If you own any MCO tokens you should look into swapping them before November. If you do it early - it is even better since you can earn a 20% bonus.
We are growing tired of these swaps and loss of tokens when someone misses the Swaps. This is one of the shittiest things that happens in the Crypto space where people lose their shirts because they are truly holding.
This is worse than holding money in a non-interest bearing bank account.
We digress.
Back to Crypto.com, if you are a MCO holder, you will have to SWAP your tokens into CRO tokens using the CRYPTO.COM App.
We swapped our minitismal holdings in MCO into CRO today and it literally took less than 1 minute using the App.
We also got 20% bonus. The total swapped value of CRO tokens at the current market price is lower than what we paid for MCO tokens, however, there is nothing we can do about it.
"There will be no change to this core functionality, but we are expanding MCO functionality and representing it in a new way. Specifically, the MCO Swap Program will involve combining the current functionalities of MCO, with CRO’s utility and technology, in a “one stop shop” token to enable a streamlined Crypto.com ecosystem. The swap program will also serve to leverage the advanced capabilities of the Crypto.com Chain, in preparation of its upcoming mainnet launch," according to the official announcement by the company via email.
How do I swap?
Process is quite simple if you hold your MCO tokens on the Crypto.com app.
If you hold your MCO tokens on an exchange, you have to install the app, transfer your MCO tokens to the app and follow the instruction prompts on the screen.
What is the Swap rate?
If you swap now, you swap at 1 MCO = 33.1726 CRO.
IF you swap after the bonus period ends, then the swap is fixed at 1 MCO = 27.6439 CRO
Due date
You must complete this process by 2 Nov 2020 at 23:59 UTC.
Staking becomes more expensive
As you can see from below chart, staking is going to be more expensive now on Crypto.com. For instance, at the current price of $5.47, you only needed $273 to be eligible to stake at Ruby tier.
However, user the new tiering, you will need $835 to be able to afford the Ruby tier.
Tier MCO Staked CRO Staked Ruby 50 MCO 5,000 CRO Jade/Indigo 500 MCO 50,000 CRO Icy White/Rose Gold 5,000 MCO 500,000 CRO Obsidian Black 50,000 MCO 5,000,000 CRO
While this new tier and increased CRO requirement might be good for the CRO prices, it makes staking on Crypto.com more expensive and probably out of reach for the 'small savers'.
