Bitget to support Router Protocol (ROUTE) mainnet swap and redenomination
Bitget to support Router Protocol (ROUTE) mainnet swap and redenomination
Crypto exchange Bitget has announced its support for the Router Protocol (ROUTE) mainnet swap and redenomination plan, a significant development that involves the transition to a new mainnet and a substantial change in the token's denomination.
This move, announced by Bitget, marks a step in the evolution of the ROUTE ecosystem, aiming to enhance its infrastructure and improve the overall user experience.
Router Protocol is a crosschain-liquidity aggregator platform that was built to seamlessly provide bridging infrastructure between current and emerging Layer 1 and Layer 2 blockchain solutions. The goal is to enable users to swap their assets from different networks seamlessly in a near-instant and low-cost manner.
As part of the transition, Bitget has already suspended deposit and withdrawal services for the existing ROUTE tokens. On August 13, 2024, at 09:00 (UTC), Bitget will take further action by canceling all pending spot trade orders related to ROUTE.
Following this, the platform will recover all existing ROUTE balances and initiate the distribution of the new ROUTE tokens. The redenomination will see the old ROUTE tokens replaced at a ratio of 1:33.33, meaning each old ROUTE token will be swapped for 33.33 new ROUTE tokens.
The new ROUTE tokens will be fully integrated into the Router Protocol's upgraded mainnet, which can be explored through their new blockchain explorer, available at Router Chain Explorer. This upgrade is expected to bring about significant improvements in the protocol's functionality and scalability, positioning ROUTE for future growth.
For detailed information, users are encouraged to refer to the official Router Protocol announcement on X.
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Bitget has cautioned users that it will no longer accept deposits of the old ROUTE tokens after the mainnet swap and redenomination are completed.
By facilitating this transition, Bitget is ensuring that its users can continue to trade ROUTE tokens securely and efficiently as the protocol undergoes these significant upgrades.
See also: Binance to convert selected delisted tokens to USDC by March 2025
