inheritance Art: iAI Token Swap Procedure
A guide to swapping your iAI tokens over to the ERC-20 format.
As detailed in our previous Medium post, we are moving to the Ethereum blockchain, and we’re bringing our iAI token along for the ride.
All products and platforms that we’re building are based on Ethereum. That means that if you’ve previously bought or minted any iAI tokens on BNB Chain (BEP-20), you will need to have them swapped over to Ethereum (ERC-20) before you’ll be able to use them.
Our liquidity will also be moved over to Ethereum, which means that soon, you will not be able to trade your BEP-20 iAI tokens on the BNB Chain anymore.
Thankfully, the process for swapping your iAI tokens over to Ethereum is pretty simple.
1. Getting ready for the swap
We’ve set up a simple swapping process, where you will send your BNB Chain-based iAI tokens over to our Swap Wallet. Our treasurer responsible for handling the Swap Wallet will then return your ERC-20 iAI tokens within the following 31 days, in an exact 1:1 ratio.
These tokens will be returned to the exact same wallet address you’ve sent them from, but on the Ethereum network.
For this reason, we recommend using a decentralized EVM wallet, like Metamask or Trust Wallet, to perform the swap. These wallet types are compatible with both BNB Chain and Ethereum Chain, so you can use the wallet on both chains.
All you need to send your iAI tokens is a little BNB for gas fees. You have likely used BNB before, to stake your seed NFT or buy iAI tokens, so you may already have it in your wallet.
This is a simple transaction, so you will not need much BNB.
2. Claiming your tokens
NOTE: ONLY APPLICABLE IF YOU HOLD inheritance Art SEED NFTs
If you have purchased inheritance Art seed NFTs in the private or public sale, and staked them, you will need to claim your iAI tokens before being able to swap them over.
- Open the iAI seed NFT staking page
- Log in to your wallet and connect it to the platform
- Make sure your wallet is connected to BNB Chain
- Scroll down to see your staked seed NFTs
- Scroll further down to the “Your Stake” tab
- Press Unstake NFTs
- Confirm the transaction in your wallet
Your minted BEP-20 iAI tokens should now arrive within your wallet, along with your NFT.
PLEASE NOTE: incorrect tax
Please note that there is a mistake in the claim tax, resulting in people still having to pay a percentage of tax over their claimed tokens, while there shouldn’t be any. We have developed a script to fix this and periodically reimburse the tax.
This means that we will be reimbursing the incorrectly taxed tokens later.
You can safely claim all of your iAI tokens after you have staked your iAI seed NFTs for a duration of 4 months. The incorrect tax will then be reimbursed to you later. Our script will also reimburse your previously paid incorrect tax, so you don’t need to delay your token claim. As long as a minimum of 4 months have passed since the moment you staked your seed NFT, as per the original tax schedule, you can claim your iAI.
You can safely claim your tokens and swap them over to Ethereum. Then, when we reimburse your taxed iAI tokens, you can swap those over as well.
We encourage all of you to join us on the Ethereum chain as soon as possible!
3. Adding the new ERC-20 iAI contract address
Let’s add the new iAI contract address to our wallets first. This is necessary, so that you will see your new Ethereum-based iAI when it’s in your wallet.
- Open up your wallet
- Make sure it is connected to the Ethereum Chain
- In Trust Wallet, use the search function at the top of your screen, then select “Add Custom Token”
- In Metamask, Scroll to the bottom and select “import tokens”
- Enter the new iAI contract address: 0x6dde4ffd6db302bc9a46850f61399e082f6c2122
- 🖐 Do NOT send your tokens here! 🖐 This is the new contract, not the swap wallet
- The other fields should automatically be filled
- In Trust Wallet, select Save
- In Metamask, select “Add Custom Token” and “Import Tokens”
4. Swapping your iAI tokens over to Ethereum
Are you ready to exchange your BEP-20 iAI tokens for ERC-20 iAI tokens? It’s simple. First, open up your wallet, and make sure it is connected to the BNB Chain. Then, find your iAI tokens in your wallet, select them, and choose Send/Transfer.
Now. Enter the correct wallet address, as shown below.
This is the official inheritance Art Swap Wallet (BSC Network):
Do not send your iAI tokens over to any other wallet! Please triple check to make sure that you have entered the correct wallet address, exactly as shown above.
Also, do not send any other tokens than your iAI tokens! This wallet will only return ERC-20 iAI tokens to you. Any other tokens will be lost.
After sending your tokens
After you’ve sent your BEP-20 iAI tokens, please wait at least 31 days. You will receive the same amount 1:1 as ERC-20 iAI within 31 days after your transaction.
Open up your wallet again and select network: Ethereum Chain. If you’ve followed the instructions as shown above in step 3, and added the new contract address on the Ethereum Chain, then your ERC-20 iAI should arrive to your wallet on the Ethereum Network within 31 days.
5. Getting some ETH
In order to use the Ethereum Chain, you will need some ETH in your wallet for transactions. ETH is to the Ethereum Chain what BNB is to the BNB Chain — it is used as virtual gas, to “fuel” the network.
If you haven’t got any ETH yet, you will need to buy some. If you have any funds in your wallet on BNB Chain, it is possible to buy BEP-20 ETH on a DEX like PancakeSwap and use a bridging service provider like Multichain to convert it to ERC-20 ETH, and receive it in your wallet on the Ethereum network.
You can also buy ETH on most major exchanges. In fact, the ETH token is much more common than BNB. Just log in to the exchange you like to use, search for ETH, and buy some. Then, withdraw the ETH to your decentralized wallet address. Make sure to withdraw it as ERC-20 ETH, on the Ethereum network.
Ethereum Gas Fees and NFT Prices
Gas fees on the Ethereum Chain are significantly higher than those on the BNB Chain. You will need to spend more money on ETH to do transactions. This is inevitable, but as we explained in our previous Medium post, the Ethereum network has many benefits that we believe will more than make up for these increased fees.
Generally speaking, an amount of 0.1 ETH or more should be enough to cover gas fees for a while, if you only plan on doing some simple transactions. If you’re planning to buy digital art NFTs in our Auction House, you will need to get more ETH, as this will actually be used as payment.
I have swapped my iAI, what’s next?
Great! You’re all set now. All of our platforms like the Auction House, Minting Page, Spatial Spawn Service and our upcoming Lending Platform are developed for Ethereum, so you will be among the first to be able to access these amazing platforms!
We can’t wait to share these with you and let the real excitement begin.
If you need help with anything, please reach out to our moderators in the inheritance Art Discord server. We are always there!
Those of you who don’t have Discord yet can still use our Telegram for questions.
We hope that you found this piece helpful and informative, and we can’t wait to see you on the Ethereum Chain!