General information on the Token Migration

What will happen if I don’t migrate my WMT?

If you don’t migrate, your WMT may become unusable in the new ecosystem. We recommend migrating to WMTx to retain functionality.

Will WMTx and WMT exist simultaneously?

No, WMT will be phased out once WMTx becomes the standard token.

Will I need access to a specific device or software to complete the migration?

You’ll need a browser-based wallet extension, such as the Eternl wallet, to complete the migration process.

Why should I switch my WMT tokens to another chain?

Switching allows you to take advantage of interoperability, liquidity, and features available on multiple blockchains.

Is the total supply of WMTx the same as WMT?

Yes, the total supply of WMTx will be the same as WMT. However, if some WMT tokens remain unmigrated, the active supply might be lower initially.

Will WMTx maintain a 1:1 value with WMT?

Initially, WMTx will have a 1:1 conversion rate with WMT, but market conditions will determine the value afterward.

Will the token migration trigger a taxable event?

Token swaps might be considered taxable events in some jurisdictions. Consult a tax advisor for guidance.

Is the token swap safe?

The migration process is secure, but always ensure you’re using the official upgrade portal to avoid scams.

Do I need to unstake my tokens before migrating?

If you're staking your WMT in the vault, there's no need to unstake your tokens, as they aren't locked. You can move them freely from your Cardano wallet at any time. However, if your tokens are staked elsewhere, you may need to unstake them before migrating your WMT to WMTx.

What happens to my WMT if I haven't migrated to WMTx before the deadline?

WMT on Cardano will be deprecated after the end of migration period, meaning it will no longer be supported. If you haven't upgraded your tokens before the deadline you will have to reach out to support by emailing [e-mail]. It will still be possible to migrate your old WMT to WMTx but it will be a manual process.

How will WMTx keep the same value across all chains?

Cryptocurrencies maintain the same value across multiple blockchains using mechanisms such as bridges and arbitrage bots. Bridges allow users to transfer assets between blockchains, while arbitrage bots help to eliminate price differences by trading when there are discrepancies in token values across chains. Together, these mechanisms ensure that the token's value remains consistent across different blockchains.