Definition: token swap

(1) Exchanging one crypto token for another. Also called a "coin swap." See crypto token and crypto glossary.

(2) Exchanging an existing crypto token with an upgraded version. Also called a "coin swap," a token swap may occur if the blockchain project undergoes a major change or is acquired by another organization, and all existing tokens must be turned in for the new token.

For example, the Golem Network Token (GNT) used to rent time on the Golem supercomputer network was swapped for GLM tokens in 2020 on a one-for-one basis (see Golem Network). See crypto token and crypto glossary.