In the past two weeks, there’s been a buzz around the internet on the migration of World Mobile Token from $WMT to $WMTx, a newer version of the token. By completing this upgrade, you can ensure that your tokens remain valid and active for eligibility to access future rewards and functionalities. For stakers who use the vault, it’s your chance to continue staking and earning rewards now that the last snapshot has been taken. This process marks a significant milestone in the broader strategy for expanding World Mobile’s reach.
This major upgrade marks bold progress towards enhancing World Mobile’s utility and expands Cardano’s interoperability with other blockchain networks. As an improvement, the Cardano blockchain becomes more resilient, unlike other projects in the ecosystem that suffer outages. On the completion of the migration, World Mobile on Cardano will be open to accessing the liquidity, communities, and tools in the broader ecosystem. It also means new features from other ecosystems will now be available to World Mobile users. The trio of resilience, better accessibility, and new features sets World Mobile on a path that strengthens the user base and overall technology.
With the deadline approaching quickly fast, now that there are only six days left (the end is 21st October 2024), it is important to complete the migration and avoid losing your tokens. This article is set to guide you through the process. Let’s delve in!
The Migration from WMT to WMTx
Every $WMT holder needs to migrate to $WMTx for a couple of reasons. The upgraded token version introduces better security protocols that safeguard your assets as the decentralized finance (DeFi) space evolves. It is also the entry point for accessing new features, including stake rewards and a ticket to exercise governance rights, among other ecosystem features. As new updates, developments, and partnerships emerge, the token opens up access to all the future integrations at World Mobile, making it a fundamental tool for all participants and hodlers (long-term holders). It is also worth mentioning that World Mobile has been among the spearheads of the development of sidechains (a way for Cardano to communicate with other blockchains), and the WMTx is the token that allows compatibility with other platforms.
What differentiates WMTx from WMT and other tokens?
If you do not migrate your WMT tokens, they will become unusable within the ecosystem as both cannot exist simultaneously. Once WMTx becomes the standard token, WMT will be phased out. In the crowded crypto/Web3 markets, the aspect of tangible value against speculation is a key differentiator. Most tokens derive their value from hype and future promises, which leaves them inflated once the hype fades (if you check the price and market cap, they’ll never be identical). The WMTx token pivots on real-world infrastructure and increases its value as more users join the network. Unlike other tokens, WMTx has actual demand.
It doesn’t come as a surprise that many tokens use buyback as a hack to boost their price. The only problem with this approach is that it is a short-term strategy if there’s no justification around it. In the case of WMTx, every purchase is tied back to the network’s sustainability and fuels the growth of infrastructure that provides access to the internet. In turn, this is a reinvestment, put differently, a sustainable, purpose-driven buyback model. Besides being valuable in its ecosystem, WMTx has real-world usage and is globally accessible. With the growth of the network, so does the token’s utility expand, and its value is tied to the success of World Mobile.
What you need to know before the migration
The total supply for WMTx is the same as WMT, and the transformation ratio is 1:1. Only after the conversion to WMTx will the value depend on market conditions. In some jurisdictions, token swaps are taxable events, leaving you to consult your tax advisor depending on your state or location. If you had staked your tokens in the WMT vault, there’s no need to unstake them, as they can be moved freely from your Cardano wallet. However, if you had staked on some other (external) platforms, you must unstake the tokens before migration.
Preparing for the upgrade
The first step in preparing for the migration is to ensure you’re using the supported wallet types. These include Eternl, Coinbase and MetaMask. If your WMT tokens are in another Cardano wallet, you don’t need to create another wallet on Eternl. Using your seed phrase, you can import the existing wallet. A point of caution on this is that the seed phrase is private to you and should never be shared with anyone — even World Mobile employees will never ask you for it.
Before you begin the migration, ensure you have all the requirements listed below:
- Access to a Cardano wallet through the Eternl browser extension. You’ll need to log in and select the wallet with $WMT or import an existing Cardano wallet. Ensure the decentralized applications (dApps) feature is turned on in the extension.
- If you’re upgrading your tokens from Cardano to Ethereum, Coinbase, or Binance Smart Chain, you’ll need to have a MetaMask or Coinbase browser wallet as the destination for your $WMTx. Ensure the wallet extensions are on the same browser (and window). As usual, remember to keep the seed phrases secure.
- Ensure you have enough ADA in the Cardano wallet to pay the gas fees. The amount of ADA needed to migrate your tokens will be available before you initialize the transaction. If you do not have enough ADA, you cannot complete the migration.
- Confirm that you are using a compatible desktop browser that supports popups. Chrome allows you to turn on popups in settings. Other compatible browsers include Edge, Opera, and Brave. Mobile devices are not supported!
If you have completed setting up the requirements, enter the step-by-step guide to migrating $WMT to $WMTx.
