A complete guide to the VeChain VEN to VET token swap

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With a smooth launch of VeChain’s mainnet, the time has come to make the transition from the Ethereum based VEN token to VeChainThor’s native VET token. Everyone who currently owns VEN should swap these to VET.

Update 09-09-2018: this guide has been updated to reflect the latest status.

In this guide, we will show you everything you need to know about the VEN to VET token swap.

Token swap timeframe

For the official information from the VeChain foundation on the token swap, please see the following two tweets. In the first Tweet, VeChain explains how to perform the token swap using the VeChainThor Wallet:

In a second post, VeChain made some changes to the original timeline to make sure (X)Node holders will be able to use a Nano Ledger hardware wallet to store their coins.

VeChain also released a great video with all details about the token swap.

Because there is a lot of information about the token swap, we have created four easy to follow methods to swap your VEN to VET.

Pick the method that bests suits your situation to perform the token swap.

General token swap FAQ

  • What is a token swap? What is the difference between VEN and VET? VEN is the Ethereum based token that could be bought during the ICO and on exchanges after the ICO. VET is the native coin of the VeChainThor platform. During the token swap, you can swap your VEN to VET tokens.
  • How much VET is 1 VEN worth? 1 VEN is worth 100 VET.
  • How long do I have to perform the token swap? Only when you have an X-node you need to perform the swap before a certain deadline, please see Method C or D for more details.
  • Something went wrong, can you help me? No, we don’t offer support, but feel free to ask your question in the comments below or ask for support in one of the official VeChain Telegram channels.

Method A: Swap VEN to VET without using the VeChain wallet and using an exchange

  • Security: least secure
  • Difficulty: easiest
  • Aimed at: non-node VEN holders who own some VEN and trust exchanges well enough to hold their coins and perform the token swap.

Update 09-09-2018: almost all exchanges have done the token swap and no longer offer this method. The only exchange to still offer a token swap service is Lbank. 

Method A Steps (using Lbank)

  1. Sign up to the LBank exchange.
  2. Send your erc20 VEN to the erc20 VEN wallet address on Lbank.
  3. Click on convert in your funds overview to swap your erc20 VEN tokens to mainnet VET tokens.
  4. Done! After the exchange has performed the token swap you will now own the native VET coins in your exchange wallet.

Method B: Swap VEN to VET using the VeChain wallet

  • Security: secure
  • Difficulty: medium
  • Aimed at: VEN holders who don’t have a hardware wallet but prefer to use the VeChain wallet to perform the token swap instead of using an exchange to do the token swap.

Method B Steps

  1. Download and install the VeChainThor Wallet
  2. Accept the Service Agreement and Privacy Policy and set your 6 digit login password in the next step.
  3. Click on “Create Wallet” and follow the instructions provided by the App
  4. After the creation of your wallet, you will be given a unique mnemonic phrase. Write this down and store it in a safe location. The mnemonic phrase is your only way to restore your wallet if needed in the future, so make sure you keep it safe.
    1. To prevent anyone from getting access to your mnemonic phrase, it is best to write it down on multiple pieces of paper that you store in various locations (your house + your parents for example).
    2. Do not store your mnemonic key in your mail, cloud services or mobile phone for security reasons.
    3. After installation of the wallet, the mnemonic phrase will be destroyed and there is no way to recover this, so KEEP IT SAFE AND SECURE.
  5. DO NOT SEND YOUR ERC-20 VEN TO THIS VET WALLET
  6. Now we have created a wallet we can start with the actual token swap process. Click on Me > VET Token Swap service. Accept the service agreement and click on Start.
    1. Select the wallet you just created, this is where your VET after the token swap will go to. DO NOT SEND YOUR ERC-20 VEN TO YOUR VET ADDRESS.
    2. Input the Ethereum address from which you will send your VEN and input the amount of VEN you want to swap.
    3. You are now given an intermediary address (the receiver address).
    4. Send your VEN to this intermediary address
      1. Please test first by sending 0.01 VEN to this intermediary address.
      2. Only send your VEN to this intermediary address, never to your VET address!
    5. Wait 6 to 12 hours, while the token swap takes place. During this time, the ERC-20 VEN you send to the intermediary address will be “destroyed” and in return, VET will be sent to your VET wallet.

Method B FAQ

  • When will the VET Token Swap service in the app become available? 12pm UTC+8 on August 10th

Method C: Swap VEN X-Node to VET using the VeChain wallet

  • Security: secure
  • Difficulty: medium
  • Aimed at: X-Node VEN holders who don’t have a ledger nano hardware wallet.

Update 01-09-2018: the period to bind and swap your X-node has ended, binding your X-node is no longer possible.

Method C Steps

The general steps are: create a wallet in the mobile App, bind your old X-node wallet to your newly created wallet and at last perform the token swap.

