Dear OKX Users,
In accordance with Fantom's official migration plan, OKX will support the token migration from Fantom (FTM) to Sonic (S). Below are the detailed arrangements:
Deposit and Withdrawal Services
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- FTM deposits/withdrawals will be suspended at 11:30 AM (UTC+8) on January 13, 2025. Subsequent deposits will not be supported.
- S deposits/withdrawals will be announced separately.
Trading Services
1. Margin Trading
Key dates for FTM margin trading:
- Borrowing disabled: January 2, 2025 (8:00 PM UTC+8)
- Trading suspended: January 6, 2025 (4:00–6:00 PM UTC+8)
Actions required:
- Repay all borrowed FTM before suspension to avoid forced repayment.
- Close positions manually to prevent liquidation risks during volatility.
Collateral Rate Adjustment
FTM collateral rates will be reduced to 0 during the suspension window.
| Max Collateral (FTM) | Discount Rate |
|---|---|
| 0 | 0 |
Note: This change may increase maintenance margin requirements. Manage risks proactively.
2. Perpetual Contracts
- FTMUSDT perpetual contracts will be delisted at 4:00 PM (UTC+8) on January 7, 2025.
- All open positions will be settled at the index price average of the final hour.
Risk controls:
- Adjust leverage ratios beforehand.
- Delisted contracts with >$10,000 positions will face 30-minute transfer restrictions post-settlement.
3. Spot Trading
- FTM/USDT and FTM/USDC pairs will be delisted at 11:00 AM (UTC+8) on January 13, 2025.
- Pending orders will be canceled automatically. Related strategies (e.g., copy trading) will terminate.
Token Migration Process
- Snapshot: January 14, 2025 (12:00 AM UTC+8) of funding accounts.
- Requirements: Minimum 1 FTM held; withdrawals in transit excluded.
- Conversion: 1:1 FTM-to-S ratio over 1–3 days. FTM will no longer appear in portfolios post-migration.
FAQ
Q1: When will S deposits/withdrawals open?
A: OKX will announce this separately after migration completion.
Q2: What happens to my FTM margin loans?
A: Repay before January 6, 2025, to avoid forced repayment at volatile prices.
Q3: How is the perpetual contract settlement price determined?
A: By the hourly index price average before delisting, adjusted for anomalies.
Disclaimer: Digital assets involve high risk. Assess your investment capacity prudently.
OKX Team
December 31, 2024