Step-by-Step Migration Guide: $WMT to $WMTx
For a video walkthrough, please watch the video below by WMTx: World Mobile Token.
The minimum token amount viable for migration is 5 $WMT. Follow these steps:
- Visit the World Mobile token upgrade page.
- Click on “Connect wallet”. If this is your first time accessing the portal, a popup will ask you to allow your wallet to interact with it. (Ensure the dApps feature is allowed on your Eternl wallet.) Once connected, an Eternl icon will appear on the page, as shown in the snapshot below. You should also be able to see your token balance.
- If you see a “Prepare wallet”, click on it and sign the transaction consolidating your UTXOs. By doing so, you will authorize the seamless migration from $WMT to $WMTx. This step requires a minimum of 12 ADA. If you do not see this step, it means you are good to continue and shouldn’t worry. Proceed to step 4.
- Hit the “Select Network” button. There will be four options: Ethereum, Binance, Base, and Cardano. For this demonstration, we are using Cardano. See the screenshot below. Hit confirm.
- Enter the $WMT amount you wish to migrate; the minimum is 5. You can make multiple upgrades provided that you can cover the gas fee. Then, click “Confirm Upgrade”, as shown below.
6. A confirmation popup will appear for you to confirm the details; a snapshot is attached below.
7. If all details are correct, proceed by clicking “Confirm upgrade of WMT to WMTx (Cardano).” Enter your passcode to sign the transaction and wait to receive $WMTx. You’ll then see that the token has been upgraded. This takes less than 30 minutes but could take longer.
Once the migration is complete, a dashboard will appear to show you the summary, as in the example below.
Troubleshooting Common Issues
Although the migration seems straightforward, you may run into some issues. Before thinking about troubleshooting, please read through the official migration instructions guide. In that case, should you run into some issues, there are a few key points to keep in mind:
- If your $WMT is on a non-Cardano external wallet, import it on Eternl or create a new wallet.
- Only browser-based extension wallets are eligible for the migration.
- If the upgrade button is inactive, you do not have enough ADA to cover the gas fee for connecting the wallets.
- If you encounter “insufficient collateral” or “not enough ADA” errors, consolidate your ADA to cover transaction fees.
- In the event that wallets disconnect after migration, the upgrade is still complete (check the balance in your wallet).
- If the transaction fails, follow the error instructions or contact the support team with your wallet addresses.
For more information on troubleshooting, please read through the official error-fixing guide.
Security Considerations
In the course of upgrading your tokens, there are a few things you should consider:
Keep your seed phrases for both your wallets safe by storing a hard copy — written down on a notebook and a soft copy — a document that only you can access.
To avoid getting scammed or losing your assets, use the official page from World Mobile. Always countercheck before proceeding to prevent landing on fraud sites.
World Mobile’s Vision and the Role of WMTX
Due to high costs and the challenges of traditional infrastructure, billions of people remain unconnected. World Mobile is here to address this problem by leveraging blockchain technology — Cardano, to be specific — and a sharing economy that allows individuals and businesses to operate network nodes (AirNodes) for running mobile services and earning rewards in return. The World Mobile vision is all about providing global connectivity to all areas, especially the remote ones, that the currently available networks don’t invest in because they claim they aren’t worth investing in through a decentralized mobile network model. This decentralized approach turns the tables to shift control from telecom giants to the community and fosters an inclusive and sustainable ecosystem.
The standard $WMTx token plays an important role in this ecosystem, powering the network and providing a utility for rewarding network participants. It can also be used for staking and bridging between different blockchain ecosystems. By migrating to this new token model, World Mobile leverages decentralization to provide affordable, widespread connectivity by going past the traditional limitation of expensive infrastructure. This aligns with Cardano’s main aim of creating an inclusive and interconnected world. It also provides users with digital identities that can be used to access more services like secure banking.
As Web 3.0 continues to evolve, the $WMTx token is a catalyst for change now that everyone is eligible for a stake in the future of digital economies. The next time you think about investing in crypto, always seek tokens that are tied to progress. No doubt, the $WMTx is one of them.
Frequently Asked Questions (FAQs)
Will my old WMT still work after the migration?
No, once you migrate to $WMTx, you will use the updated token, which is the standard currency for World Mobile.
Is there a deadline for migrating to WMTX?
Yes, the deadline for migrating from $WMT to $WMTx is 21st October 2024.
What happens if I don’t migrate?
If you don’t migrate to $WMTx, your tokens become obsolete and cannot be used in the ecosystem. All the same, you can still migrate the token manually by contacting World Mobile support. Here is the contact form.
Can I reverse the migration?
No, once your tokens are migrated, they cannot be rolled back to the old version. You will be able to use the updated model.
Will there be fees associated with the migration?
Yes, you will need to pay some gas fee in ADA to complete the migration procedure.
