↔️VIDT DAO token swap
Going from VIDT Datalink (OLD) to VIDT DAO (NEW) tokens
In line with the evolution from VIDT Datalink to the newly established VIDT DAO decentralized ecosystem, a new utility token has been introduced. This new token, known as VIDT DAO ($VIDT), has been listed on several exchanges, including prominent ones like Binance and KuCoin.
Holders of the old VIDT Datalink token have the opportunity to exchange it for the new VIDT DAO token at a ratio of 1:10. This means that for each VIDT Datalink token you exchange, you will receive 10 VIDT DAO tokens in return.
This page provides a step-by-step guide to assist you in the token swapping process.
The VIDT Academy, as a team of VIDT DAO enthusiasts, operates independently and is not associated with the developers who have released the swap smart contract, the original VIDT Datalink token contract, and the new VIDT DAO token contract. Our dedication to supporting the community has led us to create this guide, aimed at assisting members who still possess the old VIDT Datalink tokens. Please note that the VIDT Academy is not liable for any potential losses incurred during the swapping process.
General information
Throughout each step of this process, it's crucial to ensure that you're interacting exclusively with the smart contracts and tokens specified below. Exercise extreme caution: authorizing a different smart contract could lead to the theft of your tokens. Always double-check the contract details to safeguard your assets.
VIDT Datalink smart contract: https://etherscan.io/token/0xfeF4185594457050cC9c23980d301908FE057Bb1
VIDT Datalink to DAO Swap smart contract: https://etherscan.io/address/0xfba915a2765dfc34dc0e19c0d63ff715264d36d3
The swapping process
Before we get started with performing the actual steps, this is what the process looks like:
Allowance:
To execute the swap, you will be utilizing the transaction functionality on Etherscan. For this process, you'll need a wallet that can connect to Etherscan and holds your VIDT Datalink tokens, along with Ether to cover the transaction fees. Metamask, particularly with its browser plugin, is the most user-friendly wallet for this purpose.
The swapping mechanism involves a smart contract that exchanges your VIDT Datalink tokens for VIDT DAO tokens at a 1:10 ratio. For security purposes, this smart contract requires specific permission from you before it can access your VIDT Datalink tokens. This permission is termed an 'allowance,' which essentially means granting the smart contract the authority to handle your tokens on your behalf. For a more detailed understanding of what an 'allowance' entails, you can find additional information here.
The swap:
The swap is facilitated by the 'VIDT Datalink to DAO Swap' smart contract. This contract is designed to automatically exchange all the VIDT Datalink tokens in your transacting wallet, sending back VIDT DAO tokens at a 1:10 ratio. It's a straightforward process where the smart contract manages the exchange seamlessly.
Please be aware that this transaction is designed to exchange all your tokens in a single operation. Consequently, if the allowance you set doesn't cover the entirety of your tokens, the transaction will fail, resulting in an error. In such a case, your VIDT Datalink tokens will remain unswapped and stay in your possession.
Performing the swap
Step 1: Getting started
For this guide, we recommend using a MetaMask wallet due to its seamless integration with Etherscan, which is essential for completing the swap process.
However, you can also use other wallets that support WalletConnect. Some well-known compatible wallets include Zerion, Ledger, and Fireblocks. To confirm if your wallet is compatible, please check the WalletConnect explorer page.
The initial step in this process is to verify your ownership of VIDT Datalink tokens. It's crucial that these tokens originate from the specific smart contract viewable here. To ensure this, you can add the token to your wallet using its contract address: 0xfeF4185594457050cC9c23980d301908FE057Bb1.
Please be aware that within MetaMask, the token name 'VIDT DAO' may incorrectly appear, but this actually refers to VIDT Datalink. This inconsistency appears to be a bug in MetaMask and does not always occur. In some cases, the tokens are correctly identified as 'VIDT OLD' or 'VIDT DATALINK.' It's important to recognize this discrepancy to avoid any confusion during the swapping process.
Step 2: Allowance
Ensuring the correct allowance is critical, as an incorrect allowance will lead to a transaction failure. Even a failed transaction will cost transaction fees. It's essential to set the allowance for the entirety of your tokens (100%) and not just a partial amount.
To do this, navigate to the VIDT Datalink smart contract on Etherscan at https://etherscan.io/token/0xfeF4185594457050cC9c23980d301908FE057Bb1.
Once there, select the ‘Contract’ tab, followed by the ‘Write Contract’ subtab. This is where you'll adjust the allowance for your tokens.
