Attention STPT holders trading on Bithumb! A significant change is on the horizon that requires your immediate attention. South Korean cryptocurrency exchange Bithumb has made an important announcement regarding the Standard Tokenization Protocol (STPT) token, impacting deposits, withdrawals, and the token’s future identity. This move is part of a major Rebranding initiative for the project.
What’s Happening with STPT on Bithumb?
According to an official announcement on the Bithumb website, the exchange is fully supporting the transformation of the Standard Tokenization Protocol (STP) into the new AWE Network. This transition involves a crucial 1:1 Token Swap, meaning each existing STPT token will be exchanged for one new AWE token.
To facilitate this seamless transition and the subsequent Token Swap, Bithumb is taking necessary steps:
- Support for the project’s Rebranding from Standard Tokenization Protocol to AWE Network.
- Execution of a 1:1 swap of STPT tokens for the new AWE tokens.
- Temporary suspension of STPT deposits and withdrawals.
When Will STPT Deposits and Withdrawals Be Suspended?
Mark your calendars! The temporary suspension of STPT deposits and withdrawals on Bithumb is scheduled to occur precisely at 02:00 UTC on May 19. It’s crucial for users who need to move their STPT tokens to do so before this deadline. Transactions attempted after this time will likely not be processed by the exchange.
Understanding the Network Transition: Ethereum to Base
Beyond the name change and the Token Swap, the project is also undergoing a significant technical shift. The network supporting the token will transition from its current foundation on Ethereum to the Base network. This network change is a key part of the move to the AWE Network and could have implications for transaction speeds and costs once the transition is complete and trading resumes.
What Does This Mean for STPT Holders?
If you hold STPT on Bithumb, the exchange will handle the 1:1 Token Swap for you. You don’t need to take any action regarding the swap itself, provided your tokens are on the exchange when the snapshot or swap process begins (details typically follow the suspension announcement). However, you *do* need to be aware of the deposit/withdrawal suspension deadline if you plan to deposit more STPT or withdraw your holdings to a personal wallet before the swap is completed.
Summary
Bithumb is facilitating the Rebranding and 1:1 Token Swap for STPT as it transitions to the AWE Network and moves from the Ethereum to the Base network. The critical date for users is May 19, 02:00 UTC, when STPT deposits and withdrawals will be suspended. Stay tuned to Bithumb’s official channels for updates on when the swap is completed and trading/transfers of the new AWE token will commence.
Be the first to comment