Let’s start by creating your wallet:

  1. Download and install the VeChainThor Wallet
  2. Accept the Service Agreement and Privacy Policy and set your 6 digit login password in the next step.
  3. Click on “Create Wallet” and follow the instructions provided by the App
  4. After the creation of your wallet, you will be given a unique mnemonic phrase. Write this down and store it in a safe location. The mnemonic phrase is your only way to restore your wallet if needed in the future, so make sure you keep it safe.
    1. To prevent anyone from getting access to your mnemonic phrase, it is best to write it down on multiple pieces of paper that you store in various locations (your house + your parents for example).
    2. Do not store your mnemonic key in your mail, cloud services or mobile phone for security reasons.
    3. After installation of the wallet, the mnemonic phrase will be destroyed and there is no way to recover this, so KEEP IT SAFE AND SECURE.
  5. Now we have created a new wallet, it is time to move your X-node status from your ethereum wallet to this wallet by using the X Node binding service.
  6. Go to the rewards tab and click on X Node binding
  7. Select your created wallet and press Confirm.
  8. Now enter your Ethereum wallet address that currently holds your VEN and has X-Node status.
  9. Click on X Node verification, this will check if your wallet address does indeed have X-node status.
  10. You will now be given an intermediary address to which you have to send 0.01 VEN from your ethereum X-node wallet address to confirm you are indeed the owner.
  11. After you have send 0.01 VEN to the receiver / intermediary address click on ERC20 VEN transferred, next.
  12. Once the transaction has been confirmed your VET wallet will have X-node status.
  13. Now you have setup your wallet and given it X-node status, you can swap your VEN to VET tokens before moving them to your new wallet.
    1. To perform the token swap, see Method A if you want to use an exchange.
    2. Or Method B if you want to make use of the token swap service that is part of the wallet App.

67 COMMENTS

  1. I can’t find “Me > VET Token Swap service” in VechainThor Wallet to swap my VEN from Etherium Wallet imToken. What I have to do?

  2. I can’t find “Me > VET Token Swap service” in VechainThor Wallet to swap my VEN from Etherium Wallet imToken. What I have to do?

  3. I can’t find the button either. However, it does pop up for half a second upon the first load in the rewards tab.

    Now, it does say in their video and youtube tutorials to send it to the intermediary address once the 0.01 has been confirmed. BUT. The official video says to do that once the swap service becomes available. The service becomes available August 10 according to the method above.

    I’m testing it with 1 VEN now. Give it the 6 – 12 hours and see if it swaps. If it does I will do the rest!

    Anyone there now who has performed this?

  4. I’m glad I’m not the only one with this issue, I read the instructions and cannot find the “Vet token swap service”

  5. Until when can you change? Date? Can it happen that you missed the change and after the change no longer possible?

  6. hi is the vchain thor wallet sill having issues as the swap option of ven to vet does not appear in the wallet as it is shown above

  7. I transferred VET from Binance to my Vechain (VEN) wallet with Zebpay. A transaction ID was generated and the transaction shows complete on the blockchain however the coins are not yet transferred to the Zebpay wallet. What could have gone wrong? could it be because i transferred VET to VEN wallet? What do I do now?

  8. Hi,
    I’m trying to convert VEN to VET using X Node binding using the app. It says that my Ethereum VEN wallet address is wrong but I’m pretty sure I’m submitting the right one.

    Am I late for the deadline or why it does not recognise the right address?

    Thanks

    Andrey.

  9. My Enjin wallet address is not being accepted. Maybe I have to wait until Aug 10. Never knew owning a token could be this much hassle and time consuming.

  10. On method B,
    “5. Wait 6 to 12 hours, while the token swap takes place. During this time, the ERC-20 VEN you send to the intermediary address will be “destroyed” and in return, VET will be sent to your VET wallet.”

    Do we transfer the remaining VEN into the intermediary address after the swap happens after ?

    Or do we transfer the remaining VEN into the intermediary address once the 0.01VEN transfer is successful?

  11. I am not getting a valid transaction for the Ven to Vet swap via MEW. I accidentally sent 2 transactions of .01 VEN to the contract. Could this be an issue? (doing the swap to the mobile wallet).

  12. I have vechain coin in my zebpay account and zebpay delisted it how can i send my vechain in vechain thor wallet? Please help

  13. I invested in VEN a few weeks ago at HitBTC exchange, because VEN was not available at the Binance exchange. Or at least I did not see it there. When VET was announced, I expected HitBTC to do the swap to VET for me, but it has not done that yet and VEN is still active there. Anyone here know when HitBTC will do that? If not, what can I do to get the swap?

