Poloniex Exchange De-Lists BELA Coin As It Switches To New Tokenbr>
The Poloniex exchange has de-listed the BELA legacy coin, as the photo-sharing service switches over from its old blockchain tokens to a new ERC-20 token.
The BELA legacy coin was originally part of a blockchain-based Litecoin fork. In April, the Bela service switched from that to the ERC-20 tokens, and began calling the original tokens “Legacy BELA.” That legacy token will no longer be supported by the Bela team as of May 31.
Poloniex said trading in Legacy BELA will no longer be supported as of yesterday, and holders will have until yesterday to withdraw any balance from the exchange. The BELA team is offering a swap to their new BELA ERC-20 token for holders of the Legacy BELA token .
A statement on the main website of the Charlottesville, Virgina-based Bela explained their reasoning in the token transfer: “To give Bela a massive upgrade in terms of its tech and features, we are swapping over from a blockchain-based Bela to an ERC20 Bela token. Swap your blockchain Bela for ERC20 Bela on a 1:1 ratio.”
The Bela service has several components. Most prominent is an attempt to disintermediate Instagram through Belacam, a photo-sharing site where you get paid around $.05 in BELA for each like your photo gets. Users can withdraw that money or use it to like other users’ photos.
A request for comment by Bela was submitted through the service’s web site, the only contact method publicly noted.
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|Blockchain to ERC20 Swap