In accordance with the official migration plan from the Zebec Protocol team, OKX will fully support the ZBC token migration. This process involves a 1:10 token swap, where each existing ZBC token will be exchanged for ten new ZBCN tokens. To ensure a smooth transition, the exchange has outlined a clear schedule and important guidelines all users must follow.
This guide covers the essential timeline, snapshot details, and critical considerations for OKX users holding ZBC tokens. Understanding these steps is crucial to ensure your assets are successfully migrated.
Detailed Migration Timeline on OKX
The migration will be carried out in a series of carefully planned steps. All times are in Coordinated Universal Time (UTC).
- April 8, 2024, 2:00 am UTC: All pending ZBC spot orders will be automatically canceled. Immediately following this, the ZBC/USDT spot trading pair will be officially delisted from the platform. No new orders will be possible after this time.
- April 8, 2024, 10:00 am UTC: OKX will suspend all ZBC transfer services. This includes deposits into and withdrawals from your OKX account. It is vital to complete any transfers well before this deadline.
- April 8, 2024, 4:00 pm UTC: OKX will take a snapshot of all user accounts. This snapshot will record the ZBC token balances eligible for migration. The actual token migration and distribution of the new ZBCN tokens will occur after this snapshot.
What to Expect After the Snapshot
The account snapshot will capture ZBC balances in both your OKX Funding Account and Trading Account. This comprehensive approach ensures all your on-exchange holdings are counted.
Following the successful completion of the migration process, OKX will open trading for the new ZBCN token. This will include the launch of a new spot trading pair, as well as the enabling of deposits and withdrawals for ZBCN. The exact timing for when these services go live will be communicated in a separate official announcement.
Crucial Notes for a Successful Migration
To avoid any issues, please pay close attention to the following points:
- Complete All Transfers Early: Only ZBC tokens that have been successfully deposited and are resting in your OKX account at the exact time of the snapshot will be included in the migration. Any tokens still in transit (i.e., pending withdrawals or deposits) will not be counted.
- Sub-Account Holdings: For users with ZBC tokens in sub-accounts, the new ZBCN tokens will be credited to the corresponding main account after the migration is complete.
- Minimum Balance Requirement: Holdings of less than 1 ZBC (excluding any amounts in open orders) will not be included in the migration. Ensure your balance meets this threshold.
Engaging with a major exchange during a token migration can provide a sense of security. For those looking to understand how large platforms manage these complex processes, you can often explore detailed protocol guides for deeper insights.
Frequently Asked Questions (FAQ)
Q: What is the ratio for the ZBC to ZBCN token migration?
A: The migration will occur at a 1:10 ratio. This means for every 1 ZBC token you hold, you will receive 10 ZBCN tokens after the migration is complete.
Q: Do I need to do anything to receive my new ZBCN tokens?
A: If your ZBC tokens are already in your OKX Funding or Trading Account at the snapshot time, no action is required. The process is automatic. The most important action is to ensure your assets are on the exchange before deposit suspension begins.
Q: What happens if my ZBC deposit is still processing during the snapshot?
A: Only tokens fully credited to your account are eligible. Tokens in transit during the snapshot will not be migrated. It is strongly advised to complete all deposits well in advance of the 10:00 am UTC suspension time.
Q: Will OKX support trading for the new ZBCN token?
A: Yes, OKX will open spot trading for ZBCN, along with deposit and withdrawal services, after the migration is finished. The launch date for these new services will be announced later.
Q: How does the snapshot work for sub-accounts?
A: The snapshot will capture ZBC balances in both main and sub-accounts. However, the newly distributed ZBCN tokens will be credited to the main account linked to each sub-account.
Q: Are there any fees for this migration?
A: OKX has not announced any fees for this migration process. The swap is conducted automatically for users holding eligible ZBC tokens on the platform.
Risk Warning: Digital asset investments are highly speculative and volatile. The information provided here, which may originate from third-party sources, is for educational purposes only. It does not constitute financial advice, an offer, or a solicitation. OKX does not guarantee the accuracy or completeness of this information, which may not be suitable for all investors. You should conduct your own research (DYOR) and assess your risk tolerance before trading any digital asset, as you could lose the entire value of your investment. OKX is not liable for any trading losses incurred.