Hello guys, i own a trezor wallet classic(one?) And i want to transfer my erc20 token to it from my exchange for better security and safety. The problem is the project i invested in is a layer 1 token with it’s mainnet conversion coming soon, i know that if i keep my current tokens on the exchange the mainnet conversion (token swap to native version) will be performed automaticly , but i am not sure if thats the same if i keep them on my Trezor wallet, i need help to understand the process and to make sure my tokens are safe and will not burn during mainnet conversion if i keep them on my Trezor. ( i hope my question makes sense since im very noob when it comes to the tech side of the crypto world )
Your ERC-20 tokens are not stored in your Trezor device but on the Ethereum blockchain. Your Trezor device is just a key to access your tokens in the blockchain. I don’t know if it’s a requirement to have your tokens reside on a specific exchange to get the automatic conversion, but if so it sounds like a strange requirement.
May I ask what is the ERC-20 token you have and what’s the name of the exchange?
The biggest risk is that the mainnet won’t be supported by Trezor.
If the mainnet is an EVM network (which can be operated via MetaMask), then this will probably work fine. Otherwise it’s unlikely that Trezor will be adding support anytime soon.
Thank you no its not a requirement i only know that it is going to happen automaticly on exchanges , do you mean it should as well happen automaticly if i move them to my Trezor?
I keep Taraxa project token (Tara) on Kucoin exchange
Thank you, i know that staking can be done through Metamask , does that mean its a EVM network? I can ask that also in the project group if its EVM or not, but one think i cant find an answer is , suppose its not EVM and my tokens are on eth network on my Trezor… and Trezor dont support the mainnet, its the worst scenario, then what happens to my tokens they gone and burned or at worst case i can move them some where else and convert them to mainnet token ?
You would need to import your seed phrase into a software wallet supporting the new mainnet. This obviously destroys the security of the cold storage, so if you are holding any other assets, you would first need to move them away before doing this.
The details depend on the design of the mainnet in question. Think of it like a banknote swap: if you do nothing, the old banknotes (the ERC20 token) remain in your wallet forever – but they are worthless because nobody is accepting the old notes.
There are generally two kinds of mainnet swaps. In one, you can come back at any time with the original private key, do the “swap” and start transacting with your new banknotes. So you could, for example, wait, and the moment Trezor implements support, you could start transacting.
In the other, there is a limited time window to do the swap, after which the unswapped tokens are worthless forever. That means that you would need to do some sort of action soon, which will not be possible through Trezor.
There is also a question of whether Tara’s software wallet accepts seed phrases in the same format as Trezor, and derives the right keys from them. If not, you could be stuck waiting for someone to implement this feature.
In general, you would be better off asking Tara project about all this.
If you mean staking on the new mainnet, then the answer is very likely to be yes. But better ask them explicitly anyway.