How to Swap XDCE Token to XDC Coin?
XinFin stands for ‘eXchange InFinitive’ and is the first-of-its-kind, hybrid blockchain network with Delegated Proof of Stake Consensus (XDPoS). The XinFin Digital Contract or XDC is the network’s utility token, offering a range of use-cases including payments settlements.
Built with enterprise-grade scalability, security, and seamlessness in mind, the XDC network brings together the best of public and private blockchains. In doing so, bridges the gaps between communities and enterprises around the world, as well as optimizes resource utilization.
In simple terms, every enterprise on the XDC network has access to a transparent and auditable public state. This can be leveraged for data storage, transfer, and communication. On the other hand, multiple nodes can have shared private states, as off-shoots of the public network. These, in turn, can be used for sensitive data management and so on.
Apart from the XDC coin, XinFin also has an Ethereum-based ERC20 token called XDCe. It a tradable token, that users can swap at a 1:1 ratio with XDC. In this article, we will give you in-depth guidance on how to do that, but first, let’s understand the differences between the two.
The Difference Between XDC and XDCe
Both XDC and XDCe are fully decentralized digital assets. However, the basic similarities, the two tokens have differences, enabling them to complement each other for greater liquidity and velocity.
The most fundamental difference is that XDCe is an ERC20 token built on the Ethereum network, while XDC is a utility token built on the XDC MainNet. Moreover, XDCe uses Proof of Work consensus protocol and thus consumes more energy than XDC, which uses the mining-free XDPoS protocol. XDCe has a total supply of 5 Billion tokens and their addresses have the ‘0x’ prefix. On the other hand, XDC has a total supply of over 37.6 Billion tokens, whose addresses have the ‘xdc’ prefix.
The primary purpose of XDCe is to enhance the interoperability of the XinFin network, by acting as a liquidity bridge with Ethereum-based protocols.
As compared to this, the XDC token is the fuel for decentralized applications (dApps) deployed on the XinFin network. It can also be used for hosting masternodes, providing trade liquidity, and so on.
Having said that, users can easily perform 1:1 swapping between XDCe and XDC, depending on their use-case’s requirements.
The Steps for Swapping XDCe to XDC
Although both XDC and XDCe are individually listed and available on several exchanges, the swapping is presently supported only by the AlphaEx Exchange. In this section, we will guide you with the process.
For those wondering why such a swap might be necessary, here’s a brief example. Suppose, you already hold XDCe tokens and now want to participate in or launch an application on the XDC network. Then, you would want to swap from XDCe to XDC, unless you want to buy fresh XDC tokens (which, of course, is welcome).
Signing Up or Signing In
The first step to the swap is to visit AlphaEx — an easy-to-use, interactive, and secured cryptocurrency exchange platform. Once there, complete the simple onboarding process by entering your name, email ID, and other credentials. You will receive a verification link in your email, after confirming which, your account will be created.
However, if you already have an account, simply sign in to get started.
Depositing XDCe to AlphaEx.net
If you are on AlphaEx.net for the first time, it means that your XDCe tokens are stored in some other exchange or wallet. To perform the swap, you’ll need to transfer/deposit your XDCe tokens into your AlphaEx wallet.
After logging in, go to the wallets page by clicking the button near the top-right corner of the AlphaEx web UI. Click on the Wallet page, you will see the Funds here.
On the Wallet page, find your XDCE wallet and click on ‘Deposit’ to get your wallet address. Before transferring XDCe to AlphaEx, make sure that you check the minimum deposit/withdrawal requirements and the fee structure on the platform.
Now, go to the other wallet where you presently have your XDCe, say MetaMask, and transfer to tokens to the AlphaEx wallet address. Once the transfer is confirmed and the AlphaEx wallet reflects the amount, you can proceed to the next step.
The XDCe/XDC Swap (Buy)
After completing the deposit, click on the ‘Exchange’ button on the top-right to go back to the order page. There, click on the pair selection button beside the profile icon and select the XDC-XDCE option.
Then, in the ‘Buy XDC’ section under ‘Limits’ (bottom-left), enter the amount of XDC that you want to buy in the ‘Amount’ field. Since the swap ratio is 1:1, an equal amount of XDCE will automatically be selected, after adjusting the platform fees and slippage margin. After entering the values, simply click on the ‘BUY’ button to initiate the trade.
Usually, trades on AlphaEx are confirmed almost immediately due to the platform’s high liquidity. However, very rarely, you might have to wait for a few minutes. Once the trade is confirmed, you can again check the wallet page and see if the XDC wallet is displaying the updated amount. If yes, then you are done!
Incentivising XDC Swap: Developer Bounty Program
Swapping XDCe to XDC on AlphaEx is a matter of seconds and is extremely simple. In turn, this significantly enhances the network’s overall flexibility and strengthens its vision for optimum interoperability. However, although this is presently the most convenient way, there have been demands for atomic swaps within the XinFin community.
True to the ideals of full decentralization, work is already in progress in this regard. Furthermore, XinFin is incentivizing developers implementing XDC atomic swaps through its ‘Developers Bounty for Swap’ program, listed at https://xinfin.org/bounty.
To participate, follow these steps:
- Create your open-source codebase on GitHub and post it under xinfinorg/atomicSwap.
- Tweet this article, along with your XDC wallet address, and tag @XinFin_Official.
- The top 5 implementations will get 1 Million XDC in their wallet, as a bounty.