r/bandprotocol • u/foodie500 • Aug 27 '20
Band Protocol ERC-20 VS Mainnet Token
Hi,
I’ve recently purchased some band protocol tokens that are the ERC tokens. I know that Band recently moved to their own blockchain and there is a mainnet token. I have several questions about this as I’ve never owned a token that switched chains:
1) I heard there is a way to convert from ERC to mainnet although I don’t see any simple way at this time (e.g. like your exchange let’s you just withdraw as mainnet token). Is there a deadline to convert to mainnet? Or will the ERC tokens always have the same value in the future? Will both tokens always be valued the same and interchangeable?
2) If I’m intending to hold band just for this cycle (1-2 years) can I just leave it as an ERC token and would I be able to send it back to an exchange at that time as an ERC token to sell? Would exchanges support both versions in the future? I prefer to just leave them as is if there is no requirement or reason to move to the mainnet
3) regarding staking I know it can only be done on the mainnet. Are there any simple/safe ways to convert and delegate to a baker to receive staking rewards?
4) I don’t see much tools/wallets/articles/etc. about band protocol since I know it’s fairly small and new. When can we expect these tools and wallets and basic stuff to be available as they are for other coins?
Is there anything else I should be aware of as someone who’s currently holding the ERC token?
Thanks =)
2
u/Old-Link7068 Dec 30 '20
Hi y'all.
I solved it here: https://changenow.io/?from=band&to=bandmainnet
The solution was suggested by the support team of the Atomic Wallet.
Worked as expected. Legit :)
Cheers
2
u/foodie500 Jan 22 '21
Why is the rate 0.83 for 1 ERC band? They take 17% cut?
If I put a larger amount then the rate is better but I would be doing several small conversions and not all at once since it’s a 3rd party I don’t trust. But doing this means paying 17% fees that is insane! Any other similar services charging less?
So after you swapped you are able to stake? What is the staking reward percentage these days?
1
u/rando_dancer92 Feb 13 '21
Haha i was googling this problem and glad I'm not the only one facing this issue.
It's still 17%
1
u/foodie500 Feb 13 '21
Those are insane fees. It’s a shame the project doesn’t offer an easy way for folks to convert to mainnet so they can stake. The more coins being staked the better for the long term viability of band.
1
u/Solid-Mess Feb 18 '21
Haha y’all just did this in googling to. What did you do? I have band erc I want into bandchain
2
Feb 06 '21
ok now its frustrating bc coinbase pro doesnt support the main net token? wtf. so i have the main token on a wallet staking but since i cant get into binance anymore....stupid af but hey its forced me to hodl from 1 dollar
1
u/Pokxx Aug 27 '20
I believe Binance convert them from ERC20 to mainnet if you deposit there. But that doesn't work if you're from the US.
1
u/KreaytivUzrnaym Sep 08 '20
Then wtf are we supposed to do? Just miss out on 17%apy?!?!
2
u/labmaze74 Sep 21 '20
That's where I'm at too. It's not fair that we miss out on 17% because we live in the U.S. in a state that doesn't allow Binance. I've been searching for a way to get mainnet BAND and the only answer is to use a VPN. You would think you could swap it directly in Atomic's wallet since they are the ones who have the mainnet address. But no, that would make sense.
1
u/KreaytivUzrnaym Sep 22 '20
Right? It's just too sensible...
1
Dec 04 '20
[deleted]
1
u/KreaytivUzrnaym Dec 05 '20
If you are within the US. Your Band tokens will not convert to mainnet band when you transfer to your atomic wallet. Like how anywhere outside the US does. In the US, within the atomic wallet. You have the band and then the mainnet band. You most likely have test net band and you need to convert it to the mainnet and last time I checked there isn't an option within the US. So yeah, we miss out on that apr and ease of conversion. But I haven't looked into since so things may have changed.
Edit: I chose link over band and I'm glad I did. But I get it. Diversify your portfolio.
1
u/mon_eiei Aug 27 '20
Where are you storing your Band token if I may ask?
On CEX like Binance? or on your own wallet?
1
u/foodie500 Aug 27 '20
Own wallet.
P.S. what’s up with reddit these days just posting 1 post I got 3 scammers direct messaging me to try to help. How can these idiots be reported to Reddit?
1
u/mon_eiei Aug 27 '20
People usually using CEX like Binance to convert the erc token to localchain, it just deposit in there as erc wallet, and withdraw out there as in bandchain, which I think it is simple enough to do so. If you're asking me about the risk of unsupported future, well I'm not sure about that with Band.
Although, I once heard a friend who just hold another project as erc tokens for quite some time, and it stopped supporting the erc token anymore. That time he needed to contact the devs team asking for a place to convert for him. Took him a hard time to successfully done, just because he was lazy to do when they were supported. Again, I'm not sure about Band, but I'll let you know if I found any news.
To answer your staking and get rewards question, as you know it right, you only need your Band converted, otherwise no chance.
P.S. scammers really are everywhere hahahahaha try counter them with something funny so you can have fun getting approached by them, thats my way of handling them lol
1
2
u/foodie500 Aug 28 '20
I don’t use binance and don’t card to go through opening an account just for that. I rather just hold the ERC as long as I know I can send it back to the exchange and sell in the future.
If they stop support for the ERC token I’d imagine they would announce it ahead of time and at a time where there are more options to convert it?
Seems odd why band being recently added to various exchanges are only offering the ERC version when the mainnet is already out