Binance Supports aelf Mainnet, Why Is It So Important?

ælf
4 min readJul 12, 2022

Since the launch of mainnet in December 2020, aelf has been fully occupied with developing infrastructures and stabilizing the network. Having gone through security audits from 2 renowned audit platforms, Trail of Bits (ToB) and the Slow Mist, aelf started off its “Mainnet Token Swap” as of September 2021. During the past several months, aelf has been actively reaching out to our partners (exchanges, in particular) to negotiate the activity and offer assistance to smooth the path for them.

On July 12, 2022, we are delighted to announce that Binance has completed aelf mainnet integration and mainnet ELF token can be traded on this exchange. By now, mainnet ELF is available on exchanges as follows:

Binance, OKX, Huobi Global, Gate.io, Upbit, Bithumb

*Note: this is a non-exhaustive list that only presents some of the top exchanges. Other exchanges are on their way.

What Happens in Mainnet Token Swap?

Mainnet token swap takes place in either of the two forms: exchanges switching to the new network or users (old ERC20/BEP20 ELF token holders) manually swapping their possessions through aelf website.

The former requires no actions from end-users. If you have old ELF tokens deposited in your exchange account, you just need to wait until your exchange supports aelf mainnet and then everything will be automatically done for you.

The latter serves the needs of those who hold ELF in their private wallets or can’t wait for exchanges’ announcements. If you are keen to know more, please read the following tutorials:

Tutorial for BEP20 ELF holders

Tutorial for ERC20 ELF holders

Either way, the swap is set at a rate of 1:1 — each old ELF token will be replaced with 1 mainnet ELF token— and token holders won’t lose anything during the entire process.

*Please note that currently, this is a non-reversible migration, and the old tokens will be burned and can not be restored once swapped for mainnet tokens. In the near future, aelf will develop a cross-chain bridge that enables a bidirectional swap.

Why Is It So Important?

As suggested by the name, tokens are swapped from other networks to the mainnet, and for aelf, it means switching from Ethereum to aelf’s own network. This indicates that aelf, a public chain, has turned from a dependent system to an autonomous framework that can develop its own ecosystem.

Currently, aelf has deployed multiple core protocols and smart contracts, adopted an innovative consensus mechanism (AEDPoS), and maintained customer loyalty with the help of its supportive communities, talented developers, and dedicated nodes.

While striving to expand the ecosystem into an inclusive and self-sustaining environment, aelf also pays close attention to cross-chain communications, as we believe independence doesn’t mean isolation. Supported by versatile oracles, aelf’s cross-chain function enables bidirectional communication with heterogeneous chains.

Viewing aelf individually, we will find it’s the perfect blockchain for projects to deploy. It provides an infrastructure where developers can build DApps at ease and the whole network runs in an incomparably fast, secure, and stable manner. When we place aelf in the relatively isolated blockchain universe, aelf bridges different types of chains and projects, therefore helping form a hyper-connected space. aelf mainnet is the indispensable cornerstone of the entire vision and that’s why we consider it necessary for users to switch to the mainnet.

Mainnet ELF, What Can I Do with It?

ELF token forms the backbone of aelf’s ecosystem and can be used in multiple scenarios. Depending on the roles you want to play, you may need it as a node, developer, or simply as a community user. To break it down:

For nodes,

  • ELF can be used as a stake for you to be elected as a production node or valid backup node (candidate node). They are the foundation underpinning aelf’s network;
  • ELF is the means of payment through which they get rewards for their contributions.

For developers,

  • ELF can be used to purchase resource tokens needed that support the running of chains or DApps and pay the block index fees.

For users,

  • ELF is the native token on aelf blockchain with which they can pay, transfer, and participate in aelf’s various events including voting and hackathons;
  • ELF represents their voting rights in the mainnet development and governance. They can stake the token to vote for the nodes they trust and get rewards accordingly.

aelf is more than grateful to all the partners and users for your consistent support. With Binance switching to our mainnet, aelf has advanced further towards its ecosystem expansion. In Q3 & Q4 of 2022, aelf will continue to coordinate with other exchanges to complete the mainnet swap. Apart from this, we have also been working on some other projects that will be released in the coming months. Please stay excited!

Join us on TG or Discord to stay tuned and interact with aelf communities:

Telegram: https://t.me/aelfblockchain

Discord: https://discord.gg/bgysa9xjvD

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