ECOMI x Immutable Migration: Swap Options
This post was initially printed on Ecomi
Starting within the new yr, migrating your tokens from the present GoChain OMI and/or wrapped OMI (wOMI) to the brand new Ethereum OMI will change into accessible. There are 3 swap choices accessible to you, relying on the way you want to use your tokens, with various levels of information and prices incurred.
WARNING: Please ONLY use the official hyperlinks and knowledge supplied. The OMI token migration to Ethereum will NOT start till the brand new yr, and the date is but to be introduced.
Be cautious of scams, or any service providing to swap your tokens for you ⚠️
Now that the minting of NFTs on Immutable is full, we now have begun preparations for the migration of the OMI token to Ethereum. That is the second article within the token migration collection. If you happen to missed the primary article we strongly counsel you learn it earlier than persevering with.
ECOMI x Immutable Migration- Start Here!
With a view to swap/migrate your tokens, there are three choices accessible to you. Upon completion of this text, you must be capable of decide which possibility is probably the most suited to your circumstances.
1. The VeVe App
Your in-app OMI wallet is among the most cost-effective choices accessible to you for the token swap.
Any OMI tokens which can be swapped by way of the in-app pockets will probably be routinely swapped to Layer 2 OMI. We are going to advise you as to when this may happen, to make sure you have ample time to maneuver your tokens when you want.
Reminder: L2 OMI can be utilized throughout the VeVe app for a spread of utilities akin to staking, the OMI drop raffle, peer-to-peer buying and selling, and extra (when enabled). Nonetheless, if you wish to commerce your OMI tokens on an trade you’ll need to bridge them again to L1 (we are going to present directions on this sooner or later), which can incur gasoline prices.
If you happen to at present retailer your OMI tokens privately (in your personal pockets), and want to use the VeVe app to swap to L2 OMI tokens, additionally, you will want GO tokens to make use of as gasoline so as to ship out of your private pockets into your in-app VeVe pockets.
1 GO token is greater than sufficient for a number of transactions, so you’ll not want a lot to maneuver your tokens. In case you are fortunate somebody within the Fam could also be keen to ship you one, and the ECOMI Telegram neighborhood is a superb place to start out! ⭕
If you happen to already maintain your OMI within the VeVe app pockets and are comfortable on your balances to be migrated on to L2, you’ll be able to go away them as is. They are going to be routinely swapped when the migration takes place.
NOTE: The choice to ship the present GoChain OMI token to your in-app wallets is simply accessible BEFORE the token migration. As soon as the OMI token has moved to Ethereum, you’ll need to manually swap them by way of our swap web site (extra beneath) to have the ability to port them into the app.
2. Exchanges
The OMI token is at present accessible on 4 exchanges and every has confirmed they will even assist to facilitate the token swap:
- OKEx
- AscendEX (previously Bitmax).
On the time of writing, some deposits/withdrawals are restricted on AscendEX because of a current trade exploit. We are going to replace you on the standing of their participation because it turns into accessible. - Bitforex
- Gate.io
Because of this exchanges will routinely swap your token balances so that you can the brand new Ethereum OMI token, nevertheless, these tokens will probably be swapped to layer 1 OMI.
Holding L1 OMI lets you commerce your tokens, and retailer them in any chilly storage pockets that helps Ethereum/ERC20 tokens, nevertheless, you’ll NOT be capable of use them inside VeVe.
If you happen to want to use your OMI within the VeVe app at a later date, it is possible for you to to ‘bridge’ or port your tokens to L2 by way of the online pockets (particulars to be launched in a future article).
We will probably be working carefully with the exchanges to set a date so that you’ve ample alternative to deposit your tokens do you have to want to select this selection, and once more, the one prices incurred are the GoChain gasoline charges (minimal) to ship to your trade handle.
Through the token swap, it’s anticipated that the exchanges will pause deposits, withdrawals, and buying and selling of the OMI token. The size of time this pause takes place will depend upon the trade itself, and they’re going to present info on this as needed.
