OMI Has a New BASE

ECOMI
ECOMI
Published in
7 min readMay 8, 2024

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At the beginning of 2024, we released an article outlining our ongoing commitment to the OMI token, with a specific focus on utility and accessibility. Starting today, in collaboration with StackR, we are doubling down on that commitment and taking our biggest step towards accessibility to date as we bring OMI on to the fastest growing Layer 2 Blockchain in Crypto. OMI fam- Welcome to Base 🔵⭕

The Times They Are a Changin’

In January of 2022, OMI migrated from GO-Chain to become an ERC-20 token on the Ethereum blockchain. This change allowed for OMI to be more readily accessible on exchanges and supported the initial implementations of OMI utility via Immutable X.

The Ethereum blockchain and its native token have historically been considered the go-to choice for NFT enthusiasts. The Layer 1 solution provides benefits such as security and decentralization, but at peak periods of utility, the network is often affected by issues such as congestion and gas fees.

Enter Layer 2

A Layer 2 Ethereum solution is designed to enhance scalability and throughput while maintaining the security and decentralization of the Ethereum blockchain. By processing transactions off-chain and settling them on-chain, a Layer 2 significantly reduces congestion and gas fees, making it an ideal platform for high-volume applications like NFT trading.

Layer 2 chains allow users to enjoy faster transaction times and lower costs without compromising on security or reliability. It represents the next evolution in Ethereum, empowering developers and users alike to unlock the full potential of decentralized finance, gaming, and digital collectibles.

Covering the Bases

Base is an Ethereum Layer 2 which has been built using the open-source OP stack and is incubated by Coinbase. It features a secure, low-cost, builder-friendly environment and is aiming to bring the next billion users onchain.

Base has seen unprecedented growth since launching. In the past 30 days, 3.2 million unique active wallets have completed over 22 million transactions with $13.2 billion in total volume.

At the time of writing, Base is currently ranked third of all Layer 2’s by Total Value Locked (TVL) at $5.4 billion. The chain has emerged as a strong contender to become the most popular Layer 2 on Ethereum.

OMI x BASE

The Base chain is supported by several exchanges, the most notable being Coinbase. As Coinbase offers FIAT on-boarding for crypto, users from every jurisdiction supported by the exchange, including the United States, will be able to acquire the OMI token in only a few clicks and for a fraction of the gas cost of Ethereum Layer 1.

A Base OMI/ETH pool has been created on Uniswap that users can utilize to easily acquire the OMI token

To purchase OMI on Base, complete the following steps:

Note: If you already have tokens you wish to swap for OMI on the Base chain, skip to step 5.

  1. Sign up for a Coinbase account using this link
  2. Complete KYC and enable 2FA for your account
  3. Link a payment method to your account (Credit/Debit Card, Bank Account)
  4. Purchase Ethereum (ETH) using your linked payment method
  5. Send ETH to your private wallet (Coinbase Wallet, Metamask, Uniswap Wallet etc) using the Base network. Note: Ensure you are depositing to an address on the Base chain.
  6. Add the custom OMI Token Contract for Base to your private wallet. Contract Address: 0x3792DBDD07e87413247DF995e692806aa13D3299
  7. Swap Ethereum for OMI using the Uniswap pool on mobile or desktop.

OMI Token (OMI): Buy, sell, and trade on Uniswap

OMI Base Bridge

The team at StackR are hosting an interface for the Base Bridge which will allow users to easily and seamlessly move their OMI between Ethereum Layer 1 and Layer 2.

The bridge, which can be accessed here, allows users to connect using their self-custody wallet and move OMI between layers with only a few clicks and with no additional costs beyond the gas fee associated with the blockchain.

To bridge OMI between layers using the OMI Base Bridge:

  1. Open the OMI Base Bridge website which can be found here
  2. Connect your wallet by selecting “log in” and select your self-custody wallet
  3. Approve your wallet for signing transactions by selecting “Approve” and completing the prompts to allow your wallet to complete transactions on the bridge
  4. Select “Deposit” for OMI going to Base or “Withdraw” for OMI coming off of Base
  5. Enter the amount of tokens you want to bridge and select “Bridge
  6. Approve the gas fee being charged by the bridge to receive your tokens

Stackr OMI Bridge

Base is the Foundation

The move to Base greatly increases accessibility for the OMI token. As of April 2024, Coinbase reported having 98 million users worldwide, with over 6 million active each month and $335 billion in trading volume each quarter.

