The BitTorrent Chain (BTTC) mainnet is now live, marking a significant milestone in the journey of the world's first heterogeneous chain interoperability and scaling protocol. Utilizing a Proof of Stake (PoS) consensus mechanism, BTTC enables smart contract scalability through sidechains. It initially supports cross-chain operations with Ethereum, TRON, and BSC, with plans to integrate more public blockchains, paving the way for a new era of interconnected networks.
A central part of this launch is the BTT token migration and redenomination event. This process involves converting the older BTT tokens (now called BTTOLD) into a new BTT token at a 1:1000 ratio. The total market capitalization remains unchanged, but the total supply is adjusted from 990 billion to 990 trillion tokens. This guide provides a comprehensive overview of the migration process, the new token's utility, and essential steps for users.
Understanding the BTTC Mainnet and Token Migration
The BTTC mainnet represents a major upgrade to the BitTorrent ecosystem. It is designed to enhance scalability and interoperability across different blockchain networks. The decision to migrate and split the BTT token was driven by the need to improve usability. With a larger supply, the new BTT token allows for finer granularity in transactions, rewards, and payments across various applications.
The old BTT token, now renamed BTTOLD, was a TRC-10 standard token on the TRON network. The new BTT is a TRC-20 token, offering greater functionality and compatibility with modern decentralized applications and smart contracts. It is issued on the TRON mainnet and mapped to the BTTC mainnet, where it serves as the native gas token and a key asset for network participation.
Key Features of the New BTT Token
The upgraded BTT token is integral to the BTTC ecosystem. Its primary use cases include:
- Staking to become a validator on the BTTC network.
- Participating in network voting to earn rewards.
- Engaging in community governance proposals.
- Paying for transaction fees (gas) on the BTTC network.
Meanwhile, BTTOLD will continue to exist and maintain its utility within specific legacy applications, such as:
- Paying for file storage on the BTFS decentralized storage system.
- Participating in BTFS storage mining.
- Accelerating downloads on the BitTorrent Speed protocol.
How to Migrate Your BTTOLD to New BTT Tokens
The migration process is straightforward and designed to be user-friendly. Your method will depend on where you currently hold your BTTOLD tokens.
For Users on Supporting Exchanges
If your BTTOLD tokens are held on a centralized cryptocurrency exchange, the process is often automatic.
- Check the official announcements from your exchange to confirm their support for the BTT token migration.
- Supporting exchanges will automatically convert your BTTOLD holdings to the new BTT tokens at the 1:1000 ratio.
- Once the exchange has processed the upgrade, you can freely trade, deposit, and withdraw the new BTT tokens.
👉 Check the latest supported exchange listings for the migration
For Users in Self-Custody Wallets
If you hold your BTTOLD in a decentralized wallet like TronLink, you will need to perform a manual swap through the official BTTC portal. Please note that the conversion is one-way only (from BTTOLD to BTT).
Follow these steps to manually migrate your tokens:
- Navigate to the official BTTC application website.
- Connect your TronLink wallet to the site.
- Locate and click on the "Get BTT" section in the navigation menu.
- Enter the amount of BTTOLD you wish to convert and click "Confirm Swap."
- Approve the transaction and sign it using your connected wallet.
- Wait for the transaction to be confirmed on the blockchain.
- After confirmation, add the new BTT token to your wallet using its TRC-20 contract address.
This manual swap service became available simultaneously with the BTTC mainnet launch.
Critical Considerations for a Safe Migration
To ensure a secure and successful token migration, keep these important points in mind:
- Verify Token Details: The old token (BTTOLD) is a TRC-10 token, while the new BTT is a TRC-20 token. Always double-check token names, types, and contract addresses before initiating any transactions to avoid permanent loss of funds.
- Use Official Channels: Only use the official BTTC application website or supported exchanges for the migration. Do not send your tokens to unknown addresses or use unverified third-party services.
- Exchange Deposits: When depositing to an exchange, ensure you are sending the correct token type (BTT or BTTOLD) that the exchange supports. Sending the wrong asset type may result in a loss of funds.
- No Reverse Conversion: The manual conversion process is irreversible. Once you convert BTTOLD to the new BTT, you cannot change it back.
Frequently Asked Questions
What is the difference between BTTOLD and the new BTT?
BTTOLD is the legacy TRC-10 token with utility in the BTFS and BitTorrent Speed ecosystems. The new BTT is a TRC-20 token that serves as the native gas and governance asset for the new BitTorrent Chain mainnet, with a 1:1000 larger supply.
Do I have to migrate my tokens immediately?
The conversion smart contract is designed to be permanently available. There is no strict deadline, allowing users to migrate their tokens at their convenience. However, to participate in the new BTTC ecosystem features like staking and governance, you will need the new BTT tokens.
My exchange isn't supporting the migration. What should I do?
If your current exchange does not support the automatic swap, you can withdraw your BTTOLD tokens to a compatible decentralized wallet like TronLink and perform the manual migration process yourself via the official BTTC application.
Will BTTOLD become worthless after the migration?
No, BTTOLD will continue to have utility within its original ecosystems, such as BTFS storage payments and mining. Both tokens will coexist, serving different purposes within the broader BitTorrent ecosystem.
How do I add the new BTT token to my wallet?
You must manually add the new TRC-20 token to your wallet using its official contract address. This allows your wallet interface to display your balance correctly.
Is there a fee for the migration?
The manual migration process requires paying a standard TRON network gas fee (in TRX) to process the blockchain transaction for the token swap. There is no additional fee for the conversion itself.