The token swap from NEO based NEP-5 ONT tokens to Ontology’s mainnet is currently ongoing with just a month left for the process. This follows the launch of its mainnet which took place on June 30th. The ontology network combines both high performance public multichain features with a distributed trust collaboration platform for a variety of applications through its industry specific modules. The token has been running on the NEO blockchain since it’s Introduction and has managed to grow almost 10 times relative to the USD, 50 times to ETH and 23 times to BTC. Tokens that will not have been swapped by October 1st are set to remain on the NEO blockchain. Most of the tokens (about 98%) had however been swapped as of 31st August.
The token has however faced challenges with the token swap with users facing various setbacks in the process. Some of those challenges include users not being able to see there tokens on swap.ont.io and trouble sending ONG from the O Wallet. Other users have complained that there ONT airdrop tokens have disappeared from the NEON wallet while others have had there ONT stuck in the O3 wallet. Another user also revealed that his OWallet was gone completely after the token swap. These challenges may have caused the great sell off of the token experienced today that has seen the token she’s almost a quarter of its value against the dollar.
The token swap has been facilitated through ontology’s ONTO decentralized mobile application which also includes a wallet and its desktop wallet, OWallet. Other wallets used in the swap include O3 and Sea which are all available for Android, iOS, Windows and Mac OS operating systems. The swap is also facilitated through exchanges including Binance, Huobi Pro, Upbit, OKEx, KuCoin ans à few others. Tokens can also be swapped on the ledger.
The token is currently trading 23% below its opening price for the day bringing its market capitalization to USD 342.5 million and ranking it 26th among digital assets. Trade volumes for the last 24 hours are valued at USD 111 million, the highest for the one week period to date. It is the first time however in the last 20 days that the token has fallen below the USD 2 mark indicating an apetite to sell from the market.
The ONT tokens will be available for trade on various exchanges including Liquid, a unified globally sourced exchange platform that was formed through the merger of Qryptos and Quoinex. Liquid has had over USD 50 billion worth of transactions go through its exchanges over the last 12 months creating a great opportunity for liquidity to ONT token holders. Other developments regarding ontology include NeoNameService plans to launch the OntologyNameService together with its own token.