The New $EFFECT Token

Posted on 2025-01-05 by Effect.AI

This blog will guide you through the process, provide key security tips, and ensure a smooth transition to the new token. Although the EFFECT token will only be tradable on the 10th of January, you can already prepare your token claim. Let’s dive into the details and get you ready to claim!

In Summary

$EFFECT will be tradable on Solana on January 10th
Snapshot holders can claim their allocation through the Claim Portal starting today
Claimed tokens are staked and subject to an unstaking period
Follow the claim process described in this post!

Claiming your EFFECT tokens

The snapshot has been taken on January 1st, and all $EFX on EOS and BSC should not be sold/bought and they carry no utility. Starting today, you can claim your EFFECT tokens via the official Claim Portal at portal.effect.ai. This is the only authorized portal for claiming your tokens—beware of imposter sites that try to scam users.

Supported wallets

A wide range of BSC, EOS, and Solana wallets can be connected to the Claim Portal. If the wallet you used to store $EFX does not show up on the portal, please reach out to support so we can assist you during the claim process. As long as you have access to the wallet and keys, your tokens are safe and can be claimed.

Preparing for the migration

Before starting, make sure your Solana wallet is ready. You’ll need a small amount of SOL in your wallet to cover transaction fees. Desktop wallets like Phantom or Solflare are recommended for the best experience, as mobile wallet in-app browsers may not function properly for this process.

If you’re using an EOS wallet, ensure you connect with your active permission, not your owner permission, unless instructed otherwise. Double-check this before proceeding to avoid any issues during the claim process.

Claiming process

The process is simple when using your EOS or BSC wallet:

Visit the official Claim Portal at portal.effect.ai
Connect your EOS or BSC wallet to the portal, connect the Solana wallet where you want to receive the $EFFECT tokens, and confirm the migration.
Be sure to double-check all wallet addresses before finalizing the transaction.

Staking, Unstaking, and Unstake Release Schedule

After claiming your EFFECT allocation, the tokens are automatically staked. As long as they remain staked they will build up stake age, and, starting from the 10th of January, will generate rewards.

Unstake Release Schedule

If you decide to unstake some of your tokens, this part will be returned to you slowly over a period of time. For every unstake, the tokens will be locked for 7 days, during which they are not transferable and do not generate rewards. After 7 days, they will begin streaming back to your wallet over a period of 30 days. To illustrate: it will take 37 days for all of your unstaked tokens to be available in your wallet, and half of your tokens will become available after 22 days.

Note: unstaking is not reversable; once initiated, you will have to wait for the full unstake release period.

Stake Age Score

The longer your tokens are staked the higher their Stage Age Score will be. This score will be beneficial for voting and rewards once the Effect DAO is launched. The Stake Age of the $EFX tokens you held on EOS is automatically transferred to the new tokens.

Rewards

Starting January 10th, staked tokens will generate rewards. These rewards are distributed continuously and can be claimed at any time. Extra rewards will be distributed to those who have tokens staked on January 10th. The APY generated from a stake can be viewed in the Portal. Please note that it is dynamic and subject to change. More details on the rewards will be released in the coming days.

Security tips and support

Never share your private keys or seed phrases, and always ensure you’re using the official portal link. Bookmark the site to avoid phishing scams, and verify the URL before entering any details.

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