The DAOBet platform is delighted to announce that the block producers launched a highly anticipated BET token bridge, also known as the token swap. In addition, we would also like to clarify some of the questions related to the token bridge and convey the need for it.
The most frequently asked questions about the DAOBet blockchain’s operation in recent weeks were related to the token bridge – namely when the swap is to take place and why it is needed in the first place. To make it clearer and to dissolve any smidgen of doubt about the necessity for the token bridge, it is necessary to understand the underlying technical requirements that will allow the BET token to fulfill its full potential.
At its core, the token bridge is an instrument for the token swap that takes place through the DAOWallet. Considering the fact that DAOBet has made the transition from the Ethereum blockchain to a native solution with in-built improvements tailored for catering to the requirements of the iGaming industry, the need for the BET token to be compatible with the new infrastructure is apparent. The swap will allow holders of the BET token to take advantage of the technical solutions of the new DAOBet blockchain, such as one-second finality and certified PRNG.
Once the swap is completed, the new token will be the main instrument for settlements on the DAOBet blockchain and the old token will no longer be supported in some time. The new tokens will be automatically transferred to the DAOWallet accounts of the holders once they pass the swap procedure, which allows direct transitioning of ERC-20 tokens to the DAOBet native token.
If anyone has not yet passed the swap procedure, there is a comprehensive instruction that can be found here. All those who have passed the swap procedure should have already received their new tokens on their DAOWallet accounts. In case the tokens have not been transferred, please refer to our FAQ.
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