OM Token V2 Migration Step-by-Step Guide
Following our announcement for the launch of our enhanced OM V2 token today, we want to make the entire process of migrating your OM tokens from V1 to V2 as simple and straightforward as possible. The migration process to OM V2 is just a few easy clicks and this document will explain the step-by-step process. If you haven't already, read more about the details of our OM V2 announcement here.
Keep in mind that while there will not be a time limit for migration to V2, we are encouraging Sherpas to migrate earlier rather than later. We will be airdropping additional OM tokens to all Sherpas who migrate within one month from the OM V2 launch, so be sure to migrate now and not miss out! Below we outline the steps to migrate whether your OM tokens are on an exchange, being staked on MANTRA DAO, or sitting in one of your trusted wallets.
OM on Exchanges
If you hold your OM on an exchange then there is no further action required for you to do as we are coordinating directly with the exchanges to make sure that you receive the correct V2 OM when you withdraw. Please note that each exchange will handle the migration in their own way, so if you have your OM on exchanges please wait for further instructions from your exchange. All major exchanges supporting the trading of OM have agreed to support the migration.
OM Being Staked on MANTRA DAO
The process of migrating your staked OM happens in two stages :
Stage 1 — Initiating your token migration.
Transaction 1: Lock in unclaimed rewards from pool V1 into pool V2
Transaction 2: Initiate Unstaking of OM V1 from pool V1.
Wait for the 8-day migration process to complete
Stage 2 — Complete the Migration, claim rewards, and stake your newly migrated OM V2 tokens in the new staking pool.
Transaction 1: Claim and stake rewards earned during the 8-day unstaking period
Transaction 2: Withdraw OM V1 tokens from Pool V1.
Transaction 3: Approve the sending of V1 tokens to the migration contract
Transaction 4: Complete migration to OM V2 staking pool
Stage 1 — Initiating migration
In this stage you will need two transactions upon clicking the “Migrate” button, one to approve the transaction and the second to confirm the transaction.. Once these two transactions have been successfully completed your OM token migration will have begun!
If you click on your OM being staked on the app, you will notice that the right hand action window now shows the option to “Migrate to V2”. Before you click “Migrate to V2” if you have OM available for withdrawal and wish to not stake that, please withdraw that OM first before migrating your staked balance (this withdrawn OM will be V2). To begin migrating your staked OM, click “Next”
1. Once you click “Next”, a confirmation frame will pop-up outlining that you are about to migrate your OM V1 token to OM V2, as well as move your staked OM to the new V2 OM staking pool. Click “Migrate to V2” to agree to the migration and begin the process.
2. Next you will need to approve the first transaction to approve OM spending limit followed by a second transaction to pay for the gas fee using your MetaMask or connected wallet. Confirm the transactions to begin the migration process.
3. Once you Confirm the transaction, it will begin the migration process from OM V1 to OM V2, as well as migrate your OM to the new V2 staking pool. Similar to the unstaking process, the migration process will take 8 days to complete, but unlike the unstaking process, members will still receive rewards during this period. While the 8-day migration is processing, your OM tokens will still receive rewards in the new variable V2 staking pool. Once the 8-day migration is completed, members will be able to once again stake and unstake OM at their convenience, and all rewards earned will be compounded to their staking balance!
If you see the timer from above that means the Migration of your staked OM V1 tokens to staked OM V2 tokens has been initiated successfully.
Stage 2 — Claim rewards and complete migration
If you have completed Stage 1, then you will see a popup that tells you that you will need to complete a total of 4 steps and transactions to complete the migration. While four transactions sounds like a lot, the good news is that the moment you begin the 8-day unstaking period in the V1 pool, you will be able to automatically earn rewards in the V2 pool as if you did not unstake at all!
1.Once you are ready to start the second stage of the migration, you will see the 1st transaction of Stage 2 to claim and stake the rewards earned during the 8-day unstaking period. Once you have signed the 1st transaction, you will see a confirmation checkmark and your transaction ID for that transaction.
2. The second transaction of stage 2 will be to withdraw OM V1 tokens from pool V1. Once you have signed the 2nd transaction, you will see a confirmation checkmark and your transaction ID for that transaction.
3. The third transaction of stage 2 will be to approve the sending of V1 tokens to the migration contract. Once you have signed the 3rd transaction, you will see a confirmation checkmark and your transaction ID for that transaction.
4. The fourth and final transaction will complete the migration staking your OM V2 tokens in the staking pool V2. Once the migration has been completed, you will receive sOM (staked OM) in accordance to your resulting OM V2 token staked balance on staking pool V2 (please note sOM is not a one-to-one conversion with your staked OM and your sOM will be some multiples larger than your staked amount). Once you have signed the final transaction, you will see a confirmation checkmark and your transaction ID for that transaction.
And there you have it! Your OM V1 tokens have been successfully migrated and staked as OM V2 tokens in the V2 Pool!
OM on Your Secure Wallet
If you are not currently staking your OM tokens on the MANTRA DAO app and just have it in your secure wallet, then it is just as easy to migrate to V1 OM to V2.
1. You can find the banner for the OM token migration on the homepage of the MANTRA DAO website shown below. Click on the “Migrate to V2 Now” button, which will redirect you to our new OM Token V2 Migration page on app.mantradao.com/om-token-swap
Alternatively, you can access the OM Token V2 Migration portal via https://app.mantradao.com/om-token-swap
2. Once you are on the new OM token migration section on the platform, you will have to connect your secure wallet which holds your V1 OM tokens to begin.
3. Once your wallet is connected, you will be able to see your available V1 OM token balance that you will be able to Swap to OM V2 (please note that there is no price difference in OM V1 and OM V2). Click “Swap”.
4. Once you have clicked “Swap” a pop-up appears requesting you to confirm your action to swap your OM V1 to OM V2. This swap is a one-time activity and will only cost a small gas transaction fee to execute. Click “Swap to V2” to confirm that you are swapping your OM tokens and begin the transaction.
5. Next you will need to confirm the transaction to send your OM V1 token to the smart contract to swap your OM tokens to V2. Once you confirm the transaction, your tokens will be sent to the smart contract.
6. Once the transaction goes through, your OM V1 tokens have been swapped and you will find your OM V2 tokens now in your wallet. Now that you have your OM V2 tokens in your wallet, we suggest that you stake them on the MANTRA DAO staking platform so that you can start earning more OM every day!
About MANTRA DAO
MANTRA DAO is a community-governed DeFi platform focusing on Staking, Lending, and Governance. MANTRA DAO leverages the crowd’s wisdom to create a community-governed, transparent, and decentralized ecosystem for web 3.0. Built on Parity Substrate for the Polkadot ecosystem, MANTRA DAO gives financial control back to the people to store and grow wealth together.