May 18, 2022
ECOMI x AscendEX Earn
OMI staking is now live through AscendEX Earn and you can earn up to 10% APR!
AscendEX exchange has provided one of the most active markets for buying and trading OMI tokens since it was listed in early 2021. Now, in a new partnership with AscendEX Earn, OMI holders are able to stake their tokens on the platform to earn up to 10% APR on their holdings, and enter the draw to win a VeVe NFT!
AscendEX Earn
AscendEX Earn is a central hub for Staking, Yield Farming, and other products that empower users to extract the maximum value from their crypto holdings. Through AscendEX Earn, OMI token holders can now earn annual percentage rate (APR) based yields by committing their tokens to stake, as well as learn about a range of investment opportunities available on AscendEX.
Details
- Staking opens on May 18, 10 AM ET, and you can participate here.
- No staking limits or individual cap
- There is no lockup period, however, a 7-day unbonding/unstaking period will apply to withdraw your stake
- Instant unstaking is available for a 3% fee
- Starting APR 10%
- Rewards accrue daily on deposits, and will compound daily if the staker selects ‘compound mode.’
- Your OMI stake is also available to use as collateral for futures trading
How to Stake Your OMI Tokens
Staking OMI through AscendEX Earn is simple and intuitive. If you already have an account you can skip to step 2 below.
Note: AscendEX has recently been through an ecosystem rebranding and update. The instructions linked below are still valid, however, the appearance of the new AscendEX desktop/app may vary.
1. Register an Account
Before you can participate in staking you’ll first need to register an account with AscendEX. You can do this through the desktop browser and/or the AscendEX mobile app, available on Android and iOS.
2. Deposit Your OMI Tokens
Once your account is registered and verified you can deposit your OMI, or purchase them directly on the exchange (pairing OMI/USDT) if you don’t already hold OMI tokens.
AscendEX ONLY accepts ERC20 OMI tokens.
If you are still holding the old GoChain OMI token or wrapped OMI (wOMI) tokens please swap them for the new ERC20 token before depositing, using these instructions.
Once they have been received and fully confirmed you will be able to participate in staking.
Reminder: If you currently store your OMI tokens in the VeVe app, you have layer 2 OMI and cannot send them directly to AscendEX to stake🚨
You will have to withdraw your tokens back to layer 1 (base-chain) Ethereum using the IMX bridge before depositing to the exchange:
3. Participate in Staking
Account-holders can participate in staking through the AscendEX Earn website or mobile app. To do so on desktop:
- Search for the OMI token, and click the ‘deposit’ button to begin.
- Enter the number of tokens you would like to stake. You will also see an estimation of the rewards you will earn, based on the current APR.
- Select ‘compound mode’ if you would like your daily rewards to be automatically re-staked and compound your returns
- Confirm you have read and agreed to the AscendEX staking agreement. Using the drop-down menu you can also view the deposit and redemption rules, including payment dates and applicable fees for instant redemption.
- Tap ‘Confirm’ to begin earning rewards!
If you’re using the mobile app you can follow these instructions for more information.
VeVe NFT Giveaway
To celebrate this initiative we’ll also be giving away some limited edition digital collectible NFTs to staking participants. The NFT Giveaway Campaign will run from May 18th to June 1st, and winners will be announced after the event concludes (within 15 days).
Participants have two chances to win a VeVe NFT prize depending on
a) the total threshold amount staked on the AscendEX Earn platform, and
b) individual staked amounts
Prizes:
The first giveaway promotion is based on the total amount of OMI staked on the platform in the period between May 18 to June 1. That is to say — the more that is collectively staked by the ECOMI Fam the more NFT prizes are unlocked! ⭕
- Tier 1: >$500k-$1M Prize: 2 common NFTs
- Tier 2: >$1M-$2.5M Prize: 2 uncommon NFTs
- Tier 3: >$2.5M-$5M Prize: 2 rare collectible NFTs
- Tier 4: >$5M-$10M Prize: 2 ultra-rare collectible NFTs
- Tier 5: >$10M Prize: 2 secret rare collectible NFTs
Similarly, individuals have a chance to win 1 of 10 VeVe NFTs based on their personal staked amount/tier. These will also be awarded at the completion of the promotion.
- Tier 1: $1k-$5k Prize: 2 rare collectible NFTs
- Tier 2: $5k-10k Prize: 2 rare collectible NFTs
- Tier 3: $10k-25k Prize: 2 ultra-rare collectible NFTs
- Tier 4: $25k-50k Prize: 2 ultra-rare collectible NFTs
- Tier 5: $50k Prize: 2 secret rare collectible NFTs
Don’t Miss Out!
AscendEX will release instructions on how to participate in the VeVe NFT giveaway, so please ensure that you are following ECOMI and AscendEX on Twitter so you don’t miss out!
All users will need to download and register for the VeVe app in order to participate and provide their username/QR code to receive the NFT prize.
FAQ
What is Staking?
Staking typically refers to tokens on proof of stake blockchains, allowing token holders to participate in supporting the network- by running a node. However, in many instances, there is a substantial investment required to run an independent validator (32 ETH for an Ethereum node, for example).
The term staking, however, is used interchangeably by exchanges and crypto-platforms to reference generating a yield on your token holdings.
Is Staking Safe?
Staking is a safe way to accrue rewards on your OMI tokens, however, there is always some risk involved, particularly as you are trusting a third party (AscendEX) to custody your assets.
AscendEX Earn also allows you to use your staked assets as collateral for futures and/or margin trading. This is incredibly high risk, particularly as crypto markets can be incredibly volatile, and you could lose your staked collateral (OMI tokens) if you are not an experienced/professional trader. We do not recommend this for beginners.
How Do I Unstake My OMI Tokens?
Unstaking your tokens is as easy as staking them, and you can follow the instructions below to do so:
While there are no lockup periods on your staked OMI, please bear in mind there is a 7-day unstaking period once you have confirmed you would like to redeem your stake/rewards, at no cost to you. You can also elect to have your assets unstaked instantly, however, this will incur a 3% fee.
I Store my OMI on VeVe- Can I Use Those?
If you currently store your OMI tokens in your VeVe app wallet you have layer 2 OMI and cannot send them directly to AscendEX to stake. ⚠️️
You will first need to withdraw your tokens back to layer 1 (base-chain) Ethereum using the IMX bridge, before depositing them to the exchange.
Are There Any Restrictions Based on Country/Residency
Yes, some countries are restricted from creating an account. For a full list of countries/regions accepted for account registration please see this link.
AscendEX Support
For account and support inquiries you can contact AscendEX support here.
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.
About ECOMI
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.
