Dear OKX Users,
In accordance with the Fantom Official Migration Plan, OKX will support the token migration from Fantom (FTM) to Sonic (S). Below are the detailed arrangements:
1. Deposit and Withdrawal Services
- FTM deposits/withdrawals will be suspended at 11:30 AM UTC+8 on January 13, 2025. Subsequent deposits will no longer be supported.
- Sonic (S) services will open at a later date (announcement to follow).
2. Trading Adjustments
2.1 Margin Trading
- FTM borrowing for margin trading and flexible loans will cease at 8:00 PM UTC+8 on January 2, 2025.
- Margin trading and loans will pause between 4:00–6:00 PM UTC+8 on January 6, 2025. All open orders will be canceled. Users with active loans must repay before this window to avoid forced settlements.
Discount Rate Adjustments (Effective January 6, 2025):
| Tier | Max Collateral (FTM) | Original Rate | Adjusted Rate |
|------|----------------------|---------------|---------------|
| 1 | 35,000 | 0.85 | Gradual reduction to 0 |
| 2+ | Incremental tiers | Variable | As per market risk |
2.2 Perpetual Contracts
- The FTMUSDT perpetual contract will delist at 4:00 PM UTC+8 on January 7, 2025.
- Positions will settle using OKX’s index price average. No funding fees apply post-delisting.
Note: Users with positions >$10,000 will face a 30-minute transfer freeze post-settlement.
2.3 Spot Trading
- FTM/USDT and FTM/USDC pairs will delist at 11:00–11:30 AM UTC+8 on January 13, 2025. All orders will be canceled automatically.
- Related services (flash swaps, copy trading, etc.) will pause concurrently.
3. Token Migration Details
- Snapshot Date: January 14, 2025 (00:00 UTC+8). Funds in trading accounts will consolidate to main accounts.
- Eligibility: Hold ≥1 FTM at snapshot. Pending withdrawals excluded.
- Conversion Ratio: 1 FTM = 1 S.
- Processing Time: 1–5 days (FTM valuations paused during migration).
👉 Post-migration, S tokens will replace FTM in your portfolio.
FAQ
Q1: Can I trade FTM during migration?
A: No. All FTM services suspend post-snapshot until S distribution completes.
Q2: What happens to open margin positions?
A: Repay loans before January 6 to avoid forced liquidation.
Q3: How is the perpetual contract settlement price determined?
A: By OKX’s index price average 1 hour pre-delisting.
Disclaimer: Digital assets are volatile and high-risk. Assess risks independently before investing.
OKX is committed to delivering exceptional products and services.
OKX Team
December 31, 2024