This post was originally published on Ecomi
Beginning in the new year, migrating your tokens from the existing GoChain OMI and/or wrapped OMI (wOMI) to the new Ethereum OMI will become available. There are 3 swap options available to you, depending on how you wish to use your tokens, with varying degrees of knowledge and costs incurred.
WARNING: Please ONLY use the official links and information provided. The OMI token migration to Ethereum will NOT begin until the new year, and the date is yet to be announced.
Be wary of scams, or any service offering to swap your tokens for you ⚠️
Now that the minting of NFTs on Immutable is complete, we have begun preparations for the migration of the OMI token to Ethereum. This is the second article in the token migration series. If you missed the first article we strongly suggest you read it before continuing.
ECOMI x Immutable Migration- Start Here!
In order to swap/migrate your tokens, there are three options available to you. Upon completion of this article, you should be able to determine which option is the most suited to your circumstances.
1. The VeVe App
Your in-app OMI wallet is one of the cheapest options available to you for the token swap.
Any OMI tokens that are swapped through the in-app wallet will be automatically swapped to Layer 2 OMI. We will advise you as to when this will take place, to ensure you have ample time to move your tokens if you wish.
Reminder: L2 OMI can be used within the VeVe app for a range of utilities such as staking, the OMI drop raffle, peer-to-peer trading, and more (when enabled). However, if you want to trade your OMI tokens on an exchange you will need to bridge them back to L1 (we will provide instructions on this in the future), which will incur gas costs.
If you currently store your OMI tokens privately (in your own wallet), and would like to use the VeVe app to swap to L2 OMI tokens, you will also need GO tokens to use as gas in order to send from your personal wallet into your in-app VeVe wallet.
1 GO token is more than enough for multiple transactions, so you will not need much to move your tokens. If you are lucky someone in the Fam may be willing to send you one, and the ECOMI Telegram community is a great place to start! ⭕
If you already hold your OMI in the VeVe app wallet and are happy for your balances to be migrated directly to L2, you can leave them as is. They will be automatically swapped when the migration takes place.
NOTE: The option to send the existing GoChain OMI token to your in-app wallets is only available BEFORE the token migration. Once the OMI token has moved to Ethereum, you will need to manually swap them through our swap site (more below) to be able to port them into the app.
The OMI token is currently available on 4 exchanges and each has confirmed they will also help to facilitate the token swap:
- AscendEX (formerly Bitmax).
At the time of writing, some deposits/withdrawals are restricted on AscendEX due to a recent exchange exploit. We will update you on the status of their participation as it becomes available.
This means that exchanges will automatically swap your token balances for you to the new Ethereum OMI token, however, these tokens will be swapped to layer 1 OMI.
Holding L1 OMI allows you to trade your tokens, and store them in any cold storage wallet that supports Ethereum/ERC20 tokens, however, you will NOT be able to use them within VeVe.
If you wish to use your OMI in the VeVe app at a later date, you will be able to ‘bridge’ or port your tokens to L2 through the web wallet (details to be released in a future article).
We will be working closely with the exchanges to set a date so that you have ample opportunity to deposit your tokens should you wish to choose this option, and again, the only costs incurred are the GoChain gas fees (minimal) to send to your exchange address.
During the token swap, it is expected that the exchanges will pause deposits, withdrawals, and trading of the OMI token. The length of time this pause takes place will depend on the exchange itself, and they will provide information on this as necessary.
Upon completion of the exchange-based token swap, you will no longer be able to send your GoChain OMI tokens to your exchange accounts, as they will only accept the new Ethereum OMI token from that point on. However, option three (below) will be available for you to migrate your tokens at a later date.
Note: Once the migration is complete, you will no longer be able to send your GoChain OMI tokens to your in-app VeVe wallet, or to your exchange accounts- as they will only accept the Ethereum OMI token from that point on.
3. Token Swap Site
The token swap site is a manual process and allows you to swap from the existing GoChain OMI token, and/or the wrapped OMI token (wOMI), to the new Ethereum OMI token, giving you the option of when you want to migrate your tokens.
The key differences between manual migration through the swap site and the automatic swaps offered in-app (option 1) and through exchanges (option 2) are the cost, and knowledge required.
In order to use the swap site, you will need to have/use the Metamask browser extension and understand how to sign and approve transactions. You will also require both GO tokens and ETH tokens in order to cover gas, and this transaction cost is incurred by the token holder.
Any GoChain OMI that is migrated to Ethereum OMI using the swap site will be migrated to layer 1. You will have the option to bridge to layer 2 (to be used within VeVe) however these transactions will also incur a gas cost.
Again, if you need a refresher on the difference between Layer 1 and Layer 2 OMI, and where/how they can be used, please see this article.
Choosing when to use the swap site is up to you and provides an opportunity to swap your tokens when gas prices are lower. The swap site will be available indefinitely, which means you do not need to rush to swap your OMI as soon as the swap site is live. You may find your transaction processes more quickly once the traffic eases.
