The IoTeX mainnet launched in April 2019 and has since operated successfully for approximately 10 months, undergoing six major upgrades—from version 0.5 to 0.10—and processing over 3 million transactions. With the platform now mature and a growing number of blockchain-based applications emerging, IoTeX is ready to transition from its ERC20 token (IOTX-E) to its native blockchain coin (IOTX). This marks a pivotal milestone in the project’s evolution.
This article outlines the token swap process, explains how users can participate, and clarifies key aspects of the migration. Whether you're a long-time holder, developer, or new community member, this guide ensures you stay informed and prepared.
Understanding the Token Swap
The shift from IOTX-E (ERC20) to IOTX (native coin) reflects IoTeX’s progression from an Ethereum-based token to a fully independent blockchain ecosystem. The native IOTX coin unlocks enhanced functionality, including staking, governance, and Layer 2 operations, which are essential for IoTeX’s vision of a decentralized machine economy.
Two primary channels facilitate the swap:
- Crypto Exchanges
- IoTube – A Cross-Chain Bridge
Both options will remain active for three months. Once over 95% of IOTX-E tokens have been swapped, the ERC20 contract will be paused and eventually retired.
👉 Learn how to securely swap your tokens and start earning rewards today.
How to Swap IOTX-E to IOTX via Exchanges
Starting in January 2020, major cryptocurrency exchanges began supporting native IOTX, replacing IOTX-E as the standard trading pair. Exchanges currently supporting IOTX include Gate, Kucoin, Hotbit, and Piexgo.
Among these:
- Gate and Piexgo allow deposits of both IOTX-E and IOTX, enabling automatic conversion.
- Other platforms like Binance are in the process of integrating native IOTX support. If you hold IOTX-E on such exchanges, your holdings will be automatically handled during the migration.
For exchange operators looking to integrate native IOTX, technical documentation is available through official development resources.
Using IoTube for Direct Token Conversion
For users who prefer self-custody or hold tokens in wallets, IoTube provides a seamless, trustless way to swap between IOTX-E and native IOTX.
Key Features of IoTube:
- Two-way conversion between ERC20 and native chains
- Simple interface requiring just a few clicks
- Non-custodial—users retain full control of their private keys
Recommended Actions:
- 🔁 Swap IOTX-E to IOTX: Ideal for all token holders seeking to access staking and governance features.
- ↔️ Swap IOTX to IOTX-E: Available but not encouraged; native IOTX is the future.
⚠️ Critical Security Note: Every Ethereum address (0x...) corresponds to an IoTeX address (io...) using the same private key. Always ensure you control the private key of any address you use. Never swap directly to an exchange wallet, as you may lose access to your funds.
👉 Discover how cross-chain tools empower users with greater control over their digital assets.
Phasing Out Cross-Chain Governance
Initially, IoTeX employed a cross-chain governance model, allowing staking and voting on Ethereum while applying results to the IoTeX blockchain. This bootstrap mechanism helped secure early network operations via Roll-DPoS consensus.
Now that the network is stable, IoTeX is migrating fully on-chain.
Migration Plan (Q1 2020):
- Enable Native Staking: Delegates can register and begin staking directly on the IoTeX blockchain.
- Incentivize Delegate Migration: Encourage existing delegates and their voters to move from Ethereum to the native chain.
- Mapping Contract: For remaining Ethereum delegates, a smart contract will bind their Ethereum address to an
io...address. - Final State Transfer: Freeze the Ethereum staking contract (
0x87c9dbff0016af23f5b1ab9b8e072124ab729193), merge its state with the mapping data, and deploy it to the native staking contract—completing the transition.
This phased approach ensures continuity of network security and governance without disruption.
The Utility of Native IOTX
As the token swap progresses, the real-world utility of native IOTX becomes increasingly evident. It serves three core functions within the IoTeX ecosystem:
1. Decentralized Governance
- Stake IOTX to vote for block-producing delegates.
- Participate in network-wide referendums (e.g., protocol upgrades).
- Earn rewards—or face slashing—for delegate performance.
2. Transaction and Computation Fees
- All transactions and smart contract executions require IOTX fees.
- These fees are collected by the network and redistributed to active delegates as incentives.
3. Bonding for Layer 2 Components
- Operators of Layer 2 services—such as subchains, identity providers, or secure computing units—must stake IOTX as collateral.
- Misconduct or downtime results in slashing, ensuring accountability.
These utilities are already being implemented. For example, Ucam, launched at CES 2020, integrates a decentralized identity (DID) system as a Layer 2 component powered by IOTX—demonstrating practical use cases in consumer IoT.
Frequently Asked Questions (FAQ)
Q: What is the difference between IOTX and IOTX-E?
A: IOTX-E is an ERC20 token on Ethereum, while IOTX is the native coin on the IoTeX blockchain. Native IOTX supports staking, governance, and IoT-specific functionalities not available on the ERC20 version.
Q: Do I need to swap manually if my tokens are on an exchange?
A: No. Most major exchanges handle the swap automatically. If your exchange supports native IOTX, your balance will be converted seamlessly.
Q: Can I lose my tokens during the swap?
A: Only if you send them to an uncontrolled address (e.g., exchange deposit without support). Always verify compatibility before initiating a swap via IoTube.
Q: Will IOTX-E be worthless after the migration?
A: Eventually yes. Once retired, IOTX-E will no longer be usable or transferable. It's strongly advised to complete the swap within the 3-month window.
Q: Is there a fee for using IoTube?
A: Yes. Swapping via IoTube requires paying standard Ethereum gas fees when moving from ERC20 to native chain, and minimal network fees when reversing.
Q: What happens to staked IOTX-E on Ethereum?
A: Staked tokens will be migrated through a secure state transfer process. Delegates and voters do not need to unstake manually—the system handles migration automatically.
About IoTeX: Building the Internet of Trusted Things
Founded in 2017 as an open-source platform, IoTeX is pioneering the Internet of Trusted Things (IoTT)—a decentralized network where humans, machines, businesses, and DApps interact securely at scale.
Combining blockchain, secure hardware, and decentralized identity (DID), IoTeX creates a trust layer for IoT ecosystems. By bridging physical devices with cryptographic verification, it enables autonomous machine economies where devices can own identities, make decisions, and transact value—truly “connecting the physical world, block by block.”
With a global team of over 30 leading researchers and engineers, IoTeX continues to innovate at the intersection of blockchain and real-world applications.
👉 Explore how next-gen blockchain platforms are transforming IoT and machine economies.