OKX is set to support the upcoming LSK token migration from its Layer 1 (L1) blockchain to Layer 2 (L2). This update aims to improve network performance and scalability. Below, you’ll find important dates and actions that may affect your LSK holdings on the platform.
Please review the following schedule to ensure a seamless transition:
- LSK deposits and withdrawals will be suspended at 10:00 am UTC on May 20.
- LSK spot and margin trading will continue as usual throughout this period.
Once the migration is complete, LSK deposits and withdrawals will resume. Note that OKX will no longer accept LSK L1 deposits after the upgrade.
We advise users to plan their transactions accordingly to avoid any potential disruption during the transition window.
Understanding the LSK Migration
The LSK token migration represents a significant technical upgrade for the Lisk network. Moving from L1 to L2 is designed to enhance transaction speed, reduce fees, and improve overall user experience. Such upgrades are common in the blockchain space as protocols evolve to meet growing user demands.
For holders on OKX, the process is designed to be hands-off. User assets will be automatically migrated, meaning no manual action is required for those keeping their LSK in their OKX spot wallets.
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It is always a good practice to stay informed about major network upgrades affecting your digital assets. Following official communication channels can provide the latest details and progress reports.
What Users Need to Do
For the vast majority of users, no direct action is needed. OKX will handle the technical process of converting LSK L1 tokens to LSK L2 tokens behind the scenes.
However, if you plan to deposit or withdraw LSK around the specified date, you must account for the temporary suspension of these services. Ensure any external transfers are completed well before the cutoff time to avoid them being stuck in transit.
After the migration concludes and services resume, all LSK tokens held on OKX will be the new L2 assets. You can then resume depositing and withdrawing as normal, using the updated L2 network.
Frequently Asked Questions
Will my LSK trading be affected during the migration?
No, trading for LSK will not be interrupted. You can continue to buy and sell LSK on OKX spot and margin markets without any changes during the entire migration process.
Do I need to manually upgrade my LSK tokens on OKX?
No, OKX will automatically handle the conversion of all LSK L1 tokens to LSK L2 tokens for users holding them in their spot wallets. The process is seamless and requires no action from you.
When will LSK deposits and withdrawals reopen?
Deposits and withdrawals will be reopened once the migration is fully complete and the network is stable. OKX will make a public announcement as soon as these services are restored. Please monitor official OKX announcements for the exact timing.
What happens if I send LSK L1 tokens to my OKX wallet after the migration?
OKX will no longer support LSK L1 deposits after the migration. Sending old L1 tokens to your deposit address may result in a permanent loss of funds. Always ensure you are using the correct network for all transactions.
Why is the LSK network migrating to L2?
The migration to a Layer 2 solution is primarily aimed at achieving higher scalability, faster transaction finality, and lower gas fees. This is a strategic move to support greater adoption and more complex applications on the Lisk blockchain.
Important Considerations for Token Migrations
Token migrations, hard forks, and network upgrades are regular occurrences in the dynamic cryptocurrency landscape. They often signify growth and technological advancement within a project.
While exchanges like OKX strive to make these events smooth for users, it is crucial to understand the basics of how they might impact your assets. Always prioritize information from official sources to avoid misinformation.
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Engaging with the community and support teams can also provide clarity. If you are ever unsure about how an upgrade affects your holdings, reaching out for help is a recommended step.
Risk Warning: The information provided here is for educational and informational purposes only. It is not intended as financial, investment, or any other form of advice. Digital assets are highly volatile and speculative, and you may lose the entire value of your investment. You should conduct your own research and assess your risk tolerance before trading any digital asset. OKX does not guarantee the accuracy or completeness of any information from third-party sources and is not liable for any losses incurred from trading.