Unsure on how the economics in Ethlas works? This blog post will take you through how exactly to convert GEMs to XGEMs!
This blog post will take you through how exactly to convert GEMs to XGEMs!
🤠🤠 Spoiler alert 🤠🤠
You can also use these videos to become familiar with the GEM to XGEM conversion steps!
Submit a GEM to XGEM conversion request
Claim Approved Request
Navigate to https://ethlas.com/app/treasury and click on Gem Expert on the map
Gem Expert window will open. Click on the conversion button.
The conversion window will open.
- On the conversion drop down select GEM to XGEM
- Enter the Gem amount to convert
- Check the conversion fee. The conversion fee will update as you type in the amount
- Click on Convert button
The confirmation window will open. Verify the conversion details displayed on screen and click Confirm button
A Metamask wallet will popup displaying the blockchain transaction details. Click on the Confirm button to authorise the transaction
- Wait until the transaction is confirmed on the blockchain
- Do not close the browser or Gem to XGEM conversion confirmation window
- A success message will be displayed on screen when the transaction is successful on the blockchain
- Click on close button to go to conversion window
Click on close icon to go to Conversion window
Click on Transaction button to display all conversion requests submitted by you
The transactions window will open.
- The last submitted Gem to XGEM conversion request will appear on the top of the list of Transaction
- Click on the text CONVERT to see status update about this request
The request will be reviewed automatically on Sunday morning SGT every week and can be approved or rejected (depending on whether the request passed settlement terms & conditions or not).
The status text will indicate the outcome of the review process after Sunday 11:00 AM SGT.
If the request is approved, click on the claim button.
As part of the claim process, the NFT associated with the request will be burned which requires your approval. Click on confirm button when your wallet prompts for approval.
A proof of approval needs to be submitted to the smart contract to disburse the approved amount. This steps requires your approval. Click on the confirm button when your wallet prompts for approval.
A confirmation message as shown in below image will appear on your screen when the smart contract successfully disburses the amount to your wallet. When the confirmation message appears, the conversion request is completed.
Click on the close button to go to the previous screen.