Swap GoChain OMI to the Ethereum OMI & Swap wOMI to OMI
The final phase of the ECOMI ecosystem migration to Immutable X consists of swapping OMI tokens held on GoChain (OMI), and the existing wrapped OMI (wOMI) to the new Ethereum OMI token. The official ECOMI Chain Swap Site is the only way to manually swap your GoChain OMI and wrapped OMI (wOMI) to the recent Ethereum OMI token.
VeVe, the NFT marketplace on top of the ECOMI infrastructure, has gained much traction in the last six months offering premium IP digital collectibles such as Marvel Comics. Migrating to Ethereum via Immutable X improves access to the VeVe digital collectibles app and OMI token and enables NFT interoperability. For example, this will allow users to trade NFT items on Ethereum marketplaces such as OpenSea and LooksRare as well as the native VeVe marketplace.
Let’s discover how to migrate the GoChain OMI to the Ethereum version of the OMI token.
Before we start, it’s important to note this guide walks through the process for those holding OMI on MetaMask in their GoChain wallet and needing to move them over to Ethereum. There are gas and transaction fees to pay, so you will need ETH and GO in your Metamask-connected wallets to perform the actions. GoChain fees are pennies, but Ethereum fees could get up to more than $50. So If you are holding less than $100 of OMI on GoChain, this might get a bit painful. Additionally, use this handy article to find the cheapest possible times for gas.
The process of swapping OMI from GoChain to Ethereum and Immutable X should prove very quick and easy for those familiar with token swaps, transaction signatures, and MetaMask. However, if your knowledge is lacking in these departments, go slowly and triple-check everything before proceeding. Let’s get started!
Connecting wallet and select OMI
- The official ECOMI Chain Swap Site is the ONLY way to swap your GoChain OMI and wrapped OMI (wOMI) manually to the new Ethereum OMI token. Click the link to get started.
- You will land on this page, and the first thing you need to do is connect to MetaMask. Once joined, you are led to the next page with instructions and guidance depending on what you want. I.e., swap Go Chain OMI to Ethereum OMI, or swap wOMI to Ethereum OMI.
- You will also need to add GoChain to your MetaMask, assuming you haven’t done that already. Just to be sure, here’s how you do that:
- Open Metamask > Click the network dropdown > Press “Add Network”
- Fill in these details in the new window:
- Save, and done!
1. Swapping GoChain OMI to Ethereum OMI
First, we will go through swapping Go Chain OMI to Ethereum OMI. The most critical first step here is to click on your MetaMask wallet extension and swap chains from Ethereum to GoChain. When MetaMask is set to GoChain, we can begin.
Input the total number of OMI tokens you have in the box in the top left corner. You will see below that box that there is a distribution fee of 0.0231 ETH, which at writing is $71.
Significantly, this figure changes. From my own experience, I paid half that amount in ETH on February 16, so make sure you act at the best possible time. You may also notice that the fee in the screenshot below is 0.0046, so things change dramatically on any given day.
- 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, or a few minutes in most cases.
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.
2. Switch to the Ethereum Network
Once your swap transactions are approved and processed, you will need to open your MetaMask again using the browser extension and switch to the Ethereum network 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:
- 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 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 the transaction.
If you are all set with the required amount of ETH – click Pay Fee.
As before, 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.
3. Adding Ethereum OMI to MetaMask
Your OMI tokens will now be sent through to your Ethereum wallet, but in order to see them, you will need to add the Ethereum OMI token contract address to MetaMask.
- 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
- Decimals: 18
- Confirm these details and add the new token. You should now see OMI as an available token option under the ‘assets’ tab. Soon it will show your OMI balance sent from Go Chain.
That’s it; you have successfully swapped your GoChain OMI tokens to the new ERC20 Ethereum standard version on Immutable X.
Another option: 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 and should incur a smaller transaction cost. Most likely, those holding wOMI have already used the token swap site in the past to wrap GoChain OMI to wOMI.
The process to swap from wOMI to the new Ethereum OMI is similar. 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 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 display wOMI > ETH OMI. Before proceeding, make sure you have enough ETH at that address to pay for gas and process the token distribution.
Confirm that your balances appear on the token swap site and that the connected receiving address/MetaMask account is correct. Then proceed with the exact instructions as above to swap to the new Ethereum OMI.
DappRadar Portfolio Tracker
Keeping track of crypto assets across multiple chains can cause quite a headache but the Portfolio Tracker can really help. Now you have OMI in your Ethereum MetaMask you can track it and the rest of your portfolio using the DappRadar Portfolio Tracker. Watch the short video below to get started and start taking more control of your digital wealth.