MCO jumps 36% as’s swap program goes live unveiled its MCO swap program on August 3, allowing existing holders to shift their tokens to CRO as the protocol shifts to a unified, singular token system for its mainnet.

The swap is only available on the App, with a 20% bonus for swaps completed by 2 Sep 2020. Each 1 MCO will generate 33.1726 CRO for users including the bonus, the company said in a post.

The program runs until November 2, 2020. will not support MCO functionality on its application post the data. But the tokens will, by themselves, remain “live” on the Ethereum blockchain.


A “streamlined” ecosystem

There will be no change to the core functionality of the App. Specifically, the 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” ecosystem, said the blog.

The blog added three important points for holders to consider once the swap process is complete:

  1. The ecosystem will use one streamlined token (CRO) with the combined functionality, rather than two separate tokens (CRO and MCO).  
  2. All functions currently attributed to MCO will still exist and will be preserved, but will be enhanced and represented by CRO. 
  3. MCO that is not swapped will still exist and circulate on the Ethereum blockchain as ERC-20 tokens, but will no longer support these tokens and no service or product will require or permit usage of these tokens. 

For the swap, will use a volume-weighted average(VWAP) price as expressed in to determine the number of CRO allocated to you that reflects each swapped MCO:


Using the above formula, each MCO can be redeemed for 27.6439 CRO. The latter can be increased to over 33 CRO upon eligibility for the 20% swap bonus.

Staking benefits

The blog said the MCO Swap program is not available on the Exchange. All users must swap your Exchange MCO balance via the Swap program, and transfer their MCO balance to the App.

All MCO amounts locked in “staking” wallets will be converted at the MCO Swap Rate. However, the existing staking benefits that you enjoyed before performing the swap will remain unchanged, the blog added.

It explained:

“If you have staked 500 MCO before performing the swap, your 500 MCO stake will be converted into a 13,820 CRO stake. You will continue to enjoy the same benefits (e.g. 3% cashback, Spotify and Netflix rebates, among others).”

However, if a user decides to unstake their CRO, 13,820 CRO will be returned to your CRO Wallet, the blog noted. boasts one of the highest interest rates among other projects in the crypto space. Those staking over 50,000 CRO on the App will receive earnings weekly, at an earnings rate of 16% p.a. (for 50,000 CRO staked) and 18% p.a. (for 500,000 CRO staked and above).

MCO pumps 20%

Meanwhile, traders rushed for opportunities in MCO and CRO after the announcement. The former pumped over 20% within minutes, as some suggested the bonus created an “arbitrage” opportunity ahead of the bonus payouts.

The increase in minimum requirements to be eligible for cards also went up, serving as another factor for holders to purchase tokens:

The post MCO jumps 36% as’s swap program goes live appeared first on CryptoSlate.


By: Shaurya Malwa
Title: MCO jumps 36% as’s swap program goes live
Sourced From:
Published Date: Mon, 03 Aug 2020 08:15:18 +0000

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