In the press
PUBLISH to carry out token swap via TokenPost
16 Feb. 2021
PUBLISH is pleased to announce it has partnered with TokenPost Korea to support a token migration from NEWS EOS to NEWS LUK.
Currently, there are 10 billion (10,000,000,000) NEWS EOS (EOSIO blockchain-based NEWS tokens) in circulation. Of these, 1 billion (1,000,000,000) tokens will be migrated to NEWS LUK (Lambda256 blockchain-based NEWS tokens). As part of the token migration, 1 billion NEWS EOS tokens will be burned. Therefore, following the completion of the token swap, there will be a total of 9 billion (9,000,000,000) NEWS EOS tokens and 1 billion (1,000,000,000) NEWS LUK tokens.
NEWS EOS tokens will be swapped for LUK tokens at a swap ratio of 1:1. In order to qualify for the token swap, eligible participants should, by no later than 5 PM on 26 February 2021, 1) have or create an account on TokenPost Korea Edition, 2) complete real-name identity verification, and 3) deposit NEWS tokens to their TokenPost account.
Eligible accounts will be able to withdraw NEWS LUK tokens from their TokenPost accounts starting at 10 AM on 8 March 2021.
As an additional incentive, the first 5,000 new TokenPost accounts having completed identity verification between 1 February and 26 February 2021 will be awarded 1,000 NKRW points and 200 NEWS LUK tokens.
Commenting on the token migration, Sungmin Kwon, CEO of PUBLISH said:
“We decided to execute a token swap in light of recent regulations and changes in the EOS ecosystem. The token swap will also serve to grow and secure the PUBLISH ecosystem.”