BitTorrent’s token redenomination and swap caused quite a stir in the market as every DEX must make changes to support the crypto. Bitfinex recently became one of the exchanges to support the swap on 28th January.
During the upgrade, Bitfinex will restrict withdrawals, deposits, and trading of the BitTorrent token. The trading window will stay shut from 28th January at 10:30 AM (UTC) till the integration takes place. The exchange released an official post to make the announcement, stating that users must cancel their open orders during the period.
Check out this review of Bitfinex exchange to learn how it works. The exchange stated that it would convert all the old TRC-10 BTT into TRC-20 BTT during the token swap. The conversion will also result in the redenomination of the tokens at a 1:1000 ratio. Click here to know more about the best crypto exchange in France in detail.
Bitfinex users do not need to take any additional actions as the exchange will orchestrate the entire process. The official post notified users that Bitfinex would support TRC-20 BTT only after the migration had taken place. Thus, traders should refrain from depositing or transferring any TRC-20 tokens before the migration.
Moreover, Bitfinex users should also avoid depositing TRC-10 BTT after the migration concludes. Once the exchange has completed the redenomination and the swap, they can interact with the token as usual.
The development was one of the two major announcements Bitfinex made this week. The exchange also announced the listing of SX Network and Songbird on 26th January. Trading for both ERC-20 tokens will commence from 28th January at 10:00 AM (UTC.)
Both SGB and SX tokens are available for trading against Tether and the US Dollar. With such back-to-back announcements, Bitfinex is garnering significant market traction.