Overview of the FTM to Sonic (S) Migration
Fantom (FTM) is undergoing a significant upgrade, migrating to a new token called Sonic (S). OKX TR has announced its full support for this token migration process, ensuring a seamless transition for its users. This upgrade is part of Fantom's official plan to enhance its blockchain capabilities and overall ecosystem performance.
The migration involves a direct 1:1 conversion of FTM tokens to S tokens. OKX TR will handle the technical aspects for its users, but it's essential to be aware of key dates and procedures to ensure your assets are successfully migrated.
Important Dates and Schedule
Deposit and Withdrawal Suspension
OKX TR will suspend deposits and withdrawals of FTM tokens at 3:30 am UTC on January 13, 2025. After this time, no further FTM deposits will be accepted. The schedule for depositing and withdrawing the new S token will be announced at a later date.
Trading Services Impact
All spot trading pairs involving FTM, including FTM/USDT and FTM/USDC, will be delisted. This process will occur between 3:00 am and 3:30 am UTC on January 13, 2025. All pending orders for these pairs will be automatically canceled by the system if not canceled manually by the user before 3:00 am UTC.
Additionally, other trading services such as Convert, P2P Express, Copy Trading, and Trading Bots involving FTM will be suspended. Trading bots associated with these pairs will be stopped, and any open positions will be closed at the prevailing market price at the time of delisting.
Token Migration Process
Snapshot and Conversion
OKX TR will take a snapshot of user funding accounts at 4:00 pm UTC on January 13, 2025. All FTM holdings in funding accounts at that exact time will be converted to S tokens at a 1:1 ratio. To ensure your assets are included, any FTM in trading accounts will be automatically transferred to funding accounts before the snapshot.
It is crucial to note that any FTM tokens mid-withdrawal or not yet successfully deposited at the time of the snapshot will not be included in the migration. Furthermore, holdings of less than 1 FTM will not be eligible for conversion.
Post-Migration Timeline
The migration process is expected to take between one to five days to complete. During this period, your FTM holdings will not be visible or accessible. Once the migration is finalized, all converted S tokens will appear in your account, and FTM will be permanently removed from your asset list. Due to the large number of FTM holders, the process may take longer than initially estimated, but OKX TR will issue an announcement immediately upon completion.
For a detailed guide on managing digital asset migrations, you can explore more strategies to stay prepared.
Risk Considerations
Digital asset investments are inherently speculative and volatile. The information provided here is for educational purposes only and should not be considered financial advice. OKX TR does not guarantee the accuracy or completeness of details provided by third parties, and users are strongly advised to conduct their own research and assess their risk tolerance before trading.
OKX TR is not liable for any losses incurred during trading or migration processes. This information is not intended for users in jurisdictions where such content may violate local laws or regulations.
Frequently Asked Questions
What is the Fantom to Sonic migration?
The Fantom blockchain is upgrading its native token from FTM to Sonic (S). This involves a 1:1 token conversion to improve network performance and features. OKX TR supports this migration for its users.
How do I ensure my FTM tokens are migrated?
Ensure your FTM tokens are in your OKX TR funding account before the snapshot time on January 13, 2025. Cancel all open orders and avoid depositing or withdrawing FTM close to the snapshot to prevent exclusion.
What happens to my FTM during the migration?
During the 1-5 day migration window, your FTM holdings will be temporarily unavailable. After conversion, they will appear as S tokens. Holdings below 1 FTM or in transit during the snapshot will not be converted.
Will trading services be affected?
Yes, all FTM trading pairs and related services will be suspended from January 13, 2025. This includes spot trading, bots, and copy trading. Services for S tokens will be announced post-migration.
Is the 1:1 conversion guaranteed for all users?
The conversion is 1:1 for all eligible users with at least 1 FTM in their funding account at snapshot time. Users are advised to view real-time tools for updates and ensure compliance with the schedule.
What if I have FTM in a trading account?
OKX TR will automatically transfer FTM assets from trading accounts to funding accounts before the snapshot. No manual action is required for this transfer.