What is WOMI?
I just got some WOMI through Uniswap.
Prior to OMI’s migration to IMX in January of 2022, OMI was built on top of GoChain, which meant that in order for it to be traded on the Ethereum-based exchange, Uniswap, it needed to first be swapped into wrapped OMI or WOMI.
Wrapping tokens is a practice in cryptocurrency where tokens from otherwise interoperable blockchains can be made to work with each other by being “wrapped”.
When a token is wrapped, the original token is stored by a custodian or smart contract and replaced with a synthetic version of the token that works on the new network. Then when the user wishes to convert back to the original token, it is swapped back to the original asset, and the synthetic asset is burned.
The most common type of wrapped token is wrapped Bitcoin or wBTC, which an ERC-20 version of Bitcoin which is compatbile with the Ethereum network.
In the case of OMI, ECOMI created a swap site to swap between OMI and WOMI, which could then be used to add liquidity to the OMI token pool on Uniswap, a popular decentralized exchange.
Now that the OMI token is fully migrated to the Ethereum blockchain via IMX, it should no longer be necessary to use WOMI (unless you already have WOMI that needs to be swapped back into OMI).