How do I exchange ARC for SWT? | swarm.city

How do I exchange ARC for SWT?

See the Swarm CIty Github for additional details about the token conversion process, or to find instructions on manual conversion.

IMPORTANT NOTE: Do not send tokens directly to the new token address using any wallet software ( MyCrypto / MyEtherWallet / Mist / MetaMask / etc. ) they will not be converted to SWT tokens this way, and will be lost if you do so.

To initiate the ARC to SWT conversion process, you will start the by going to the Swarm City Terminal.

  • Visit https://swarm.city and create a bookmark on your homepage
  • Select "enter here"
  • Be sure to select "Create new user" although you already have an ARC wallet. All users must first create a new profile in the Swarm City Terminal
  • Click on "Yes, convert my tokens"

Now you can either use your ARC 'json-file' backup or private key

  • Choose "as a json-file"
  • Select the json-file associated with your wallet
  • Verify your password
  • UNLOCKING WALLET

or

Load the wallet storing the ARC tokens you want to convert. All ARC tokens in this wallet will be automatically converted into SWT upon entry to the Terminal after selecting 'Enter here' and succesfully decrypting your wallet.

  • Choose "I have ARC tokens on an external wallet" to use your private key
  • You will need to create a new password and confirm it
  • UNLOCKING WALLET

NOTE: *Users can not specify partial conversion amounts, so be sure to remove any ARC that you do not wish to convert prior to initiating the conversion process. Use Etherscan.io at https://etherscan.io/ to check your wallet address balances.

ARC tokens will be AUTOMATICALLY detected and converted to SWT as long as your wallet also holds enough ETH to cover the transaction gas fees.

The ARC to SWT conversion process also requires a small amount of ether to cover the Ethereum blockchain transaction gas fees. This amount varies and is determined by the miners processing the block. Check MyEtherWallet at https://mycrypto.github.io/knowledge-base/gas/what-is-gas-ethereum.html for the current transaction gas fee amount.

If your wallet address doesn't hold enough ETH to cover the transaction fees associated with any/all transactions occuring on the Ethereum blockchain, then you will receive an error message, and the transaction will ultimately fail after attempting the conversion process. No worries, if the transaction fails your ARC balance is not affected. 

To complete the transaction, send a small amount of ETH, approximately 20 GWEI = 0.00042 ETH to your ARC wallet public address.

The 3 step conversion process takes a few minutes to complete.

  • First, the contract checks the wallet's ether balance. If the amount is sufficient, you will notice a "green checkmark" 
  • Next, allowance is given to the new SWTConverter contract to receive the full balance of ARC tokens. This function moves the ARC tokens to the burn address. New SWT is minted, at a 1:1, rate on the same address that initially stored the ARC tokens. This may take a few minutes. You will again notice a "green checkmark"
  • Lastly, your balance is updated. The wallet now holds your freshly minted SWT!! You will notice a third "green checkmark" and receive "Congratulations". You can now view your SWT and ether balance, send SWT, and transact on the Swarm City Boardwalk.