  14. Paul I just tried in my VeChain Wallet and I have the Same as you and there is no VET Token Swap Service on my Wallet either…………Sure Glad I did not send my VEN token directly to the VeChain Wallet before reading a lot of the Info………

  15. I keep getting No Internet Access when trying to swap the ven to vet token…. it happens while confirming wallet.

  16. Hi, I made big mistake sending my VEN directly to VeChainThor adress and now I can see them only in EtherTracker. Is there any way to get it back or any way to have that money back? 🙁

          • 1.Download imToken Version 1.4.6 (DO NOT DOWNLOAD imToken 2) from App Store;
            2.Export the keystore of the VeChainThor address from the VeChainThor wallet;
            3.Import the keystore file into an Ethereum wallet(e.g.Imtoken), you will be asked to input the password of the keystore. It is same as the wallet password you set in the VeChainThor wallet;
            4.If it is imported successfully, you will be able to restore this address in the Ethereum wallet and gain control over the ERC20 VEN token.
            5.Remember to create a new VeChainThor wallet and follow the Manual.

            This works!

  17. Hi. My ledger now shows the same number of VET than i had bevor in VEN. For example 10 Vet instead of 1000. I tried to send 0.01 to the intermediare adress but didnt receive. Thx for help.

  18. I am trying to use the Token Swap Service on the mobile app and in step three I need to send .01 VEN to an intermediary address.

    However, when I’m logged into myEtherWallet, there is no option for me to select that token to send. I only see the other tokens that I have in my wallet. So how can I do this intermediary step if there’s no way for me to select VEN as the token to send to the intermediary address?

    Any help is greatly appreciated!

    • I am also on MEW and can see my VET balance as it was when it was VEN. Try loading VET on the show all tokens button.
      I have been trying to get the .01 VET (VEN) to the intermediary as per manual but the TX comes back as failed even after 260 confirmations. I get the following:
      Contract 0xd850942ef8811f2a866692a623011bde52a462c1 (VeChainToken)
      Warning! Error encountered during contract execution [Out of gas]
      ERC-20 Token Transfer Error (unable to locate corresponding Transfer event log), check with sender.

      Any help would be greatly appreciated. Thank you.

      • I had the same problem.

        You have to transfer your VEN in liqui to a wallet. I transferred it to MEW. Then I downloaded the vechain thor wallet for mobile and followed the instructions. Sending the initial 0.01 may take longer than the 10 min they highlighted.

  19. I’ve not been keeping track of my crypto for a while and just realised I need to swap. Hoping I haven’t missed the boat! What’s the best way to swap if my VEN is in a nano ledger via MEW?

  20. Hi, I bought VET (as VET) from Binance yesterday. Then sent them to my MEW. Then tried to load VET on the “show all tokens” button. But still 0 in VET balance? The transaction from Binance looks ok, with a transaction id and status OK. Why cant I see the tokens sent? I didn´t buy them as VEN so no need to swap right?

    Any help would be much appriciated!

    Thank you

  21. Hans (or anyone!),

    HitBTC has still not credited me back with my VEN coins. The only message I got from them is that they are still in negotiations with VEN about the swap. Anyone that had VEN in HitBTC, please post here and let me us know if you know just what is going on at HitBTC. It is Sept 20 now. Binance had their swap completed over a month ago now. This is disheartening to see your funds go to zero for VEN.

  22. I’ve got VẸN in Hitbtc but I can not withdraw, transfer or do something with it. Hitbtc offline my VEN account why like that. Somebody help me?

  23. Can i just transfer my VEN on an exchange to an ERC20 wallet without any problems? And then follow tje steps to transfer VEN to VET.. Thanks

  24. Hi, I sent VET from Binance to Bitbox (who still uses VEN but they said they support mainnet for all coins) And my deposit never showed up and now they say they changed their story and are saying they don’t support VET only VEN… What do you think of this? See their mainnet suport policy: https://www.bitbox.me/notice/20093628

    • Hi, we can’t help you with this, please contact Bitbox support and see if they can transfer your funds back

      • I contacted them but they just keep saying that they are investigating and i have to wait wait wait… In the mean time they also unlisted VEN… While the Bitbox 24h volume was above a whopping 1 billions usd, there was only a single sell order on their VEN market for months. It doesn<t smell good at all. I think they just didn<t understand how Vechain work and they made me loose my money and they domt even seem willing to take responsability for their mistakes.

  25. What about Ledger Nano S. Is it possible to swap inside the vechain app? Couldn’t find anything about this. Still have my VEN on MEW

  26. it has been 30 minutes since I have sent my 0.01ven to the intermediary adress and the mobile wwallet still does not see the tx, should I wait more or panic ?

  27. I swapped .01 VEN to VET successfully on October 8th with the mobile wallet using the intermediary address. My understanding is that the balance of my VEN should have then been swapped. It still has not. It’s been nearly 10 days and my wallet still shows a balance of just the 1 VET. What should I do now?

  28. Hi,

    while the token swap via Thor wallet wallet i did 2 transaktions to the intermediary by accident. Now its 0.02 ven instead 0.01 ven and “no valid transactions” shows up every time i want to do step 3 of the token swap. Any ideas to solve the problem?

    Refards
    Raffa

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