ECOMI x Immutable Migration: Manual Token Swap
The final phase of our ecosystem migration to Immutable X is the porting/swapping of your OMI tokens from the existing GoChain OMI, and the existing wrapped OMI (wOMI) to the new Ethereum OMI token. This article details the instructions on how to use the token swap site if you choose to manually swap your tokens.
WARNING: Please ONLY use the official links and information provided.
The token swap site will NOT be live until the last week of January 2022, with the final date to be advised.
The official ECOMI Chain Swap Site is the ONLY way to manually swap your GoChain OMI, and wrapped OMI (wOMI) to the new Ethereum OMI token.
Be wary of scams, or any service offering to swap your tokens for you ⚠️
If you are not already aware, you have three options when it comes to swapping your tokens to the new Ethereum OMI. Choosing which option, or which combination of options is right for you will depend on how you plan to use your OMI tokens in the future.
If you haven’t yet, please begin with the article below to gain a broader understanding of the token migration process, the difference between Layer 1 and Layer 2 Ethereum, and why we are changing blockchains.
ECOMI x Immutable Migration- Start Here!
What is the difference between layer 1 and layer 2, and how will it affect the OMI token migration?
Moreover, the following instructions are solely to use the token swap site- which is a manual token swap process. If you wish to have your tokens automatically swapped to either Layer 1 Ethereum (to use on exchanges) or Layer 2 Ethereum (to use within the VeVe app), you must move your tokens PRIOR to the migration date.
As a reminder- any tokens on exchanges or in your VeVe app wallet will be automatically swapped for you. If you store your OMI in a personal wallet (one that you control the private keys for), you will either need to move them onto an exchange or into the VeVe app prior to the token migration, or use our token swap site to manually migrate them at a time of your choosing.
Please see the article below to review your swap options, before proceeding with the manual migration instructions.
ECOMI x Immutable Migration: Swap Options
You have 3 options when it comes to migrating your OMI tokens to Ethereum, with varying costs and knowledge required.
Why Would I Want to Manually Swap My Tokens?
There are a number of reasons the token swap site may be the best available option for you:
- You missed the migration window.
Whilst we endeavor to prepare everyone for the token migration, we understand that there are many token holders who may miss these announcements, and therefore the option to automatically swap your tokens.
As an alternative, the token swap site will be available indefinitely, and you are able to choose a time that suits you best to port your tokens from GoChain OMI to Ethereum OMI.
- You currently hold wrapped OMI (wOMI) tokens
The token swap site is the only available option for you to swap wOMI to the new Ethereum OMI token.
Whilst exchange exploits are rare occurrences these days, they are a ‘honey pot’ for hackers and malicious actors, and you should never store large values of tokens on them.
Although the automatic migration offered by exchanges should be relatively quick, holding large values on an exchange may go against your personal security parameters, and the token swap site would therefore be a more suitable option.
Before You Begin
- We want to make it clear that you do not need to swap your tokens as soon as the site opens. The token swap site will remain open indefinitely, so you can choose to swap whenever you wish. This is particularly useful to know if gas costs are high, as you can wait for the price to reduce before swapping.
- Using MetaMask, or any other crypto wallet is at your own risk. You are responsible for ensuring that you are using the correct addresses and procedures and protecting your private keys.
- Please always remember the ONLY time you need your seed phrase is if you are recovering a wallet, and even then- only when you have intentionally initiated this procedure.
- We will NEVER ask you for your seed phrase or private keys- you should never provide them to ANYONE- and any request (by anyone!) for your private key/seed phrase is a scam ⚠️⚠️
- Beware of scams and phishing attempts! Please be wary any time you are interacting with these sites, and ensure that you are ONLY using the official links and sites, as found in this article.
How Do I Swap My OMI Tokens?
We have built a swap site to make this process easy for you, and it is designed to interface directly with MetaMask, through your desktop browser.
You will find it at https://chainswap.ecomi.com/ when the swap site is live.
If you already have and/or use MetaMask, and/or have GoChain added as a custom network, you can skip to Step 4.
Step 1. Install MetaMask
MetaMask is a browser extension and wallet that allows you to interact with the Ethereum blockchain. You can download it directly by visiting Metamask.io or using the ‘download Metamask’ button on the chain swap site, and adding it to your browser.
During the wallet set up, you will be asked to record your seed phrase. This is your ultimate backup code, and anyone with it can gain access to your accounts. ALWAYS keep this safe, and away from nefarious actors.
Step 2. Add GoChain and OMI to MetaMask
As OMI is currently a GO20 token, you will need to add the GoChain network to MetaMask’s interface before you can send your OMI tokens to it.
- Add GoChain as a custom network using these instructions. If you need to enter a chain i.d. enter ‘60’
- Ensure you have selected the GoChain network by selecting it in the drop-down box (where you see ‘Ethereum Mainnet’ next to your current account).
