CoinPoker Announced CHP Token Swap

By Mrinal Gujare

19 Nov 2024

Mrinal Gujare 19 Nov 2024

Share this article

CoinPoker has recently shared news about its CHP token update. The company has withdrawn liquidity for the CHP token effective immediately.

CoinPoker dropped an update regarding CHP token wwap on its platform. The site stated, “CoinPoker informs that in order to improve transaction costs, transaction speeds and to further improve our deposit and withdrawal options, we are going to perform a token swap for CHP, the utility token on the CoinPoker platform.”

CoinPoker published some latest updates regarding CHP Token Swap on its platform. The site stated, “CoinPoker informs that in order to improve transaction costs, transaction speeds and to further improve our deposit and withdrawal options, we are going to perform a token swap for CHP, the utility token on the CoinPoker platform.”

CoinPoker has implemented the following with immediate effect:

1. The existing CHP token is no longer in use.

2. Liquidity for the current CHP token has been removed on a permanent basis.

3. Deposits and withdrawals of CHP tokens is disabled

4. CHP token holders are advised to stop all trading of the token immediately.

Additionally, anyone providing liquidity for CHP is urged to withdraw without any further delay.

5. A snapshot of all wallets holding CHP is in place. This snapshot will serve as the basis for distributing the new CHP token to all current holders.

Details of the Token Swap

For CHP holders with personal ETH wallets, here is what you need to know about the token swap process:

1. The new CHP token will be an ERC20 token deployed on the Ethereum networl, with no changes to its current supply. Each existing CHP holder will receive 1:1 airdrop of the new token. For instance, if you held 10,000 CHP at the time of the snapshot, you will receive exactly 10,000 new CHP tokens.

2. The new CHP token would be bridged to the Polygon (MATIC) network.

3. The airdrop would be distributed via the Polygon network once the bridging process is complete.

4. CoinPoker will provide liquidity on at least one decentralised exchange (DEX) on the Polygon network following the airdrop. More details on this will follow soon.

5. The airdrop will be sent to the same wallet addresses that held the old CHP tokens. Holders can access their new tokens on the same wallet by switching to the Polygon network. Comprehensive instructions will be provided for users unfamiliar with this process.

6. The wallet associated with KuCoin is excluded from the airdrop. An equivalent amount of new CHP tokens will be added to the CoinPoker treasury.

By implementing these changes, CoinPoker aims to strengthen its ecosystem and ensure a smooth transition to the new CHP token while safeguarding the interests of its community.

Players interested in signing up on a crypto-based poker site can register on this platform using CoinPoker bonus code MAXBET. This makes the player eligible for a bonus of USDT 2,000.