VIMworld VEED Token Swap & Contract Migration for VIM Owners Explained
During the course of the past few months, we’ve thought deeply about VIMworld’s current positioning and potential in the NFT, DeFi, media and physical collectibles industry. We’ve talked to our advisors and partners and looked deep within ourselves to have improved upon every aspect of our ecosystem, massively revamped our tokenomics and have been working hard to execute our plans with our team and ecosystem stakeholders.
We’re pleased to inform our core community that we have been receiving positive feedback from movers and shakers of the IP ownership and media/entertainment industry about our offerings and prospects for the future, as well as getting on board our new advisors.
The culmination of all of that is detailed in the release of our Public Project Proposal. With the re-launch and IVO underway, we’re ready to announce the token swap and airdrop plan for our community VIM owners and supporters!
This token swap and airdrop plan is our commitment to our core community that has shown us undying support and love from the very beginning of the project.
Base VEED Reward & EHrT-to-VEED Swap Ratio
We’ve decided to go for a mechanism that would reward a base amount of 30,000 VEEDs to each and every VIM holder, regardless of VIM Tier, with an additional bonus based on the VIM tier and EHrT tokens within them. Higher Tier VIMs will get a more favorable ratio for the reward.
For F Tier VIMs to D Tier VIMs, the EHrT to VEED ratio would be 1.0x.
For C Tier VIMs, the EHrT to VEED ratio would be 1.5x
For B Tier VIMs, the EHrT to VEED ratio would be 2.0x
For A Tier VIMs, the EHrT to VEED ratio would be 3.0x
For S Tier VIMs, the EHrT to VEED ratio would be 4.0x.
Example 1: You have a D Tier VIM with 1900 EHrTs fed.
Your VEED rewarded = Base Reward (30,000 VEED) + EHrT to VEED ratio (1900 x 1.0)
= 30,000 + 1900
= 31,900 VEED
Example 2: You have a S Tier VIM with 257,700 EHrTs fed.
Your VEED rewarded = Base Reward (30,000 VEED) + EHrT to VEED ratio (257,700 x 4.0)
= 30,000 + 1,030,800
= 1,060,800 VEED
Example 3: You have a A Tier VIM with 225,215 EHrTs fed.
Your VEED rewarded = Base Reward (30,000 VEED) + EHrT to VEED ratio (225,215 x 3.0)
= 30,000 + 675,645
= 705,645 VEED
Additional VEED Reward for Special Edition VIMs and Treasure-holding VIMs
In addition to the base VEED amount and the EHrT-VEED ratio offered, we will be rewarding our VIM holders even more VEED tokens based on their Special Edition Status and the Treasures that VIMs own. This is an additional reward and the VEED tokens will also be directly credited to the wallet that holds the VIMs.
Please see the below chart for the additional VEED rewards.
Example 1: You have a D Tier Saint Reed VIM with 1900 EHrTs fed
Your VEED rewarded = Base Reward (30,000 VEED) + EHrT to VEED ratio (1900 VEED x 1.0) + Special Edition VIM reward (1000 VEED)
= 30,000 + 1900 + 1000
= 32,900 VEED
Example 2: You have a S Tier Saint Reed VIM with 257,700 EHrTs fed + Vanguard Demigod Treasures
Your VEED rewarded = Base Reward (30,000 VEED) + EHrT to VEED ratio (257,700 x 4.0) + Vanguard Demigod reward (2,000,000 VEED) + Special Edition VIM (1,000)
= 30,000 + 1,030,800 + 2,000,000 + 1,000
= 3,061,800 VEED
FAQ and Additional Details:
When will I receive the VEED tokens?
Previously, we’ve done a snapshot of your EHrT token balances on March 26th, 2021. The second snapshot will happen on May 17th 2021, which will check for eligible VIMs that were untouched since the first snapshot.
Once the second snapshot has completed, we will proceed with the distribution of the VEED tokens, and it is estimated to take a few days to completely airdrop to all wallets. We’ll send out announcements on our social media when the exercise has completed.
Can I withdraw the old tokens after the airdrop has completed? What will happen to my VIM Tier?
Once the VEED tokens have been airdropped to your wallet, you can indeed withdraw your EHrT tokens.
However, your VIM tier will be downgraded as VIM tiers are still temporarily tied to EHrT balances.
Over the next few weeks after the VEED token distribution, we will be upgrading our VIM Tier and Feeding System. The upgrade includes a total revamp to our Feeding and Tier smart contract, which will allow you to migrate and swap your EHrT in VIMs with VEED tokens instantly from your wallet, and enable the new system for tiers, called VIMenergy.
To maintain your VIM Tier and to allow for a smooth migration and bypassing the daily feeding process, you should wait for the new contract to be deployed. Otherwise, you’d have to refeed daily your VIM from F tier and up.
IMPORTANT NOTE: This instant bypass function will only be open to the VIMs and Wallets which were fed prior to the 1st Snapshot. VIMs which were fed and upgraded AFTER the 1st snapshot which happened in March, will NOT be eligible for instant upgrading during the system migration. All VIMs which were fed and upgraded AFTER the 1st snapshot are considered to be F tiers in the new contract and will need to be fed from F tier after the EHrTs are withdrawn.
VEED fed will be converted to VIMenergy based on a certain ratio. More info can be found in our Public Project Proposal.
I have a High Tier VIM (D to S) but I messed up the snapshot. What will happen to me?
If your EHrT balance differs during the second snapshot, or you have moved wallets, you will not receive any VEED tokens at all. We have written a script which filters the wallets and VIMs for us, and the rules in place are judged by a bot, and result executed with no questions asked. If a moved VIM or any other movements of the VIM or EHrTs can not be detected by the script, then congratulations, otherwise, we apologize for your troubles.
Your VIM will remain the same Tier in the old Tier Contract, unless you withdraw every EHRT and then migrate, and then refeed starting from F tier in the new Tier Contract. While staying on the old feeding contract, you will not be able to participate in any new events, quests and experiences which requires VIMs to be on the new contract.
When the new Tier and Feeding system is released, you will still be able to switch the VIM to the new system by withdrawing EHrTs, and then migrate, and then refeed. In addition, you would need to acquire VEED tokens on your own, and the instant bypass WILL NOT be available for you, which means you have to re-feed from F Tier daily.
Read the VIMworld Public Project Proposal Here
Access VIMworld Now
VIMworld is a revolutionary non-fungible token (NFT) ecosystem that creates a space where entrepreneurship and play combine and thrive. At the core of VIMworld are VIMs themselves, each one unique and permanent. VIMs are Smart NFTs that will deliver an immutable system of authentication, allowing their owners to both store and build value through play whilst building meaningful connections with others.
VIMworld can be accessed through VIMworld.com using a VeChain-enabled browser such as the VeChain Sync browser or Google Chrome + Comet Extension. It is also accessible on mobile devices through the VeChainThor Mobile Wallet on iOS and Android.
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