OKX to support TONCOIN to TON token migration
Phát hành vào 15 thg 4, 2022Thời gian đọc: 4 phút
According to the official announcement from TONCOIN, OKX will support the token migration from TONCOIN tokens to TON tokens at a 1:1 ratio as per the following details:
1. Spot trading
To avoid users' transactions being affected by the price changes caused by the TONCOIN migration, OKX plans to:
(1) 9:00 am UTC on Apr 20, 2022, TONCOIN spot trading services will be suspended, and all market orders will be canceled.
(4) Deposit and withdrawal services for TONCOIN will be suspended at 8:00 am UTC on Apr 21, 2022.
(5) At 16:00 pm UTC on Apr 21, 2022, the system will snapshot the total holdings of all users in order to process the migration. The snapshot will include Funding, Finance, and Trading accounts.
2. Perpetual Swap Trading
In order to avoid issued caused by price changes due to the TONCOIN migration, OKX will delist the TONCOINUSDT perpetual swaps at 8:00 am UTC on Apr 20, 2022, and trading for the pair will be stopped. Related orders on the order book will also be cancelled after the delisting.
OKX will deliver all the TONCOINUSDT perpetual swap positions at the arithmetic average price of the corresponding OKX index one hour prior to the delisting.
If the index price display abnormalities in the hour preceding the delisting, OKX may adjust the final delivery price to a reasonable level at the time.
The current funding rate at 8:00 am UTC on the day of delisting will be 0 (funding fees for this period will not appear in the billing record).
Considering that the market may fluctuate sharply before the contract delisting, users are advised to practice risk-control measures by reducing the actual leverage multiples or closing positions in advance.
Within 30 minutes after the delisting, users who hold positions greater than $10,000 in value in TONCOIN/USDT perpetual contract at the time of delivery will also be restricted from transferring assets out of their Trading Account.
Restrictions on asset transfers will be lifted after 30 minutes. The historical orders and bills can still be queried after the delisting. If you need to backup your data, please download it promptly via the “Report Center” on the web interface.
In order to ensure the smooth delivery of TONCOIN/USDT perpetual contract during the delisting, the following adjustments are made to the risk control parameter settings:
1) Adjustment of price limit rules
The calculation formula of the limit price:
| Period | Highest Price Limit | Lowest Price Limit |
| Within 10 minutes of contract generation | Index *(1+X) | Index *(1-X) |
| 10 minutes after the contract is generated | Min[Max(Index, Index *(1+Y)+ Average premium over the past ten minutes), Index *(1+Z)] | Max[Min(Index, Index *(1-Y)+ Average premium over the past ten minutes), Index *(1-Z)] |
Adjusted price limit rules:
| Time | X | Y | Z |
| 8:00 am UTC on Apr 18 (48 hours before delivery) | 2% | 2% | 5% |
| 7:30 am UTC on Apr 20 (30 minutes before delivery) | 1% | 1% | 2% |
Note: If there is a deviation from the contract price before then, it will be adjusted according to market conditions.
3. Follow-up steps
(1) We will handle the token migration for all users holding more than 0.1 TONCOIN at snapshot.
(1) After the TONCOIN migration is completed, users can view their asset balance via Assets > My Assets > Funding Account menu.
(2) Since the real-time price of TONCOIN cannot be obtained through the market terminal anymore, the TONCOIN valuation will no longer be displayed against your account balance.
(3) After the TONCOIN migration goes into a stable stage, OKX will announce the TON deposit and withdrawal time, as well as the opening time of spot and other trading services.
Regards,
OKX
Apr 15, 2022 (UTC)