap often happens when a cryptocurrency project migrates its tokens from one blockchain to another or from a third-party blockchain to its native chain. Besides, the mainnet swap is not solely related to emerging blockchains. If a project intends to switch from one protocol to another, it might make an announcement.
The complexities of how a mainnet switch is executed differ from project to project. The majority of projects provide users a timeframe for token transfer, meaning that is possible to lose access to your tokens because they're generally burnt after a specific time period.
Example of Mainnet Swap
Users were urged to move from the Ethereum blockchain to the Binance Chain following the introduction of the Binance Chain mainnet. As a result, ERC-20 BNB token holders began to exchange their tokens for the newly created BEP2 BNB currency.
The mainnet exchange used a 1:1 ratio, thus 1 ERC-20 BNB was worth the same as 1 BEP2 BNB. Following the transfer, all leftover ERC-20 BNB tokens were burnt, leaving just the BNB of the new chain usable.