Looking ahead, Base has announced that they are developing a Smart Wallet that will allow users to integrate payments across platforms with a click of a button. They are also working towards utilizing the Super Chain, which is a network of Layer 2 blockchains sharing a common development stack with the intention of allowing individual chains to communicate and function as a single unit.

These developments show great promise in the pursuit of crypto accessibility and security, and having the OMI token on the Base chain is a continued step in the right direction for providing these types of features to users.

For more information on the OMI Base Bridge and to stay up to date on all of the newest OMI features as they are released, join the ECOMI Discord and follow us on our socials.

FAQ

How Does Base fit into the OMI ecosystem?

The Base chain greatly improves accessibility and cost by allowing users from any region supported by Coinbase to acquire OMI for a fraction of the gas of Ethereum Layer 1

Can I just leave my OMI in my self-custody wallet on Layer 1?

OMI on Base is intended to increase accessibility for the token and is not a token migration. There is no requirement to move your tokens onto Base.

How do I find the OMI token on Base?

The Contract Address for OMI can be found below. Always double check you are utilizing the correct contract before proceeding.

0x3792DBDD07e87413247DF995e692806aa13D3299

Which wallet types can I connect to the StackR bridge to move my OMI onto the Base network?

Currently supported wallets include:

MetaMask — Coinbase Wallet — Rainbow — WalletConnect

Can I use any crypto to purchase OMI on Base?

You can use any crypto supported on the Base chain to swap for OMI, however, you will require ETH for the small gas fee charged by the blockchain

Where can I find directions on how to buy or bridge OMI on Base?

The OMI Has a New BASE Medium Article contains step by step directions as well as an explainer videos on how to purchase and bridge the token on Base

Do I have to sell my OMI tokens on Layer 1 and then use funds to buy OMI on Base?

You are not required to sell your OMI. The OMI Base Bridge will help you bridge your existing tokens onto Base

Where do I go to swap my tokens from Layer 1 to Base?

The bridge site can be accessed using the following link: https://bridge.stackr.world

Can I send my OMI straight from my VeVe Web Wallet (IMX) to Base or Base to IMX?

Not currently. Both networks are built on top of Ethereum, so tokens must be bridged back to Layer 1 to move to a different Layer 2

Can I send my OMI from an exchange to my Layer 2 Base wallet?

Tokens on exchanges are Layer 1 and will need to be withdrawn to a self-custody wallet and then bridged via the OMI Base bridge before they are available on Layer 2

I have OMI on GO-Chain, what should I do?

GO-Chain OMI is not supported on Ethereum. It is recommended that users bridge their OMI from GO to Ethereum if they wish to use their tokens

How long does a deposit from Ethereum Layer 1 to Base take?

Deposits onto Base using the OMI Base Bridge are generally completed in only a few minutes and in approximately 15 block confirmations

How long does a withdrawal from Base to Ethereum Layer 1 take?

Optimistic rollups have a 7-day challenge period for withdrawing to layer 1. This is a function of the chain itself and is applicable for all tokens

How expensive is it to bridge my tokens between chains?

The only fee charged is the gas from the blockchain itself which varies depending on network congestion. Bridging can often be done for as little as a few dollars

Information on this channel is for educational purposes only. It should not be considered financial advice; all users are advised to do their own research. See Disclaimer.

About ECOMI

ECOMI is the issuer of the OMI token. The OMI token is intended for use in the VeVe digital collectibles ecosystem. With over 10 million digital collectible NFTs sold since the beginning of 2021 and a range of international brands, artists, and IP partners releasing content through the platform, VeVe is the world’s leading digital collectible platform.

The OMI token is intended to amplify the collecting experience and, when available, will provide VeVe collectors with a range of unique ways to build and expand their digital collections.

For more information on the utility features available and being worked on, please visit VeVe.me, follow our socials for the most recent updates, and subscribe to the blog to get updates delivered to your inbox. 📩

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