YFV to be Swapped to VALUE and corresponding solutions to spot, margin and perpetual swap trading
Dear users,
According to the official plan of the VALUE DeFi Protocol, YFV will be swapped to VALUE in a 1:1 ratio.
Given the ongoing suspension of our withdrawal service, OKX will support this swap based on the snapshot data first, and the on-chain swap will be performed after the withdrawal service is resumed.
For the official announcement, please visit: https://medium.com/@valuedefi/faq-yfv-and-value-migration-af3a5a5c2190
OKX has enabled spot trading, margin trading, perpetual trading, and Savings feature for YFV. To ensure the interests of YFV holders, OKX will provide a solution for the swap.
Details as follows:
Ⅰ. Spot & Margin Trading
To avoid the spot and margin trading service being affected by the price changes caused by the YFV swap, OKX will make the following arrangements:
(1) The borrowing feature for YFV will be suspended at 5:00 on October 28, 2020 (UTC).
(2) A mandatory repayment will be triggered by the system at 3:00 on October 29, 2020 (UTC), so users who have borrowings in YFV/USDT (including YFV or USDT assets borrowed under the pair) should make sure to finish the repayment by 3:00 (UTC).
(3) The spot and margin trading service for YFV will be suspended, and all the related pending orders will be automatically canceled at 8:00 on October 29, 2020 (UTC).
(4) Deposit and withdrawal services for YFV will be suspended at 9:00 on October 29, 2020 (UTC). Please deposit YFV prior to the service suspension. OKX will help you out with all technical issues regarding the swap.
(5) The system will snapshot the total holdings of users at 10:00 on October 29, 2020 (UTC). We will then distribute VALUE for YFV holders at a ratio of 1YFV = 1 VALUE.
Ⅱ. Perpetual Swap Trading
In order to avoid users' transactions being affected by the price changes caused by the swap, OKX will delist the YFVUSDT perpetual contract at 4:00 (UTC) on October 29, 2020 (Thursday). YFVUSDT perpetual trading will be suspended, and the related pending orders will be canceled at the same time. OKX will deliver all the positions in this contract at the price of the arithmetic average of the OKX YFV/USDT index of the preceding 1 hour before the delisting. If the index price is abnormally controlled one hour before the delisting, OKX may adjust the final delivery price to a reasonable level based on the actual case.
No additional fees such as funding fees and delivery fees will be charged during the delisting. For the stable and smooth delisting of the contract, YFV/USDT trading pair of MXC exchange will be counted into the calculation of YFV/USDT index at 6:00 on October 28 (UTC). The index components after the adjustment are as follows:
|
Exchange |
Pair |
Weight |
|
OKX |
YFV/USDT |
33.33% |
|
Huobi |
YFV/USDT |
33.33% |
|
MXC |
YFV/USDT |
33.33% |
Considering that the market may fluctuate sharply before the contract delisting, users are advised to do risk-control by reducing the actual leverage multiples or closing positions in advance.
The delisting will not affect users’assets in YFVUSDT perpetual accounts, and the transfer function will be back to normal after 30 minutes of the delisting. The historical orders and bills can still be queried after the delisting and will be kept for a while. If you have the need to back up the data, please download it in the [Report Center] on PC in time.
Ⅲ. Savings
After the close of the YFV borrowing function, Savings users still can earn the corresponding amount of interest generated from the remaining balance. Users don’t need to redeem the assets in Savings account, and OKX will manage any issues relevant to the swap. After the upgrade, users’ YFV assets in Savings account will be swapped to VALUE and will go to the Funding Account.
Ⅳ. Follow-up procession
(1) After the YFV swap is completed, the swapped VALUE assets can be queried on "Assets-My Assets-Funding Account".
(2) After the swap goes into a stable stage, OKX will announce the deposit and withdrawal time, as well as the opening time of spot, margin, perpetual swap trading services for VALUE.
Risk Warning: Trading digital assets involves significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.
Thank you for your continued support and we assure you our best services at all times.
Regards,
OKX
October 28,2020 (UTC)
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