Crypto event definitions and how they impact Swyftx customers

Crypto assets evolve for various reasons, such as the creation of new assets, mergers, name changes or delistings from exchanges.

Crypto events are specific occurrences that directly impact a cryptocurrency or blockchain project, driven by internal developments rather than market trends.

These changes can significantly affect an asset's value, uses and future potential.

Redominations, or token splits, occur when a cryptocurrency is consolidated and redistributed as a new asset based on a specified ratio. This process can adjust the price per coin, enhance usability for low-value coins and facilitate technical upgrades.

When a redenomination is pending on Swyftx, trading of the original asset will pause a few days before the change. During this period, the asset won't appear in your balances but is securely recorded. The original asset will be sold, and you'll receive the new asset according to the ratio provided by the project team, maintaining the overall dollar value of your holdings.

After the redenomination, you'll be ready to trade the new asset.

Galxe (GAL) has undergone a token swap and redenomination as of 1 PM AEST, 15 July 2024.

Gravity (G) will be listed and available to buy, sell, and trade on the Swyftx trade platform at approximately 6 PM AEST, 19 July 2024.

Mergers are a type of redenomination; however, they generally involve 2 or more assets merging into another asset or a completely new asset at a specific ratio.

The process on Swyftx will be the same as that for regular redenomination.

The token merge from Ocean Protocol (OCEAN) and SingularityNET (AGIX) to Artificial Superintelligence Alliance (FET) was completed on 8 July, 2024.

Your previous OCEAN or AGIX balance in your Swyftx wallet will automatically be reflected in FET at a ratio of: OCEAN 1:0.433226; or AGIX 1:0.433350

We are expecting the FET ticker to be changed to ASI at a later date.

A token airdrop is a method for distributing cryptocurrency tokens to a large number of wallet addresses, typically at no cost. It serves as a marketing and promotional strategy for new blockchain projects, aiming to generate awareness, build a community, and distribute their tokens to potential users.

Swyftx may not be able to participate in every airdrop, so if you have questions about a specific asset, please contact the support team.

In most cases, if Swyftx is not participating in an airdrop, you can withdraw the asset to a wallet that is compatible with receiving the airdropped token.

https://medium.com/terra-money/terra-2-0-luna-airdrop-calculation-logic-3eb752c25837

While airdrops can be a great way to get free crypto, it's important to know the risks.

Some airdrops are scams, designed to trick users into connecting their wallets to malicious sites or revealing their private keys. Always be cautious and verify airdrop information from a project's official channels.

A rebrand, or token swap, involves changing a cryptocurrency's identity, which may include a new name, ticker symbol, logo, or overall brand image. This strategic shift is designed to reposition the project in the market, attract a new audience, or signify changes in its mission or technology.

The Cocos-BCX (COCOS) token is under a token swap and rebranding to COMBO (COMBO).

Assets that have undergone our listing reviews and meet our liquidity requirements will be listed on our platform and will be announced once live.

An asset delisting results in all trade, deposit and withdrawal activity ceasing on the platform. The asset will also not be viewable on the platform after the delisting date.

If an asset is ever relisted, the funds will still be in your wallet.