FAQ: ONG to SOMEE

ONG to SoMee Frequent Questions

Why can't CEX exchanges like Probit do the migration?

Probit (Like other exchanges) can't swap exchange. The swap needs to be performed by the user. Probit will trade the new SOMEE token again soon, though on their exchange.

What is the new reward token? Can you share tokenomics of new token?

It has been announced as SME by Phillip. Details about this token, like Phillip mentioned, will come. At the moment, we focus on the ONG to SOMEE migration and pools, etc., with all activities involved with this (which are quite a lot that come together with this).

Will ONG still have a use on the platform?

SOMEE will be the only supported token for governance and staking (earning SAT by adding to the pools). ONG will have no utility anymore as SoMee will depreciate it. We can't force anyone to swap ONG, but you won't have any utility with ONG anymore on the platform. The swap will be 1:1 ONG to SOMEE.

Will all ONG be eventually swapped for SOMEE?

It is most likely that not all ONG will be swapped for SOMEE as private keys/seeds have a "tendency" to get lost over the years. But nobody knows; maybe everyone holds all their private keys. The chances of this are low, though based on other coins/tokens experiences. Bitcoin: People mining thousands of BTC and then trashed their hard drive/computer with the private. key etc. etc ?

Why are you forcing USERS to do the swap and not do it as a project?

SoMee knows that a swap is always difficult to perform. We considered all things and also checked with Probit about the possibility of performing the swap on exchange. That is not possible, unfortunately. We try to make the swap as convenient as possible, but there are limitations that we can't control (e.g., Exchanges swapping exchange).

Why a 1.5% unstaking fee?

Regarding the unstake fee of 1.5%, that was requested clarity here by some. As we work with Prism as a partner, all the rules and tokenomcis also apply to the SOMEE pools. The 1.5% unstake fee is in the staked asset, in the example of SOMEE Prism pools in SOMEE tokens. This not only applies to SOMEE pools but to all pools that Prism runs. You can find more details about the Prism ecosystem on their website.

What are the balances in the pools as of 6/14 (launch)?

1.5m SAT in SOMEE-ETH LP pool, runtime 6 weeks and 2m SAT in SOMEE single asset pool, runtime 8 weeks. Both of the pools will gather the data we need to open up the long-running pools afterward. Remember to check the runtimes of each pool. LP pool: Less run time, fewer tokens = equal emission as the single asset pool (longer runtime, more tokens). The rewards are locked in the single asset pool, not in the LP pool. Different use cases of each of the pools.

What will assets that are unstaked be used for?

Assets gathered from unstaking on Prism post will be used by Prism to boost their soon-ready (and impressive) DEX ecosystem. You will be able to do cross-chain transfers there soon between ETH, BSC, OKex chain, avax, FTM, etc. This will most likely, in the future will also hold great value for the SoMee project.

What about ONG liquidity, can you remove all liquidity?

Due to the nature of Decentralized trading, WE can't remove ONG from liquidity providers like UniSwap. As long as there is liquidity for ONG, it will be possible to trade it. Every liquidity provider needs to make their own decisions to move ONG liquidity over to SOMEE. We incentivize it by the SOMEE-ETH LP pool though gaining SAT as an incentive on top.

Will the value of ONG tank?

Could be, could not be. Just be careful here! WE don't have control over liquidity providers for ONG. We moved the company liquidity from ONG to SOMEE. Besides this, other providers, we have no control. Be careful, as if some liquidity provider pulls the liquidity on ONG, you may end up with a nonliquid token. Just be aware of this. We will focus on SOMEE liquidity from now on and by no means on ONG. Nonliquid, of course, in the sense that you won't be able to trade it back against ONG. Of course, you can swap it to a liquid SOMEE token.

The circulating supply of SOMEE

The swap contract works to remove ONG (you can see this in Etherscan) and adds SOMEE to the supply. Circulating supply SOMEE is always the amount you see on Etherscan. It will increase when people perform the swap (ONG decreases, on the other hand).

The Max supply of SOMEE

This is hard-capped to 150m and can be read from the contract.

Mint & Burn functions of the SOMEE contract

The SOMEE token is mainly used for Governance on the platform; when a voting period is open, users will use their SOMEE token to VOTE for proposals to implement. When the voting period is OVER, the total amount of SOMEE spent during the voting period will be tallied, and a % (usually 25-35%) of it will be BURNED, the rest will be distributed back to the pools and a % back to the winning authors who proposed the votes. SoMee will release minting details once the governance and DEFI elements are released.

Why can't I access my GFUEL/POINTS and convert them to ONG then to SOMEE?

The platform blockchain is offline for a while already and was communicated here and on all channels a long time ago. The g-fuel and points are not lost. Our Developers took a snapshot before they switched off the blockchain. When the blockchain is moved to the new one, your wallet will be accessible again. You don't need to do anything here. The swap right now only addresses the ERC20 tokens ONG (old) and SOMEE (new)

Will there be longer running liquidity pools/staking?

SoMee will open longer running staking pools after the initial 2 finish. Those 2 pools are shorter running pools to gather the data to adjust/define the long-running pools afterward.

What are boost levels/assets?

Boost levels and assets that can boost the pools: All will be visible on the pools once it changes from "pre staking" to "staking" 6/15/2021. You will see in the staking Prism cockpit how much % you have. The boosts are a possibility to increase it. Like many pools out there (also by other providers than Prism ), they include this element. It all depends on how others in the pool will act. The pool is dynamic in this way. How much total staked, how much boosts are used by each individual, your % of assets compared to others in the pool. If others boost, then your % will lower, etc. It's all depends on the total pool and what individuals do.

What about single asset staking?

Prism explained the LP one more in detail as LP staking is more complex due to its nature. The single asset you stake SOMEE and then can boost with the different options offered by Prism. The difference is explained in the Prism document. You can only claim rewards at the end of the staking period. Other than the LP pool where you can claim anytime. Reward calculation is per block / second that rewards are calculated for stakes. The locked pool means that they wonâ€™t be able to claim this until the pool has expired. Once the pools switch from pre staking to staking, all the boost levels and APY, etc., will be visible. That should happen sometime on 6/15, as pre-staking started when we communicated the ONG swap.

4 comments on “FAQ: ONG to SOMEE”

Christoph Karner says:

August 26, 2021 at 6:16 pm

Is it still possible to migrate Ong to Somee ?

Reply
1. zackrspv says:
  
  August 29, 2021 at 12:39 am
  
  Yes, you have until 2022 to do the transfer. Visit our guide on the site here for more info
  
  Reply
  1. YopkoCat says:
    
    September 5, 2022 at 5:31 pm
    
    What do we do if we still have ONG and have not migrated yet?
    
    Reply
    1. zackrspv says:
      
      September 9, 2022 at 7:08 pm
      
      You can visit https://convertong.somee.social and convert your ONG to SOMEE
      
      Reply

June 15, 2021

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ONG to SoMee Frequent Questions

4 comments on “FAQ: ONG to SOMEE”

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