Connecting your wallet
Next, you'll need to connect your wallet to Etherscan to authenticate and verify the transaction. This can be done easily by clicking on the ‘Connect to Web3’ button, which is available on the same page. By doing so, Etherscan will establish a secure connection with your wallet, allowing you to proceed with the transaction and set the necessary allowances.
Once you've successfully connected your wallet, the button will turn green, indicating a successful connection.
The Allowance transaction
Next, you'll need to carry out the "Allowance" transaction. This involves using the 'IncreaseAllowance function' (number 9). To access this function, simply click on it. It requires two inputs: spender (address) and addedValue (uint256).
The spender (address) input refers to the wallet or smart contract address authorized to manage your tokens. For this process, it will be the Swap smart contract, with the specific address: 0xfba915a2765dfc34dc0e19c0d63ff715264d36d3.
The addedValue (uint256) refers to the maximum number of tokens the spender is permitted to transact on your behalf. Here, it should be the amount of your VIDT Datalink tokens. Remember, you need to append 18 zeros to this number, as VIDT Datalink tokens are based on 18 decimal places. To do this, input your token amount first, then click on the ‘+’ next to addedValue (uint256), and finally select ‘10¹⁸’ to automatically add the necessary zeros.
Make sure that you are using the wallet that holds your VIDT Datalink tokens to perform the Allowance transaction.
For the purpose of this guide we are using 100 VIDT Datalink tokens which will result in these settings being used:
Now click on ‘Write’ and complete the transaction through the wallet interface. For MetaMask it will look something like this:
You can see the transaction by clicking on the ‘View your transaction’ button that has now appeared on the Etherscan page.
Confirming the allowance
To confirm that you've correctly completed the Allowance step, you can use the Ethereum Token Approval tool. Here's what to do:
Visit the Ethereum Token Approval tool.
Enter the address of your personal wallet that contains your VIDT Datalink tokens.
The tool will display the number of tokens you own. Note that this figure will be shown without the 18 decimal places.
This verification step is a useful way to ensure that your transaction settings have been accurately applied, reflecting the correct number of tokens in your possession. It will look something like this:
Please be aware that there might be a delay before your transaction is visible, as Etherscan needs time to index it. Additionally, you can verify your Allowance directly through the VIDT Datalink smart contract:
Navigate to the ‘Contract’ tab on the VIDT Datalink page.
Select the ‘Read Contract’ subtab.
Access the ‘allowance’ function (option 1).
Note that for this verification, connecting your wallet is not necessary.
In the ‘owner’ field, enter your personal wallet address.
For the ‘spender’ field, use the Swap contract's address: 0xfba915a2765dfc34dc0e19c0d63ff715264d36d3.
After filling these in, click on 'query'. The information displayed will confirm the Allowance setup for your transaction. It will look something like this:
Step 3: Swap transaction
Having granted the VIDT Datalink to DAO Swap smart contract the necessary permission to handle your VIDT Datalink tokens, the next step is to execute the swap:
Navigate to the ‘Contract’ tab.
Select the ‘Write Contract’ subtab.
To proceed with the swap process, you'll need to use the 'swap' function (number 7). If your wallet is not currently connected, reconnect it following the same steps as before. there are no additional settings to configure for the 'swap' function.
To execute the swap function, simply click the ‘Write’ button. Upon clicking 'Write', a popup should appear in your wallet prompting you to confirm the transaction. This confirmation step is crucial for finalizing the swap. The popup will typically display details of the transaction for your review and approval.
If you encounter errors related to gas price estimation, or if there's an error message concerning the smart contract during the swap process, it's advisable to revisit the Allowance setup. Often, these types of issues stem from an incorrect allowance configuration. Here's what you should do:
Double-check the Allowance: Ensure that the allowance you've set for the VIDT Datalink to DAO Swap smart contract correctly reflects the number of VIDT Datalink tokens you wish to swap.
Verify the Allowance Setup: Use the Ethereum Token Approval tool or the VIDT Datalink smart contract's 'allowance' function to confirm that your personal wallet and the Swap contract's address are correctly registered.
Correctly setting up the allowance is a crucial step for the swap transaction to proceed smoothly, so it's important to ensure that this has been done properly.
Similar to the other transactions done in this guide, you can monitor the status of your swap transaction:
Click on the ‘view your transaction’ button. This will redirect you to the transaction status page on Etherscan.
Check the transaction Status: If it's marked as ‘Success’, it indicates that the transaction has been executed successfully.
Upon a successful transaction, you will have successfully exchanged your VIDT Datalink tokens for VIDT DAO tokens. This means you are now the proud owner of VIDT DAO tokens, having completed the swap process.
Well done!
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