Ontology just announced that their MainNet has been launched. Reportedly, the token swap of NEP-5 ONT for ONT is in progress. Ontology Network tweeted: “Ontology 1.0 is now live. Welcome to the new world”.
Ontology’s two-token model
Ontology started a two-token model for managing a double token system. The said tokens can be used for trading, storing network, sending and accomplishing digital contracts. One of the tokens (ONT) is specifically designed for governance, whereas the other one (ONG) is a utility token. The ONT holders can also use it for voting on the crypto exchange platform.
Its blog mentions several mapping instructions to migrate to the Ontology MainNet. The blockchain has provided two methods of ONT mapping. The first one is to automate the mapping and to do so one needs to keep the ONT tokens on the supporting exchanges. The respective exchange will complete the mapping process for the customer. The second method involves sending the tokens from the NEO wallet to one’s MainNet mapping address. It will migrate to the ONTO, however, it will only appear in the wallet after it releases in July.
Moreover, it has provided a platform to track the swap status any time before the ONTO wallet’s release. It is to be noted that the two wallets NEO and ONTO have the common address, WIF and private key, just as before. Also, the mapping period wouldn’t stop or interrupt the usage of the NEO wallet. It was also noted that the NEP-5 ONT tokens will automatically be destroyed after the MainNet launch and the process will complete within 24 hours. The ontology also warned in its blog that no other asset other than ONT from one’s wallet should be sent because there is no recovery method for that.
Ontology (ONT) Market Performance
The MainNet pre-launch event took place on June 26 where along with its partners, it discussed the main use-cases of it in real life. A miraculous surge of 13.47% in its price, a day before the event. In the last month, ONT’s highest estimated price is $8.82, with a market cap of over $1 billion. In the same time frame, the lowest estimated figure is $4.27 with a market cap of around $646 million. The ONT price spiked up by 8.10%, trading at $5.28 with the market cap of $7.98B.
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