OKX has officially announced its support for the upcoming Zebec Protocol (ZBC) token migration. This process will involve a 1:10 token conversion, meaning for every 1 old ZBC token you hold, you will receive 10 new ZBCN tokens. The exchange has provided a clear, step-by-step schedule to ensure a smooth transition for all users holding ZBC tokens on its platform. Adhering to this timeline is crucial for a successful migration.
The migration is a significant event for the Zebec ecosystem, and OKX's involvement provides a trusted environment for users to undergo this process. This guide details the essential actions, schedules, and important considerations you need to be aware of.
Detailed Migration Schedule on OKX
The migration will be executed in several phases. It is critical to note these times to avoid any potential disruption to your holdings or trading activities.
- April 8, 2024, 2:00 UTC: All pending spot orders for ZBC will be automatically canceled. Furthermore, the ZBC/USDT spot trading pair will be delisted from the platform at this time. Please ensure you have completed any desired trading before this deadline.
- April 8, 2024, 10:00 UTC: All ZBC-related transactions, including deposits and withdrawals, will be suspended. Attempting to deposit ZBC tokens after this time may result in a loss of funds, as these tokens will not be included in the migration snapshot.
- April 8, 2024, 16:00 UTC: The official snapshot of user ZBC balances will be taken. This snapshot will determine the quantity of new ZBCN tokens each user is eligible to receive. The actual token migration and distribution will occur after this snapshot.
Post-Migration Process and Crediting
Following the successful snapshot and migration process, the new ZBCN tokens will be distributed to users. The trading and transfer functions for the new token will be enabled once this distribution is complete. OKX will make a separate announcement to confirm when deposits, withdrawals, and spot trading for ZBCN will resume.
The snapshot will capture ZBC balances in both your main funding account and your trading account. This ensures all your assets on OKX are accounted for. For a comprehensive understanding of how such processes work and to manage your digital assets effectively, you can explore more strategies on our official platform.
Important Considerations for the Snapshot
Several key conditions will affect the snapshot and the subsequent migration of your tokens. Please review these carefully.
- Pending Transactions: Any ZBC tokens that are in a state of pending withdrawal or are yet to be credited from a deposit at the exact moment of the snapshot will not be included in your balance for the migration. Ensure all transactions are fully completed well before the suspension time.
- Sub-Account Handling: Following the migration, any new ZBCN tokens converted from ZBC holdings in sub-accounts will be credited directly to the corresponding main account. Sub-account holders should check the main account for their new assets.
- Minimum Balance Requirement: User balances that are less than 1 ZBC (excluding any amounts locked in open orders) will not be converted during the migration process. This is a common measure to optimize the technical process.
Frequently Asked Questions
Q: What is the token migration ratio for ZBC?
A: The migration will occur at a 1:10 ratio. This means for every 1 old ZBC token you hold at the snapshot time, you will receive 10 new ZBCN tokens.
Q: Do I need to do anything manually to receive my new ZBCN tokens?
A: No, if your ZBC tokens are held on OKX at the time of the snapshot, the migration process will be handled automatically by the exchange. Your new ZBCN tokens will be credited to your account once the process is complete.
Q: What happens if I have a trade order open when the migration starts?
A: All pending spot orders for ZBC will be automatically canceled at 2:00 UTC on April 8. It is advised to manage your orders before this time to avoid unexpected cancellations.
Q: Can I withdraw or deposit ZBC during the migration?
A: No. All deposit and withdrawal functions for ZBC will be suspended at 10:00 UTC on April 8. Any attempts to transfer tokens after this time risk them not being included in the migration.
Q: Where will my new ZBCN tokens be credited?
A: Tokens will be credited to your main OKX funding account. If your original ZBC tokens were held in a sub-account, the new ZBCN tokens will be sent to the linked main account.
Q: When will trading for the new ZBCN token begin?
A: OKX will announce the exact timing for the resumption of trading, deposits, and withdrawals for ZBCN after the migration is successfully completed. Please watch for official announcements from OKX.
Risk Warning: The above information, which may be provided by third parties, is for informational and educational purposes only. OKX does not guarantee its accuracy or completeness, and it should not be considered a financial or investment advice. Digital assets are highly volatile and speculative, and you could lose your entire investment. You should conduct your own research and assess your risk tolerance before engaging in any trading activity. OKX is not liable for any losses incurred.