SEED Swap and Redeem Version 2.0 is Now Online
Improved security and transparency for SEED swaps and redeems
SEED swap and redeem are fundamental properties of the SEED rewards ecosystem. As such, Sesameseed must ensure those properties remain uncompromised. The more secure and more transparent Version 2.0 of SEED swap and redeem is now online and available in Sprout, Sesameseed’s custom staking wallet and SEED utility resource. Supported blockchains include TRON, Ontology, and Harmony. Swaps and redeems for SEED on ICON is expected in the near future.
This new and improved version utilizes smart contracts where possible, which aligns with Sesameseed’s goal of on-chain accountability.
Throughout this beta stage of production, the Sesameseed community should expect continued development and further improvements to the SEED swap and redeem system.
Improvements to Swap and Redeem in Version 2.0 (beta)
- Faster and bigger redeems — Swaps and redeems are expected to complete within a few minutes. As well, larger quantities of SEED can be redeemed at once.
- Unlimited Swaps — There is no longer a limit to the amount of SEED that can be swapped at once. Any amount of SEED can be swapped between chains in a single transaction.
- Security and Transparency — Portions of the SEED swap and redeem system are governed by smart contracts for increased on-chain accountability.
What to Expect with Version 2.0
Swaps and redeems are expected to complete within a few minutes. There are no significant changes to the user interface within Sprout. The Sesameseed community is welcome to swap and redeem their SEED at any time in the same manner as before.
Upon initiating a swap or redeem, the SEED will leave your account, as will be observed in the Account Overview tab in Sprout. The transaction will appear as “Pending” in the Transactions tab, approximately 30–60 seconds after initiation. A few minutes later, the status will change to “Sent” if the transaction was successful. When performing a swap, the Asset column in the Transactions page will display the destination blockchain. For example, when swapping from Harmony to TRON, under Asset will be displayed “SEED TRON.”
The fee in SEED for each swap transaction will remain in effect. A minimum of 2 SEED must be swapped at one time.
As before, redeemed native tokens must be a minimum of 1 in order to be deposited in your address. For amounts less than 1, the native tokens will be stored as Unredeemed Fractions in the Redeem tab of Sprout.
Important: Please note the information included in this article is expected to be the average user experience, but cannot be guaranteed for every transaction. Results may vary depending on network usage and other factors. It is possible swaps and redeems may not be completed for a period of 7 days. Longer delays are never expected, but are possible as this is still a beta product. Please initiate swaps and redeems well in advance of the desired completion date.