- Under the ‘assets’ tab, select ‘import token’
- Select ‘custom token’ and enter the GoChain OMI contract address:
- The details for the token should pre-fill with the name (OMI) and decimals (18). If not- enter them manually.
- Select ‘add tokens’ to confirm.
- You should now see the OMI token available to send/receive under the ‘assets’ tab. When you use MetaMask in the future, make sure you remember to switch the network to GoChain, or you won’t be able to find your tokens.
Step 3. Send SMALL Test Amounts to Your Wallet
Once you have added the GoChain network and the GoChain OMI token to MetaMask, you can confirm the process was successful by sending a small test amount of tokens to your GoChain OMI wallet.
We cannot stress the importance of this step enough. Please only send a SMALL test transaction of OMI to your MetaMask account, to ensure you have completed this process correctly.
If you are sending OMI tokens from an exchange to MetaMask, the exchange will fund the transaction fee. If you are sending your tokens from a personal wallet, such as the Secure Wallet or Trust Wallet, you will need GO tokens on those wallets first to process the transaction (gas).
One GO token is enough for multiple transactions, and if you ask nicely someone in the ECOMI Telegram may gift you one. ⭕️
Once you confirm that you have received your tokens and that your ‘receive’ addresses are correct, you will need to fund your MetaMask wallet with tokens to use for gas (to pay for the computation). You will need a small amount of GO in your MetaMask wallet, in order to sign and process the initial transaction, and you will need ETH in order to distribute your new Ethereum OMI tokens.
To receive ETH to your MetaMask wallet, switch back to the main Ethereum network and obtain your Ethereum address. Again, send a small test amount to your wallet to ensure you have copied the address correctly.
The ETH gas fee is set by the current state of the blockchain, and there are a number of gas estimators/trackers that can give you an accurate look at how much ETH you’ll need.
As a higher-level transaction, we suggest funding your MetaMask wallet with more ETH than you would require for a standard transaction. If you do not have enough ETH for gas you will not be able to move forward with the transactions to distribute your Ethereum OMI tokens. ⚠️
Step 4. Add Ethereum OMI to MetaMask
In order to receive/view your Ethereum OMI on MetaMask, you will need to add the new Ethereum OMI contract address.
- Open MetaMask
- Ensure you are on the Ethereum Mainnet.
- Under the ‘assets’ tab select ‘import tokens’ and then select the ‘custom token’ tab
- Enter the Ethereum OMI contract address:
- It should pre-populate the ticker and decimals, however, if it does not:
Token symbol: OMI
- Confirm these details and add the new token. You should now see OMI as an available token option under the ‘assets’ tab.
5. Connect MetaMask to the Chainswap Site
The Chainswap site will not be live until the last week of January. Please only use the official links to access the site, and be wary of any service offering to swap your tokens for you- it is a scam! ⚠️⚠️
Once you are ready to swap your OMI tokens and have both GO and ETH tokens in your MetaMask wallets for gas, you can continue with the token swap process.
Please note that ALL transactions on the swap site are user-funded.
- Visit chainswap.ecomi.com (when the site is live).
- Click ‘connect to MetaMask’
- The swap site will automatically populate the account/address you are currently using. If you wish to use a different address, switch the account you are using in MetaMask, and confirm it is correct on the swap site. Please be aware you will need ETH at whichever address you wish to receive your OMI tokens to, in order to pay the gas fee.
- To begin, make sure you are connected to the GoChain network (networks can be switched within MetaMask).
You will notice that the swap direction you can see is Go OMI > ETH OMI, and additional instructions are also available on the swap site.
Step 6. Confirm Your Balances
Once your MetaMask is connected to the chain swap site, you will be able to see your current balances in the header bar and will notice 5 options for balances, GO OMI, ETH wOMI, ETH OMI, GO and ETH.
Once you have connected your MetaMask wallet, these should match up with the token balances you see in your MetaMask, regardless of the network you are currently connected to.
Note: All functionality in the chain swap site is L1 only. Depositing to/withdrawing from L2 (to use in VeVe) is handled with the Web Wallet, which we’ll explain in a future article.
Step 7. Enter Your Transaction Amount
As always, we recommend swapping small test amounts first, to ensure you are undertaking the correct process. Whilst this may be more gas-intensive, it is good practice for anything crypto-related.
- Enter the amount of GoChain OMI tokens you wish to swap.
- Confirm that the ‘receiving Ethereum address’ listed on the swap site matches the Ethereum address in your MetaMask account.
- Hit ‘swap GO OMI’
- Confirm that you understand you are responsible for paying the transaction fees on both sides of the transaction.
- The swap site will open MetaMask, and you will need to confirm two transactions:
(1) the transaction and
(2) pay the funding fee (gas) in GO tokens
- You must approve the transactions before they can be submitted. The transaction needs 50 confirmations before it will be processed.
Please be patient in between confirming transactions, and do NOT leave the screen. You will receive a notification from MetaMask when the transaction is fully confirmed, and then you can proceed.
