The Effect AI ecosystem recently made a bold move: we chose Solana as our new home, to build the next generation platform for decentralized intelligence.
As part of this transition, a new token called EFFECT will be launched, offering a straightforward 1:1 migration path for current EFX token holders. This token represents a fresh start for our mission to enhance human intelligence in the AI era. In this post, we are pleased to share the first concrete details around the migration and what this means for our token holders. Please read the information below carefully and don’t hesitate to reach out via our official channels for support.
Snapshot of EFX
On the 1st of January 2025, at 12PM UTC, a snapshot will be taken of all EFX and NFX token balances across EOS and BSC. This snapshot will precisely determine the EFFECT token allocation for each user on Solana. Staked tokens will be automatically included in the snapshot, and there are no additional actions required from token holders - simply ensure you hold your EFX in a wallet that you control.
After the snapshot date, the EFX token will no longer be officially supported. We strongly advise against trading, purchasing, or selling EFX tokens after this point to avoid the risk of financial loss. Holders can sit back and relax while they await further instructions.
Claiming your new tokens
On the 5th of January 2025, we will release an official Claim Portal through our website, enabling users to retrieve their new EFFECT tokens. The claim portal will remain accessible after this date, so holders who may have forgotten about their EFX tokens in a wallet will still be able to claim their new EFFECT tokens, even years down the line. However, for tokens left on exchanges, we are unable to assist after the snapshot is taken.
IMPORTANT: Remain extremely vigilant against potential scammers. Only access the Claim Portal through our official website at https://effect.ai. Do not use any other links or platforms claiming to be associated with this token migration.
NFX holders
The Effect DAO has decided that it will discontinue support for the NFX governance token after the snapshot date. This decision will streamline the ecosystem into a more simple single token model. NFX holders will be able to claim additional EFFECT tokens through the Claim Portal for compensation. The exact conversion rate will be published ahead of the snapshot, and more details can be found in recent DAO proposals.
Special cases
While the previous information covers the migration process for most users, the following cases require special attention:
Liquidity Providers: Users providing EFX liquidity on platforms like PancakeSwap, Defibox, NewDex, or other liquidity pools must remove their liquidity before the snapshot date.
Defi Platforms & Exchanges: If you hold EFX on a DeFi Platform or a centralized exchange, you should withdraw your tokens to a wallet you control. If your tokens are on a DeFi platform or exchange at the time of the snapshot you will not be able to claim them after the migration.
Further details about the migration process, including instructions on how to claim the new Solana-based EFFECT tokens, will be provided in a blog post released alongside the launch of the Claim Portal on January 5th, 2025.
Please follow our official X account and join our Discord server to post any questions you have about the snapshot, migration, and claiming process.