We are launching our own free exchange for trading SIFT – Zapple – and we’re commencing a token swap to change your current SIFT-holdings into SIFT v2. We’ve heard a lot of people complain about the gas cost for transferring SIFT and the trading experience on EtherDelta and ForkDelta and the main issues have been:
- The high gas cost of transferring SIFT which gets ever-worse
- The poor user experience on EtherDelta and ForkDelta
- No other exchanges trading SIFT
- Having to withdraw SIFT to receive dividend payments
- Not having SIFT decimalised
- The cost of fees when trading SIFT
- Not wanting the solution to be a token-swap that is mandatory or confuses a large portion of the user base with trading of a worthless old token
We have discussed these issues and our resolutions to the problem over the last couple of months and a completely optional token-swap and new trading exchange are now available to SIFT-holders.
The new SIFT contract has been deployed and offers benefits over the existing contract. The benefits of key importance to SIFT-holders are:
- Lower gas cost to transfer
SIFT can be split up to 6 decimal places
The new SIFT contract specification is as follows:
SIFT-holders can choose when, or if, to swap their SIFT. It is a manual process and will not be done automatically. Those that hold old SIFT can continue to hold it and receive dividend payments and token conversion is optional. We currently have no plans to force you to swap your token and will continue to pay dividends to SIFT-holders. We recommend that all SIFT-holders transfer their SIFT as soon as possible to benefit from the changes – but it is not compulsory.
To exchange old SIFT for new SIFT just follow the following steps:
- Create an account at Zapple
- Generate a deposit address for SIFT
- Send your SIFT from your current wallet (such as MyEtherWallet) to the deposit address
- Zapple will automatically destroy the old SIFT and mint new SIFT
- Either leave your SIFT in Zapple or withdraw it to your wallet
- If you withdraw your new SIFT from Zapple you should remember to add the new SIFT as one of the tokens you monitor using the details shown above.
There is absolutely no change to current process with the old SIFT token – this means that dividends will still only be received by old SIFT-holders who hold SIFT in their own wallet.
We are pleased to announce that our in-house digital currency exchange, Zapple, is ready to launch after public and private testing for the last two months. Currently, the only pair you can trade on Zapple is SIFT/ETH but we are looking to support SIFT/BTC, SIFT/LTC, SIFT/BCH and potentially SIFT/USDT in the coming weeks.
There are currently no fees for trading SIFT on Zapple. Whilst this may change at some point in the future we currently have no plans to charge for trading SIFT.
SIFT-holders can continue to trade the old SIFT token on EtherDelta and ForkDelta, however there are some benefits to using Zapple for SIFT-holders:
- Significantly improved used experience compared to FD and ED
- Traditional exchange and order processing engine which ensures the best priced match for each order and allows limit as well as market orders to be placed in the order books
- No fees for the trading of SIFT – whether making or taking from the market
- Traditional exchange deposit mechanism where you send SIFT to a deposit address – no need to reveal your private keys or perform manual contract interactions
- Automatic conversion of old SIFT to new SIFT
- SIFT-holders that hold SIFT on Zapple during dividend payment periods will receive their dividend directly to their Zapple account with no need to withdraw the SIFT first, even if that SIFT is in an active order
- Easy to use mobile interface allowing you to keep track of your Zapple portfolio wherever you are
If you have any queries with Zapple you can raise a support ticket directly from the Zapple website.
Please note the following important pieces of information:
- Token conversion is completely optional
- Any SIFT deposited to Zapple is automatically converted and there is no going back – if you don’t want to convert your old SIFT, do not deposit it in Zapple
- There is a 0.5 SIFT fee incurred when depositing SIFT in Zapple to cover our costs of token conversion, we are looking at allowing ETH as a deposit fee at a future point
- Any SIFT collected in fees by Zapple will never be sold below NAV (currently 0.003 ETH)
- Zapple is owned and operated by Logical Trading Systems Limited, registered in the United Kingdom. Whilst SIFT-holders can benefit from it, the business entity Zapple is in no way under the control of SIFT-holders or the voting processes that relate to the SIFT fund for token-holders.
Source: Smart Investment Fund
This article is originally written and posted on https://www.cryptocoinupdates.com/sift-update-sift-token-swap-and-zapple-exchange/. Visit https://www.cryptocoinupdates.com/ today for all Crypto News and Information.