NOTE: If the blockchain is under significant load at the time you choose to swap, these transactions WILL take a while to process. It is expected that the traffic to the site initially will be significant, and this could compound with the slower speeds of the Ethereum blockchain, so please be patient in waiting for the confirmations.
Step 8. Switch to the Ethereum Network
Once your swap transactions are approved and processed you will need to open your MetaMask again (by clicking the browser icon) and switch to the Ethereum network, in order to approve the distribution of your ETH OMI tokens and pay the ETH gas for distribution.
- Open MetaMask
- Switch network to Ethereum Mainnet
You will see this message:
Step 9. Pay Fee and Approve Transaction
- Once you have switched to the Ethereum Network on MetaMask, return to the swap site and select ‘pay fee’ to fund the transaction
- Wait for MetaMask to prompt you to approve/sign this transaction. Again you will need to confirm the gas amount (in ETH this time) and approve the transaction.
If the ETH gas price that is shown is LESS than the ETH you have in your MetaMask wallet, you will not be able to proceed with the distribution. Please top-up your ETH balance at that address, before proceeding. You may need to refresh the page to see the updated balances and continue with the transaction.
Again, the distribution of your OMI tokens will take place after another 50 block confirmations. Do not close the swap site until this transaction has been completed.
Please be aware that if the swap site, or Ethereum blockchain, is under significant load, the distribution transaction WILL take a while to process. It is expected that the traffic to the site initially will be significant, and this could compound with the slower speeds of the Ethereum blockchain, so please be patient in receiving your ETH OMI tokens.
Once the transaction is fully confirmed, your ETH OMI tokens will be distributed to your MetaMask address on the Ethereum network, and you will see your balances updated in both MetaMask and the header bar of the swap site. They can then be moved to other wallets that store ERC20 tokens.
Again: The swap site converts your GO OMI to ETH OMI on Layer 1.
This allows you to trade the tokens on exchanges, however, to use your ETH OMI in the VeVe app, you’ll need to bridge them to layer 2, which you will do via the web wallet. We will release separate instructions so you know how to go through this process in the future.
Swapping ETH wOMI to ETH OMI
The chain swap site also allows holders of wrapped OMI (wOMI) to swap directly to the new Ethereum OMI. Although you will need to fund the gas for this transaction, it is a single smart contract call to swap between erc20 tokens, and should therefore incur a lesser transaction cost.
You have likely already used the token swap site in the past to wrap your GoChain OMI to wOMI. The process to swap from wOMI to the new Ethereum OMI is much the same- you will follow the same process as above, however as wOMI is already an ERC20 token you will not need to go through the process of connecting MetaMask to GoChain, or switching between networks.
Instead, connect your MetaMask wallet address that is holding your ETH wOMI to the swap site, and select the Ethereum network. The site will automatically detect which token you are trying to swap, and will display wOMI > ETH OMI.
Be sure you also have enough ETH at that address to pay for gas/process the token distribution, before proceeding.
Confirm that your balances appear on the token swap site and that the connected receiving address/MetaMask account is correct, and then proceed with the same instructions as above to swap to the new Ethereum OMI.
My Ethereum OMI tokens weren’t distributed- what can I do?
If you left the swap site while the transaction was processing, or didn't have enough ETH to pay the gas fee to distribute your tokens, it will still be ‘pending.’
Once you add more ETH to your MetaMask wallet, refresh/re-load the swap site and you should see the option to pay the fee again, and proceed with the instructions above.
Prior to the token swap site going live, we will open a dedicated support form to expedite any issues with token distribution.
Where can I store my Ethereum OMI?
The new Ethereum based, or ERC20 OMI token, can be stored on any wallet that supports ERC20 tokens. Depending on the wallet you choose you may need to add the token contract address to see your balances. As always please only send small test transactions to ensure the wallet supports the token, and you can access your funds.
Warning: When adding new token contracts it can be easy to mix up with your wallet addresses. ALWAYS double-check the address you are entering before sending tokens anywhere, and use small test amounts. If you mistakenly send your tokens to the token contract address instead of a wallet address, you will permanently lose them. ⚠️ ⚠️
We recommend cold storage wallets for the strongest protection available.
Can I store Ethereum OMI on my Secure Wallet?
Yes. The Secure Wallet natively supports and displays the new Ethereum (ERC20) OMI token. It will be available on the home screen of the Secure Wallet app, and it is labeled as such.
However- the Secure Wallet will continue to support and display the existing GoChain OMI token, alongside the new ERC20 version. ⚠️
Before returning any tokens to your Secure Wallet, you must ensure that you are sending them to the correct OMI wallet, and we strongly recommend sending a small test amount first.
Can I leave my tokens on MetaMask?
MetaMask is designed to help you interface with the Ethereum blockchain and other web3 protocols. Whilst you can leave your OMI tokens in your MetaMask, it is a hot wallet, and not recommended for long-term storage or large values.
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.