A Quick Guide to Migration from token on BSC to coin on Layer-1 Areon Chain
All obligations and responsibilities associated with this process are set out here.
Overview
Areon’s developer team has been working on Areon Chain for years. With our unique consensus mechanism and efficient coding solutions, we have prepared a powerful and scalable layer 1 blockchain for everyone.
While we prepared our chain for you, our token AREA has been on Binance Smart Chain (BSC).
During the testnet phase, our chain has successfully performed nearly 14 Millions transactions without any issues. Now, it is almost time to switch to our mainnet and start using Areon Chain.
Purpose
Areon Network is designed for the convenience of end users. That’s why we prioritize speed, stability and low gas fees, so that the Areon Chain is easily accessible for everyone.
Our main goal is to make the Areon Network ecosystem your everyday choice for all your transaction needs.
Key Milestones
AREA began its journey as a token on BSC on 12 January 2023.
Areon Chain has stepped into the spotlight on 20 September 2023 as the testnet has begun.
Mainnet became active and investors AREA tokens on BSC were changed 1:1 for AREA coins on Areon Chain.
That means, if you have 1000 AREA tokens, you will receive 1000 AREA coins.
How to Migrate
Staking Pools
If you happen to be staking during the migration from BSC to Areon Chain, you don’t have to do anything for the migration.
After we switch to mainnet, when your stake period ends (or if you unstake for some reason), your AREA tokens will be automatically replaced with AREA coins.
Decentralized Web3 Wallets
If you are holding AREA in a decentralized Web3 wallet, you don’t have to do anything for the migration. Since Areon is also an EVM-based blockchain, you will receive airdrop to your current wallet on a 1:1 basis.
Centralized Exchanges
If you have AREA tokens in a CEX, you will receive a notification from the exchange about the transition, as per our agreement with them.
The transition will be simple and automated. The exchange will explain this action to you as well. Our support team will be ready to help if you have questions.
Final Remarks
Whether you are holding AREA tokens on a decentralized Web3 wallet or on a Centralized Exchange, the transition will be smooth and automated. You don’t have to perform any actions.
We hope that this simple guide explains the process for you.
If you have any further questions, our support team will be ready to help. Please only contact us inside our official Telegram groups or via a support ticket on Discord.