How to Convert FNX to UM1S and Redeem UM1S at the End of the Conversion Period

Published in

Phoenix Finance

5 min readMay 24, 2020

All subscribers to the FNX token issuance event are eligible to convert FNX tokens to the UM1S interest bearing token within the 90 days following the token issuance. The conversion process is relatively simple, but there are several important points to keep in mind in order to ensure there is no loss of interest.

A video version of this guide is also available here.

*IMPORTANT NOTE**: Once you convert your FNX to UM1S, in order to maximize the USDT interest received, do not trade or transact with your UM1S tokens. The UM1S tokens must be sent to Bitrue exchange from the original conversion address where you received the UM1S tokens in order for you to receive interest on them. UM1S that has been moved after conversion will not be eligible to receive USDT interest. Only the principal amount can be returned.

Please read the following instructions carefully and completely to understand the process of converting your FNX tokens to UM1S tokens:

Step 1:Get your Wanchain Desktop Light Wallet FNX address (download wallet at https://www.wanchain.org/getstarted ).

The wallet can be downloaded from the official Wanchain website and guides for the wallet are available here and here. This is a video overview of the entire wallet. And the token contract address for FNX and other Wanchain tokens (which you will need for enabling the token in your wallet) can be viewed here.

Step 2: Send FNX from your exchange account to your Wanchain Desktop Light Wallet account.

Log on to your exchange account and withdraw your FNX tokens to the address you just created in your Wanchain Desktop Light Wallet. It is very important that you do not skip this step, as if you send FNX tokens directly from an exchange account to the UM1S conversion address in the next steps you may lose all your tokens and not be able to recover them.

When requesting a withdrawal it may take up to 10 minutes for you to receive your email security code, please be patient if it does not arrive right away.

Step 3: Get conversion address from https://fnx.finnexus.io

The FNX to UM1S conversion address will only ever be displayed at https://fnx.finnexus.io, it will never be shared in any other format or social media outlet, and especially not directly from any FinNexus staff. https://fnx.finnexus.io is the only official source for the conversion address. Scroll down to the bottom of the page to find the conversion address.

Step 4: Send FNX from your wallet to the conversion address

Make sure you have at least a small amount on WAN in your wallet at the same address with your FNX tokens to pay for gas fees.

Step 5: Wait 24 hours to receive your UM1S tokens at the same address you sent the FNX from.

Step 6: Enable UM1S to be displayed in your wallet

Add UM1S to your list of displayed tokens in the Wanchain Desktop Wallet using the UM1S token address.

UM1S contract address:
0xcDF1A03225367263a549D04ED2FD3384AB127895

You can confirm the token addresses for WRC20 tokens including UM1S at the official Wanchain blockchain explorer site, https://www.wanscan.org/tokens.

To add the token to your desktop wallet, open settings, and click the “+” button circled in the screenshot to input the UM1S token address and add it to the displayed tokens in your wallet.

Step 7: After 90 days send UM1S to Bitrue Exchange to receive the principal value and interest in USDT

**IMPORTANT NOTE**: The UM1S tokens must be sent from the original address where you received the tokens in order for you to receive interest on them. Do not trade or transact with your UM1S tokens or you will lose any interest.

Further instructions for how to send your UM1S tokens and where to receive your principal and interest will be released at https://fnx.finnexus.io prior to the end of the 90-day period. Follow us on Twitter to make sure you get notified when the instructions are released.

About FinNexus

FinNexus is building an open finance protocol to power hybrid marketplaces that trade both decentralized and traditional financial products. The FNX token will live on the Wanchain blockchain to take advantage of the most robust cross-chain capabilities currently available in the industry. The first products FinNexus will release are innovative tokenized assets with value based on real world cash flows that live on Wanchain and XRP Ledger. The second product to be released is a fully decentralized bitcoin options model