CEEK BEP20 vs. ERC20
Your Questions Answered
After announcing our move to the Binance Smart Chain (BSC), we have received many questions as to how this move affects CEEK token holders, the differences between the CEEK BEP20 token and the previous ERC20 token, and other related questions. Here are some of the most commonly asked questions to help our supporters, gain a better understanding of this change to the CEEK ecosystem. As always, if you have more questions, please let us know!
Why should I convert my tokens to BEP20?
As we discussed in a previous post, the move to the Binance Smart Chain was born out of a desire to decrease transaction fees for our users and artists, while also ensuring transactions are processed quickly. CEEK BEP20 tokens will function identically to their ERC20 predecessors. The only change to you, the end user, is how much cheaper and faster transactions will become when you make the switch.
Will BEP20 tokens display in my CEEK wallet
BEP20 tokens will display in the same wallet you currently have. Your ERC20 tokens and transaction history will continue to be visible in your CEEK wallet as well. The two will be differentiated based on the network you select while connecting or accessing your wallet.
Where can I sell my CEEK BEP20 tokens?
Your BEP20 tokens can be sold on any exchange with support for the token. We are currently in the process of exploring exchange listings for our token and will update you when new exchange listings are available.
You can also sell CEEK BEP20 tokens on any decentralized exchange that supports Binance Smart Chain tokens. This includes PancakeSwap, AnySwap, or any other decentralized exchange with support for BEP20 tokens.
If I transfer from ERC20 to BEP20, can I transfer back?
Yes, the bridge between the CEEK ERC20 and BEP20 token goes both ways. Meaning, you can move your tokens between both standards at any time, and as often as you’d like. However, keep in mind that the conversion process does come with a transaction fee.
Why would I not want to transfer my tokens?
For token holders that are likely to sell their CEEK tokens in the near future, using the bridge to convert to BEP20 might not be the best choice. That’s because to transfer between tokens you will have to pay a transaction fee. So, instead of paying the fee to transfer and then paying another fee to sell your tokens, it could be more advantageous to keep the CEEK ERC20 tokens in your wallet until you are ready to sell.
Please note that this very much depends on transaction fees across both the Ethereum and Binance Smart Chain, as well as any applicable fees you might pay when selling CEEK tokens on a cryptocurrency exchange.
When will ERC20 tokens be phased out?
Over time, CEEK will phase out ERC20 tokens so as to create a standard across the platform. However, we will give the community ample time to convert, spend, or sell their current ERC20 tokens and have no plans to start this process anytime soon. We will be sure to update the community when plans to phase out the CEEK ERC20 token become more clear.
How will this affect Masternodes?
CEEK masternode holders can still claim their rewards through Metamask. They will receive BEP20 tokens. All staked and reward tokens will be CEEK BEP20 tokens.
When will the CEEK ERC20/BEP20 bridge go live?
The two-way bridge between CEEK ERC20 and CEEK BEP20 to seamlessly transfer your tokens is n development now and will be live shortly. As soon as it’s completed, we will make an announcement via all social channels as well email.
It’s a new day for CEEK
We are preparing for the next evolution of immersive and interactive content streaming and the impending mainstream migration to the metaverse. Our move to the Binance Smart Chain and conversion to the BEP20 token represents a more efficient and cost-effective way to provide the same high-quality experiences to you, the user. We understand that it might be a bit unnerving to transfer tokens with confidence, but we believe, moving to the new CEEK BEP20 token will benefit the entire CEEK ecosystem.