Mainnet madness… turning your VEN to VET

turning your VEN to VET

A number of currencies have recently undergone “mainnet swaps” – where they move from one underlying infrastructure to another.

VeChain has recently moved from running on the Ethereum blockchain (a.k.a. a ERC-20 token) to its own blockchain called VeChainThor.

This means that any VEN tokens bought from us prior to 25 July will need to be converted to VET or they will become completely worthless.

Here’s how to do that:

OPTION 1 (available now)

  1. Get your VEN in to a hot wallet. If your VEN is in an Easy Crypto Wallet file, you will need to import it into a hot wallet like MyEtherWallet
  2. Create an account with LBank
  3. Send your VEN (a.k.a. VET-ERC20) to your LBank account – remember you will need some ETH in your MyEtherWallet to be able to send the transaction
  4. Request LBank to convert your VET-ERC20 to VET (for a step-by-step see the instructions here under “Performing token swap”)
  5. Sorted! You can now move your VET to a paper wallet, a hardware wallet, or to the official VeChainThor Wallet, where you will be able to earn VTHO

If you wish to do this route, we recommend doing the swap promptly, as there is no guarantee how long LBank will continue offering conversion of VEN tokens.

OPTION 2 (available from 10 August)

  1. Download the official VeChainThor Wallet
  2. Follow the instructions provided here, under “Method B”
  3. Under step 4, you will need to first move your VEN from yourEasy Crypto Wallet to a hot wallet like MyEtherWallet (MEW). Once you have imported your VEN to MEW, you can send from MEW to your VeChainThor Wallet.  Remember you will need some ETH in MEW to be able to send the transaction