IoTeX Launches Zero-Fee Portal to Convert ERC-20 IOTX 1:1

IoTeX launched an IOTX redemption portal that converts the Ethereum-based version of IOTX into native IOTX on its own network at a 1:1 ratio with zero fees.

Users connect a wallet, send their ERC-20 IOTX and sign the transaction. The native IOTX is then delivered to the same address.

IOTX was issued on Ethereum in 2018. The IoTeX mainnet launched the following year, with native IOTX used to pay gas fees, support network security through staking and settle transactions on the IoTeX Layer 1 network.

The conversion is designed to bring together the two forms of IOTX that have remained in circulation since the original Ethereum token continued trading after the mainnet launch.

Revolut supports native IOTX for its global customer base, while Thailand-licensed exchange Bitkub also supports the asset.

Binance, Upbit, Bithumb and Kraken are among the other platforms supporting native IOTX.