NOTE: The token swap site is the most expensive option of the 3, as it requires you to pay gas (transaction costs) using GO and Ether (ETH)- the native token of the Ethereum blockchain. Depending on network congestion, these transactions could cost anywhere from $30-$100 worth of ETH (or more), and bridging between L1/L2 will also require ETH to pay for transaction costs.
We will soon be releasing in-depth instructions and a walkthrough guide showing you how to connect to and use the swap site, and an additional resource on how to bridge your assets, so please stay tuned for those.
WARNING: Please ONLY use the official links and information provided. The OMI token migration to Ethereum will NOT begin until the new year, and the date is yet to be announced. Be wary of scams, or any service offering to swap your tokens for you ⚠️
How Do I Know Which Option Is Best for Me?
Determining which swap option is most appropriate to your circumstances really comes down to where/how you want to use your OMI tokens.
If you want to store and/or spend them within the VeVe app (when available), for activities such as staking, the OMI drop raffle, or peer-to-peer NFT sales/transactions, porting directly to L2 makes sense. If you want the option to trade on exchanges, holding some OMI on L1 might be better for you.
For most token holders a combination of both is likely to be the best solution, and the swap site will be available indefinitely if you choose not to migrate all of your tokens at once, so you don’t have to make a final decision now either.
Post-migration, we will enable a ‘bridge’ in the web wallet, which will allow you to port your tokens from L1 (exchanges) to L2 (VeVe), and vice versa if you change your mind in the future.
When Will the Token Migration Take Place?
The token migration will not take place until the new year, with the date yet to be advised, and no action is required of you at this time. We will give you ample time to move your tokens to prepare for the token migration. If you are not already in the ECOMI announcement channel, please join it here, and/or follow us on Twitter so you don’t miss the updates.
Do I Have to Move My Tokens Now?
Whilst now is a good time to begin preparing and deciding which options are best for you, you do not need to take any action at this time- as long as you move your tokens prior to the migration date (TBA).
As always, the security of your assets is your own responsibility, so choosing when/where to move them is up to you. We will give you notice when the migration date has been set, and recommend moving your tokens a minimum of 72 hours before it is due to take place.
Whenever you choose to move your tokens we strongly suggest sending small test amounts first, to ensure you have the correct addresses and information.
For swap option 2, it is likely that exchanges will close OMI deposits sooner than the migration date in order to be prepared for it, so if you are using the exchange option please remain aware of their deposit/withdrawal restrictions.
How Do I Find my OMI wallet in the VeVe app?
If you’re an Android user, you can toggle access/turn on the OMI wallet in your app settings. If you use iOS, you can access your OMI wallet by logging into the web wallet with the same credentials you use to log into VeVe. It can be found here: https://omi.veve.me/
What if I Miss the Migration Window?
There is no rush to swap your OMI tokens, and you always have the option to use our swap site to manually migrate at a time of your choosing (although this will incur higher costs).
What about wOMI tokens?
If you currently hold wrapped OMI (wOMI) tokens, you will also be able to swap these to the new Ethereum OMI token through the token swap site. We will provide information on how to do this in a coming article.
What if I Have OMI on my Secure Wallet?
If you are currently storing your tokens on the Secure Wallet, or any other cold storage device, you will need to use one of the 3 methods mentioned above to swap to the new Ethereum OMI token.
After the migration, the new Ethereum OMI token will be available in the Secure Wallet app, and you will be able to return your tokens to cold storage on the Secure Wallet.
NOTE: The ECOMI Secure Wallet will continue to store and display GoChain OMI as well as the new ERC20 OMI token on the home screen. As token holders have the option to migrate their OMI through the token swap site at a time of their own choosing, it is imperative that both tokens remain available and visible until all tokens have been migrated.
It is also important to understand that the Secure Wallet supports layer 1 tokens only, and users will NOT be able to withdraw from their VeVe app directly to their Secure Wallet.
What if I Want to Move my OMI From L1 to L2
Upon completion of the migration, we will also release new features in the Web Wallet allowing you to ‘bridge’ between layers. That is, you’ll be able to deposit your tokens to Layer 2 (VeVe), or withdraw them to Layer 1 (exchanges), at a time of your choosing. We will release more detailed instructions on this in a future article.
Information on this channel is for educational purposes only. It should not be considered financial advice and all users are advised to do their own research. See disclaimer.
ECOMI is a technology company based in Singapore and is leading the way in the emerging digital collectibles space. ECOMI offers a one-stop-shop for digital collectibles through the VeVe app bringing pop culture and entertainment into the 21st century.
The VeVe app allows users to experience true ownership of premium digital collectibles. Through the app marketplace, users can obtain common, rare, or one-of-a-kind digital collectibles, share these across the social network service, and exchange them with the VeVe community, all from the palm of their hand.
ECOMI sees digital collectibles as a new asset class that offers intellectual property owners the opportunity for new revenue streams in the digital landscape. Digital streaming, gaming, and in-app purchasing have become a multibillion-dollar market, and the next to join this digital trend is the pop culture and collectibles industry.
Or, for more information please join the community on Telegram, Twitter, and Facebook.
ECOMI x Immutable Migration: Swap Options was originally published in ECOMI on Medium, where people are continuing the conversation by highlighting and responding to this story.
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