The UM1S Swap for USDT Has Begun! DEADLINE — 30th of September
No swaps will be made after the last day of September!
WARNING: Throughout these instructions you will use addresses from both Ethereum (ERC20) and Wanchain (WRC20), please don’t forget that while they use the same address format, these are different blockchains, and you may lose your assets if you send using the wrong blockchain, follow the instructions carefully and pay attention to when you must use Wanchain or Ethereum.
For participants in the FinNexus ICTO, the UM1S swap for USDT is now underway. The swap will end on the 30th of September. UM1S cannot be swapped after that date, and will no longer have any value after that, so make sure that you do the swap before the end of September.
What is UM1S?
For those of you new to the FinNexus community, you may be wondering what this strangely named token is and what the heck does it have to do with the world’s first Multi-Asset Single-Pool DeFi options model. That’s understandable.
The UM1S token is a legacy token from our initial offering on Bitrue back in May. At the time, the crypto industry was much different. We had just emerged from “crypto winter.” Much of the world was still plunged into the horror of the COVID-19 crisis. And we were very far from being in a roaring DeFi bull market. So we designed a protection mechanism into our token design at that time to ensure that our early supporters would not experience any loss in value of their token. In order to regain their initial investment of .10 USDT per FNX, plus a little interest, they merely had to send their FNX to a Wanchain smart contract address, which burned the FNX token and sent out UM1S tokens at a 10:1 ratio. Users could do this even when the FNX price was .08 USDT and lock in substantial arbitrage profit.
The end result was over 28 million FNX tokens were burned, approximately two-thirds of the circulating supply from the initial offering. We wrote about the conversion period here:
Now the time has come for us to close this chapter in our project’s history so that we can move on to launching FPO v1.0 — the Universal Options Protocol — coming up soon!
If you are a FinNexian who holds UM1S tokens on the Wanchain blockchain, please closely observe these instructions to convert them to an equivalent amount of USDT ERC20 on the Ethereum blockchain.
UM1S to USDT Swap Instructions:
Step-by-step guide:
1. Download the Wanchain Wallet (Desktop) from the official Wanchain homepage. Then install and set it up with your account using the mnemonic phrase from the original account where you received your UM1S token.
**Note: You may skip this step if you already have the official Wanchain Desktop Wallet installed and set up on your computer with the original address you received your UM1S tokens at.**
Desktop Wallet Guide
Desktop Wallet Guide (VIDEO)
If you don’t remember which Wanchain address you used to receive your UM1S tokens, you can check the comprehensive list below that also highlights how much USDT interest you are due!
2. Copy the Conversion Address on the FinNexus website official FNX token dashboard.
3. Open your Wanchain desktop wallet and copy the address where you have your UM1S balance. The address should be the same address where you originally received your UM1S. Do not send the UM1S from any other address except the one you originally received it. If we do not receive your UM1S from this original receiving address, we cannot properly credit you for your USDT interest. If for some reason you have moved your UM1S tokens, don’t worry! We can still compensate you for your principal amount at a rate of 1 USDT per 1 UM1S token.
**Note: If you have not added the UM1S token to be displayed in the wallet interface before, please add UM1S (WRC-20) in the Wallet settings. The instructions for adding UM1S to the Wanchain desktop wallet are the same as adding FNX in this document. Just replace FNX with UM1S, the process is identical otherwise.**
4. Once you click the Send button in the screenshot from Step 3, a Transaction Window will open. In that window, you will need to fill in the Recipient Address and Amount of UM1S.
Recipient Address is the UM1S Conversion Address you copied in Step 2 above.
Amount of UM1S is the amount of all your UM1S tokens (They will Have no value after the token swap, so there is no reason that you would want to keep any of them).
…then click ‘Next’ button to confirm followed by the ‘Send’ button to send the transaction.
You have completed the first part of the process. Now double check that the transaction was successful before moving forward. If the transaction failed, you must repeat the process again. You can see the status on-chain by checking the address from which you sent the transaction on Wanscan.org like so:
5. Initiate another new Wanchain transaction using the same account and address from which the WRC20 UM1S tokens were sent in Step 4 above.
For Recipient Address enter the UM1S Conversion Address you copied from the official FNX token dashboard in the previous step, and input ‘0’ in the ‘Amount’ field.
Click “Advanced Options”.
6. On the ‘Advanced Options’ screen, fill in the ‘Input Data’ field with the ERC20 Ethereum address where you want to receive your USDT.
!!!WARNING!!!
Be certain you fill in an Ethereum address for your ERC20 USDT! Do not fill in an address from a Wanchain account. The addresses from both blockchains use the same format, so you must be careful to double check.
!!!WARNING!!!
Click the ‘Save’ button to save and go back.
…then click ‘Next’ button to confirm followed by the ‘Send’ button to send the transaction.
7. You have completed the entire process. Now double check that the transaction was successful and the Input Data field is showing your Ethereum address where you want to receive your USDT ERC20 tokens. If the transaction failed, you must repeat the process again. You can see the status on-chain by checking the address from which you sent the transaction on Wanscan.org like so:
Within 2 work days after a successful transaction, USDT ERC20 will be sent to the address you entered in Input Data.
Notes:
- The FNX Token Dashboard located at fnx.finnexus.io is the only official source for the UM1S token conversion address./
- The address for receiving USDT is not a Wanchain address but an Ethereum address. If you submit a Wanchain address for receiving your USDT, you will lose your USDT.
- Only on-chain information will be considered when settling any claims or issues related to the UM1S swap.
- The calculation of interest is explained in this article.
- If you encounter any problems during the UM1S swap, please reach out to us via DM at @fin_nexus on Twitter.
Thanks for being an important part of the FinNexus community!
FinNexus is building a suite of open finance protocol clusters that will power hybrid marketplaces trading both decentralized and traditional financial products. The headline product to be released is a fully decentralized bitcoin (and other cryptocurrencies) options model that will live on both Wanchain and Ethereum.
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