Over the coming weeks, we will begin migrating VeVe (and the wider ECOMI ecosystem) to Ethereum Layer 2 (L2), via Immutable X. This migration will take place in three phases. It is important to note that there are no user requirements until phase three, which is when the OMI token swap facilities will be open.
For the security of your assets, you must ensure you are using the correct and official links at all times during this migration.
If you do not hold any OMI tokens, there are no actions required of you, and you can continue to enjoy VeVe as per usual!
Phase 1: User Wallet Registration (complete)
In order to migrate VeVe, we first need to migrate our users. Phase one is the registration and migration of all existing wallet addresses/user accounts to Ethereum layer 2. Once this is complete, all new user accounts will be registered directly on L2.
From a user perspective, there is no input needed from you during phase one, and all existing Gochain OMI token processes remain unchanged.
Phase 2: NFT Minting (complete)
In phase two, we will see the re-minting of all existing assets (collectibles, comics etc…) on L2 Ethereum and transfer them to the wallet address associated with each VeVe account.
This phase will also include heavy testing of all purchasing and transfer functions, to ensure that the minting of new NFTs, and all necessary purchase/sale transactions, are taking place successfully on L2.
From a user perspective, there is no input needed from you during phase two, and all existing Gochain OMI token processes remain unchanged.
Phase 3: OMI Token Migration
If you currently hold GO OMI tokens (or the wrapped version ETH wOMI) you will be able to swap to the new ETH OMI version during phase three.
There will be three options available to you during this time, allowing you to either swap your existing tokens to L1 OMI (for trading on exchanges), or L2 OMI (for use within the VeVe app).
More information will be released shortly so you can choose the options that suit you best.
The three options are:
- The VeVe App (automatic)
- Exchanges (automatic)
- Token Swap Site (manual)
The token swap site is likely to be available indefinitely, and you will have ample time to swap your tokens. That also means you do not need to rush and swap them as soon as it is live, and you may find your transaction processes more quickly once the traffic eases.
This phase will also include new features in the Web Wallet allowing you to deposit your tokens to Layer 2 (VeVe), or withdraw them to Layer 1 (exchanges).
Once phase three is complete, all existing in-app GoChain OMI transactions will cease, and VeVe will be underpinned by ERC20 (Ethereum) OMI via Immutable X’s L2.
WARNING: During the migration process please only use the official links.
How Long Will Each Phase Take
The work to integrate Immutable is now complete and the migration is underway. It is our intention to complete the final phase of migration in October, and we will continue to provide updates as the migration phase progresses.
Between each phase, the development team will be testing functionality and performance to ensure that everything is operating as expected. As we are dealing with sensitive and valuable assets, we will not progress to the next phase until the development team is satisfied.
How Will I Know What to Do?
Over the coming days and weeks, we will release more information about the migration process, to give you a better understanding of Ethereum and Immutable X’s Layer 2, and to help you understand your options when it comes to migrating your OMI tokens.
Within these resources, we’ll walk you through how to use and navigate the token swap site, how to choose which token swap option is best for you, and how to bridge your OMI tokens between Layer 1 and Layer 2, depending on how you want to use them.
** Please subscribe to the blog, or join the Telegram announcement channel to stay up to date with these instructions. **
Information on this channel is for educational purposes only. It should not be considered financial advice; all users are advised to do their 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 millions of 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 📩
