Token Swap and Zapple Exchange

March 13th 2018

Introduction

We've got SIFT listed at a new exchange Zapple with fee-free trading – and we’re commencing a token swap to change your current SIFT-holdings into SIFT v2. We’ve heard a lot of people complain about the gas cost for transferring SIFT and the trading experience on EtherDelta and ForkDelta and the main issues have been:

  • The high gas cost of transferring SIFT which gets ever-worse
  • The poor user experience on EtherDelta and ForkDelta
  • No other exchanges trading SIFT
  • Having to withdraw SIFT to receive dividend payments
  • Not having SIFT decimalised
  • The cost of fees when trading SIFT
  • Not wanting the solution to be a token-swap that is mandatory or confuses a large portion of the user base with trading of a worthless old token

We have discussed these issues and our resolutions to the problem over the last couple of months and a completely optional token-swap and new trading exchange are now available to SIFT-holders.

This page should tell you all you need to know. If you have any other questions please ask in our Telegram room or via e-mail.

You can read information about EtherDelta and SIFT gas issues here.

Token Swap

The new SIFT contract has been deployed and offers benefits over the existing contract. The benefits of key importance to SIFT-holders are:

  • Lower gas cost to transfer
  • SIFT can be split up to 6 decimal places

The new SIFT contract specification is as follows:

Name Smart Investment Fund Token v2
Symbol XSFT
Address 0x1d074266bca9481bdeee504836cfefee69092a28
Decimals 6
Recommended Gas 60,000

SIFT-holders can choose when, or if, to swap their SIFT. It is a manual process and will not be done automatically. Those that hold old SIFT can continue to hold it and receive dividend payments and token conversion is optional. We currently have no plans to force you to swap your token and will continue to pay dividends to SIFT-holders. We recommend that all SIFT-holders transfer their SIFT as soon as possible to benefit from the changes – but it is not compulsory.

To exchange old SIFT for new SIFT just follow the following steps:

  • Create an account at Zapple
  • Generate a deposit address for SIFT
  • Send your SIFT from your current wallet (such as MyEtherWallet) to the deposit address. Since the old contract still has gas issues we recommend using 4,500,000 gas as your limit to send your old SIFT with the current "Safe Low" gas price from EthGasStation (i.e. 4,500,000 gas at 2Gwei).
  • Zapple will automatically destroy the old SIFT and mint new SIFT
  • Either leave your SIFT in Zapple or withdraw it to your wallet

If you withdraw your new SIFT from Zapple you should remember to add the new SIFT as one of the tokens you monitor using the details shown above.

There is absolutely no change to current process with the old SIFT token – this means that dividends will still only be received by old SIFT-holders who hold SIFT in their own wallet.

Zapple

We are pleased to announce that Zapple have now listed a SIFT/ETH pair.

There are currently no fees for trading SIFT on Zapple. Whilst this may change at some point in the future but for now it remains fee-free.

SIFT-holders can continue to trade the old SIFT token on EtherDelta and ForkDelta, however there are some benefits to using Zapple for SIFT-holders:

  • Significantly improved used experience compared to FD and ED
  • Traditional exchange and order processing engine which ensures the best priced match for each order and allows limit as well as market orders to be placed in the order books
  • No fees for the trading of SIFT – whether making or taking from the market
  • Traditional exchange deposit mechanism where you send SIFT to a deposit address – no need to reveal your private keys or perform manual contract interactions
  • Automatic conversion of old SIFT to new SIFT
  • SIFT-holders that hold SIFT on Zapple during dividend payment periods will receive their dividend directly to their Zapple account with no need to withdraw the SIFT first, even if that SIFT is in an active order
  • Easy to use mobile interface allowing you to keep track of your Zapple portfolio wherever you are

If you have any queries with Zapple you can raise a support ticket directly from the Zapple website.

Important Information

Please note the following important pieces of information:

  • Token conversion is completely optional
  • Any SIFT deposited to Zapple is automatically converted and there is no going back – if you don’t want to convert your old SIFT, do not deposit it in Zapple
  • There is a 0.5 SIFT fee incurred when depositing SIFT in Zapple to cover their costs of token conversion
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