The official EOS network has announced a token migration, where EOS tokens will be swapped for a new asset, referred to as "A," on a 1:1 basis. This guide provides a detailed overview of the entire process, key dates, and essential steps users need to take to ensure a smooth transition of their assets.
Key Dates and Timeline
The migration process involves several phases, each with specific actions and temporary service suspensions. All times are provided in UTC+8 for clarity.
May 17: Initial Service Adjustments
- 6:00 PM: EOS borrowing services will be halted.
- From 4:00 PM to 6:00 PM on May 21: EOS/USDT margin trading will be temporarily suspended. All open orders in the margin market will be canceled.
- Users who have borrowed or used EOS as collateral in margin trading or lending products must repay their loans and reclaim their collateral before these suspension times.
May 22: Perpetual Contracts Delisting
- 4:00 PM: The EOS/USDT and EOS/USD perpetual contracts will be delisted.
- At the time of delisting, all trading for these contracts will stop, and any open orders will be automatically canceled.
- The final settlement price for all positions will be based on the arithmetic average of the OKX index from the hour preceding the delisting.
May 26: Spot Trading and Transfers Halted
- From 11:00 PM to 12:00 AM (midnight): All open EOS spot orders will be canceled. The following spot trading pairs will be delisted: EOS/USDT, EOS/USDC, EOS/USD, and EOS/EUR.
- Related services such as flash swap, copy trading, and trading bots involving EOS will also be paused.
- From 12:00 PM to 1:00 PM: EOS deposits, withdrawals, and internal transfers will be disabled.
May 27: Account Snapshot
- 8:00 AM: A snapshot of all user accounts will be taken. This snapshot will capture EOS balances in both funding and trading accounts.
May 27-28: The Token Swap
- From 8:00 PM on May 27 to 6:00 PM on May 28: The actual token migration from EOS to A will occur.
- While every effort will be made to complete the swap within this window, the process involves coordination with multiple parties and could potentially be extended.
- Upon completion, the new A tokens will be distributed directly to users' funding accounts.
Post-Swap: New Listings
The timeline for enabling trading and transfers for the new A token will be announced in a separate official notification once the migration is complete.
Important Considerations for Users
To ensure your assets are included in the migration, please review the following critical points:
- Snapshot Eligibility: Only EOS that is fully credited and not in a pending deposit or withdrawal state at the exact time of the snapshot will be counted.
- Sub-Accounts: Assets held in sub-accounts will be migrated, but the new A tokens will be deposited into the associated master account.
- Minimum Balance: A minimum holding of 1 EOS (excluding any amount in open orders) is required at the time of the snapshot to be eligible for the swap.
- Asset Valuation: During the migration period, the value of your EOS holdings will not be displayed or valued. After the swap is complete, all qualified EOS will be converted to A and will appear in your asset list, while EOS will be removed.
For a seamless experience managing your assets during such market events, it's crucial to use a reliable platform. You can explore more strategies for handling token migrations and protecting your portfolio.
Frequently Asked Questions
What is the EOS to A token migration?
It is a process where the existing EOS cryptocurrency is being replaced on a 1:1 basis by a new digital asset called "A" as part of an official network update. This is a common occurrence in blockchain projects undergoing significant upgrades.
Do I need to do anything to receive my A tokens?
If your EOS is held on the exchange in a funding or trading account, the process is automatic. The most important action is to ensure you are not engaged in any lending, margin trading, or have pending transfers during the critical dates outlined above.
What happens if my EOS is in a wallet off the exchange?
This announcement covers the process for users holding EOS on the exchange. If your tokens are in a private wallet, you must follow the migration instructions provided directly by the official EOS network development team to avoid losing access to your new tokens.
Why is there a minimum balance requirement of 1 EOS?
This minimum is typically set for operational efficiency. It helps streamline the automated migration process for a large number of users by filtering out very small, dormant balances that may not be actively managed.
When will I be able to trade my new A tokens?
Trading, deposits, and withdrawals for the new A token will be enabled at a later date. The exchange will make a separate announcement to notify all users once these services are live, so keep an eye on official channels.
Is there any risk of losing my tokens during this process?
The risk is minimal if you follow the guidelines. The primary risk would be having tokens in a non-qualifying state (e.g., out on loan, in a pending transfer, or in a margin position) when the snapshot occurs, which would exclude them from the automatic swap.