Upon completion of the exchange-based token swap, you’ll not be capable of ship your GoChain OMI tokens to your trade accounts, as they’ll solely settle for the brand new Ethereum OMI token from that time on. Nonetheless, possibility three (beneath) will probably be accessible so that you can migrate your tokens at a later date.
Notice: As soon as the migration is full, you’ll not be capable of ship your GoChain OMI tokens to your in-app VeVe pockets, or to your trade accounts- as they’ll solely settle for the Ethereum OMI token from that time on.
3. Token Swap Web site
The token swap web site is a handbook course of and lets you swap from the present GoChain OMI token, and/or the wrapped OMI token (wOMI), to the brand new Ethereum OMI token, providing you with the choice of when you wish to migrate your tokens.
The important thing variations between handbook migration by way of the swap web site and the automated swaps provided in-app (possibility 1) and thru exchanges (possibility 2) are the fee, and information required.
With a view to use the swap site, you’ll need to have/use the Metamask browser extension and perceive tips on how to signal and approve transactions. Additionally, you will require each GO tokens and ETH tokens so as to cowl gasoline, and this transaction price is incurred by the token holder.
Any GoChain OMI that’s migrated to Ethereum OMI utilizing the swap web site will probably be migrated to layer 1. You’ll have the choice to bridge to layer 2 (for use inside VeVe) nevertheless these transactions will even incur a gasoline price.
Once more, when you want a refresher on the distinction between Layer 1 and Layer 2 OMI, and the place/how they can be utilized, please see this article.
Selecting when to make use of the swap web site is as much as you and supplies a possibility to swap your tokens when gasoline costs are decrease. The swap web site will probably be accessible indefinitely, which suggests you do not want to hurry to swap your OMI as quickly because the swap web site is reside. It’s possible you’ll discover your transaction processes extra shortly as soon as the site visitors eases.
NOTE: The token swap web site is the most costly possibility of the three, because it requires you to pay gasoline (transaction prices) utilizing GO and Ether (ETH)- the native token of the Ethereum blockchain. Relying on community congestion, these transactions might price wherever from $30-$100 value of ETH (or extra), and bridging between L1/L2 will even require ETH to pay for transaction prices.
We are going to quickly be releasing in-depth directions and a walkthrough information exhibiting you ways to connect with and use the swap web site, and an extra useful resource on tips on how to bridge your belongings, so please keep tuned for these.
WARNING: Please ONLY use the official hyperlinks and knowledge supplied. The OMI token migration to Ethereum will NOT start till the brand new yr, and the date is but to be introduced. Be cautious of scams, or any service providing to swap your tokens for you ⚠️
FAQ
How Do I Know Which Possibility Is Greatest for Me?
Figuring out which swap possibility is most applicable to your circumstances actually comes all the way down to the place/the way you wish to use your OMI tokens.
If you wish to retailer and/or spend them throughout the VeVe app (when accessible), for actions akin to staking, the OMI drop raffle, or peer-to-peer NFT gross sales/transactions, porting on to L2 is sensible. If you need the choice to commerce on exchanges, holding some OMI on L1 may be higher for you.
For many token holders a mix of each is prone to be the very best resolution, and the swap web site will probably be accessible indefinitely when you select to not migrate all your tokens without delay, so that you don’t need to make a ultimate choice now both.
Put up-migration, we are going to allow a ‘bridge’ within the net pockets, which can let you port your tokens from L1 (exchanges) to L2 (VeVe), and vice versa when you change your thoughts within the future.
When Will the Token Migration Take Place?
The token migration won’t happen till the brand new yr, with the date but to be suggested, and no motion is required of you at the moment. We offers you ample time to maneuver your tokens to organize for the token migration. In case you are not already within the ECOMI announcement channel, please be part of it here, and/or comply with us on Twitter so that you don’t miss the updates.
Do I Must Transfer My Tokens Now?
