Dear DREPers,

With the announcement of the DREP 2.0 Upgrade Plan, as part of our upgrade journey to the future of NFT+DeFi, DREP will implement a smart contract swap beginning from 2021–03–05 to 2021–09–01.

We will be reducing the total supply of DREP tokens from 10,000,000,000 to 100,000,000.

After swapping the legacy DREP into the upgraded DREP, the balance in all DREP holders’ addresses will be scaled in the same ratio accordingly.

The critical pointers of this token swap are as follows:

Redenomination Ratio: 100:1 (Every 100 legacy DREP equals 1 upgraded DREP)

The upgraded DREP Smart Contract Address:0x3ab6ed69ef663bd986ee59205ccad8a20f98b4c2

Swap Deadline: 1st Sept, 2021 (Block height: #13162200)

Users will not be able to swap their legacy DREP tokens after 2021–09–01.

Please be kindly informed by the instructions below:

  • For DREP tokens held on exchanges:

If you are holding your DREP tokens on one of DREP’s partner exchanges, the swap will be fully automatic, and no further action is required from you.

Binance will support DREP (DREP) 2.0 upgrade and handle all technical requirements for users holding DREP on Binance. Trading of upgrade DREP will then open for the new DREP/BTC and DREP/USDT trading pairs at 2021–04–02 04:00 (UTC).

Gate.io exchange will support DREP (DREP) 2.0 upgrade and swap all the DREP tokens on Gate.io for users. After Gate.io completes the token swap, they will commence upgraded DREP token trading.

Other exchanges that have listed DREP will also post their DREP Token Swap Announcement respectively. Please refer to each exchange for the specific time periods regarding the deposits and withdrawals of the old DREP and the upgrade DREP.

  • For DREP tokens in ERC20 Wallets:

If you are holding your DREP tokens in an ERC20 wallet, please follow the DREP Token Swap Guide for the specific wallet to manually swap your legacy DREP into the upgraded DREP.

For Metamask, follow: http://docs.drep.org/swap/metamask/

For Trustwallet, follow: http://docs.drep.org/swap/trust/

For imToken, follow: http://docs.drep.org/swap/imtoken/

If you have any questions, please join the DREP community: https://t.me/drep_foundation

FAQ:

Some frequently asked questions and answers regarding this latest upgrade are listed below. Please note that this FAQ session will keep updating during the upgrade period with new questions coming from our community.

Q1. Can I swap my legacy DREP into upgraded DREP after this deadline?

A:No. The swap is only valid within the designated period from now to the Sep 1st deadline. We will not open a swap window again. Once you miss the deadline, you will not be able to swap your old DREP tokens into new DREP tokens in any shape or form. Therefore, we encourage all DREP holders to complete your swap ASAP.

Q2. I didn’t participate in the DREP contract upgrade last month. Can I swap my old DREP into new DREP tokens this time?

A: Yes. Please first manually conduct your smart contract upgrade to the latest address: 0x22de9912cd3d74953b1cd1f250b825133cc2c1b3. And then follow the instructions to complete the swap. We encourage all DREP holders to begin your swap within the designated period.

Q3: As users who hold DREP tokens on ERC20 Wallet, do we need to manually swap our old DREP tokens to new DREP tokens?

A: Yes. If you are currently holding DREP tokens on ERC20 wallet address, you will need to manually swap your tokens to the new ones. Please refer to the links above for detailed instructions.

Q4: As users who hold DREP tokens on one of the DREP partner exchanges, do we need to manually swap our old DREP tokens to new DREP tokens?

A: If you are holding DREP tokens on one of the DREP partner exchanges, you are not required to do anything — the swap process will be fully automatic. The exchanges will handle all related technical requirements.

Q5: During the upgrade period, will exchanges temporarily suspend DREP trading?

A:During the period of the upgrade of DREP contract, all exchanges trading DREP will halt deposits and withdrawals of old DREP tokens.

Binance will support DREP (DREP) 2.0 upgrade and handle all technical requirements for users holding DREP on Binance. Trading of upgrade DREP will then open for the new DREP/BTC and DREP/USDT trading pairs at 2021–04–02 04:00 (UTC).

Gate.io exchange will support DREP (DREP) 2.0 upgrade and swap all the DREP tokens on Gate.io for users. After Gate.io completes the token swap, they will commence upgraded DREP token trading.

Other exchanges that have listed DREP will also post their DREP Token Swap Announcement respectively. Please refer to each exchange for the specific time periods regarding the deposits and withdrawals of the old DREP and the upgrade DREP.

Q6: Will the contract upgrade affect the user experience for DREP products, such as DREP Wallet and DREP Explorer?

A: To provide smooth user experiences for our users, we have managed to eliminate impacts of this upgrade on the products in DREP’s ecosystem. However, please make sure to upgrade your DREP Wallet application to the latest version in support of the updated interface for displaying your balance of new DREP tokens.

DREP 2.0 is the decentralized credit-data middleware based on layer-2 facilities, to be the backbone of DeFi Credit Era.

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