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Home » Cryptocurrency » Parent company of popular crypto exchange IDEX assumes its branding

Parent company of popular crypto exchange IDEX assumes its branding

Aurora DAO, the team behind the popular decentralized cryptocurrency exchange IDEX, has announced that is has scrapped the Aurora brand and is moving everything under the IDEX name, which includes the AURA token.

IDEX has become well-known for its secure, fast, peer-to-peer trading experience. While at the same time, the IDEX parent brand, Aurora DAO, hadn’t gained as much notoriety, which for some, “created many annoying explanations or awkward introductions.” The team further said, “We’ve learned to recognize when something isn’t working and move past it, and clearly the time is up on our parent/child brand strategy.”

Token Swap

To kick off the brand consolidation, the AURA token is being swapped for a new token called IDEX. The token swap is now live, and holders can swap at their convenience. To learn more about the token swap and how to swap tokens, check out the FAQ and swap guides below:

  • What is a token swap? What is the difference between AURA and IDEX? The IDEX token is an exact 1:1 mirror of the AURA token. IDEX token serves the exact same purpose as the AURA token, and no new functionality is being added.
  • How much IDEX is 1 AURA worth? 1 AURA is worth 1 IDEX. There is an equal number of IDEX tokens as there are AURA tokens, no details about the token supply are changing.
  • How long do I have to perform the token swap? The token swap has no end date. As long as Ethereum is still running, users will be able to swap AURA for IDEX at their leisure.
  • How does this impact AURA staking? At this time stakers can operate their nodes using either the AURA or IDEX tokens. The overlap period will last for 28 days, and if a holder swaps during the overlap period users will not experience any staking downtime. After the 28 days are over, only IDEX tokens will be valid. Those who fail to swap during the overlap period must reincubate their IDEX tokens before they can begin staking again.
  • What happens to my AURA after the swap? When token holders swap their AURA for IDEX the AURA tokens are forever locked in the swap contract. This ensures that the total supply of IDEX + AURA is always equal to 1 billion tokens and that any remaining AURA can be redeemed for IDEX at any point in the future.
  • Will AURA and IDEX trade on IDEX at the same time? There will be a short overlap period of up to 48 hours where both AURA and IDEX will trade on IDEX. Traders on the AURA market are highly encouraged to swap their tokens now to help ensure that liquidity moves over swiftly.
IDEX Swap Instructions
  1. AURA tokens must be held in a wallet the user controls. Any AURA tokens deposited on IDEX must be withdrawn to the user’s wallet. They cannot be in a third-party wallet.
  2. Ensure there is enough ETH in the same wallet used to pay the gas for the swap. IDEX recommends at least 0.005 ETH.

Initiating the Token Swap via the IDEX UI

  1. Go to https://idex.market/unlock, connect and unlock your AURA wallet.
  2. Navigate to the token swap tool
  3. Fill in the amount of AURA wanting to swap for IDEX. It is auto-populated with the number of tokens currently in the user’s wallet.
  4. Click “Start Swap” to initiate the swap. Note: Users with a software (e.g. Metamask) or hardware (e.g. Ledger) wallet need to manually approve 2 transactions. Users with a private key or keystore will have their transactions approved automatically.

IDEX tokens will be sent back to the holders at a 1:1 ratio. The AURA sent is locked forever in the IDEX token contract. Users can now deposit or stake their IDEX tokens with no hassle. Instructions to manually swap AURA for IDEX tokens using MEW can be found here.

Other Changes/Notes

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