While now is an effective time to start making ready and deciding which choices are greatest for you, you do not want to take any motion at this time- so long as you progress your tokens previous to the migration date (TBA).
As all the time, the safety of your belongings is your personal accountability, so selecting when/the place to maneuver them is as much as you. We offers you discover when the migration date has been set, and advocate shifting your tokens a minimal of 72 hours earlier than it is because of take place.
Everytime you select to maneuver your tokens we strongly counsel sending small take a look at quantities first, to make sure you have the proper addresses and knowledge.
For swap possibility 2, it’s probably that exchanges will shut OMI deposits earlier than the migration date so as to be ready for it, so if you’re utilizing the trade possibility please stay conscious of their deposit/withdrawal restrictions.
How Do I Discover my OMI pockets within the VeVe app?
If you happen to’re an Android person, you’ll be able to toggle entry/activate the OMI pockets in your app settings. If you happen to use iOS, you’ll be able to entry your OMI pockets by logging into the online pockets with the identical credentials you utilize to log into VeVe. It may be discovered right here: https://omi.veve.me/
What if I Miss the Migration Window?
There isn’t a rush to swap your OMI tokens, and also you all the time have the choice to make use of our swap web site to manually migrate at a time of your selecting (though this may incur greater prices).
What about wOMI tokens?
If you happen to at present maintain wrapped OMI (wOMI) tokens, additionally, you will be capable of swap these to the brand new Ethereum OMI token by way of the token swap web site. We are going to present info on how to do that in a coming article.
What if I Have OMI on my Safe Pockets?
In case you are at present storing your tokens on the Safe Pockets, or another chilly storage machine, you’ll need to make use of one of many 3 strategies talked about above to swap to the brand new Ethereum OMI token.
After the migration, the brand new Ethereum OMI token will probably be accessible within the Safe Pockets app, and it is possible for you to to return your tokens to chilly storage on the Safe Pockets.
NOTE: The ECOMI Safe Pockets will proceed to retailer and show GoChain OMI in addition to the brand new ERC20 OMI token on the house display screen. As token holders have the choice emigrate their OMI by way of the token swap web site at a time of their very own selecting, it’s crucial that each tokens stay accessible and visual till all tokens have been migrated.
Additionally it is essential to know that the Safe Pockets helps layer 1 tokens solely, and customers will NOT be capable of withdraw from their VeVe app on to their Safe Pockets.
What if I Wish to Transfer my OMI From L1 to L2
Upon completion of the migration, we will even launch new options within the Internet Pockets permitting you to ‘bridge’ between layers. That’s, you’ll be capable of deposit your tokens to Layer 2 (VeVe), or withdraw them to Layer 1 (exchanges), at a time of your selecting. We are going to launch extra detailed directions on this in a future article.
Info on this channel is for instructional functions solely. It shouldn’t be thought-about monetary recommendation and all customers are suggested to do their very own analysis. See disclaimer.
About ECOMI
ECOMI is a expertise firm based mostly in Singapore and is main the best way within the emerging digital collectibles space. ECOMI affords a one-stop-shop for digital collectibles by way of the VeVe app bringing popular culture and leisure into the twenty first century.
The VeVe app permits customers to expertise true possession of premium digital collectibles. By way of the app market, customers can receive widespread, uncommon, or one-of-a-kind digital collectibles, share these throughout the social community service, and trade them with the VeVe neighborhood, all from the palm of their hand.
ECOMI sees digital collectibles as a brand new asset class that gives mental property house owners the chance for brand spanking new income streams within the digital panorama. Digital streaming, gaming, and in-app buying have change into a multibillion-dollar market, and the subsequent to affix this digital development is the popular culture and collectibles business.
Or, for extra info please be part of the neighborhood on Telegram, Twitter, and Facebook.
ECOMI x Immutable Migration: Swap Options was initially printed in ECOMI on Medium, the place persons are persevering with the dialog by highlighting and responding to this story.
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