Crypto.com has officially supported the migration from Open Custody Protocol (OPEN) tokens to the new Levva Protocol Token (LVVA). This process involves a direct token swap at a 1:1 ratio for eligible users holding OPEN in their Crypto.com App or Exchange wallets. All trading, deposit, and withdrawal functionalities for OPEN have been suspended, with the migration process now complete as of the announced timeline.
This update ensures that users can seamlessly transition to the new LVVA token without loss of value or additional complexity. The process is designed to be automatic for existing holders, reflecting Crypto.com’s commitment to supporting ecosystem upgrades and token migrations.
What Is the OPEN to LVVA Migration?
The migration from OPEN to LVVA tokens marks a significant update within the Levva Protocol ecosystem. Token migrations often occur when projects rebrand, upgrade their technology, or shift their tokenomics. In this case, the Open Custody Protocol tokens are being replaced by the new Levva Protocol Token, offering continued utility and value within its network.
For Crypto.com users, this means that every OPEN token held in their account has been automatically converted into an equivalent amount of LVVA tokens. The migration was executed based on the snapshot of user balances taken at the time of delisting.
Key Dates and Timeline
The suspension of OPEN trading and deposits began ahead of the migration. Notably:
- Trading of OPEN on the Crypto.com Exchange was available until March 6, 2025, at 03:00 UTC.
- Withdrawals of OPEN were also supported until the same cutoff time.
- The retrieval fee for depositing OPEN into the Crypto.com App was waived until March 17, 2025. After this date, users depositing OPEN from external wallets may incur a fee, and retrieval may not always be possible.
A formal announcement confirmed the completion of the migration on March 13, 2025. Since then, users can freely trade, deposit, and withdraw LVVA tokens on both the Crypto.com App and Exchange.
How the Migration Affects Crypto.com Users
Crypto.com has taken several steps to ensure a smooth transition for its users across different products.
In the Crypto.com App
- Target Price Orders: All OPEN Target Price orders were automatically terminated.
- Card Top-Up: OPEN was removed as an option for card top-ups. Any auto top-up settings using OPEN were disabled.
On the Crypto.com Exchange
- Spot Trading and Bots: OPEN spot orders and trading bots remained active until the March 6 deadline.
All user holdings were automatically converted to LVVA tokens based on their OPEN balance at the time of delisting. No action was required from users for this conversion.
After the Migration: Using LVVA Tokens
With the migration complete, LVVA tokens are now fully operational on the Crypto.com platform. Users can:
- Trade LVVA on the exchange and within the app.
- Deposit and withdraw LVVA tokens.
- Utilize LVVA across supported services.
The token is available on the ERC-20 network, and all related services have been enabled. For those looking to manage their new assets effectively, explore the updated trading interface.
Frequently Asked Questions
What was the conversion ratio from OPEN to LVVA?
The conversion was carried out at a 1:1 ratio. For every OPEN token held in a user’s Crypto.com App or Exchange wallet, one LVVA token was issued.
Did users need to take any action to receive their LVVA tokens?
No. The migration was automatic for all eligible users. The conversion was based on the snapshot of OPEN balances taken at the time of the token’s delisting.
Can users still deposit OPEN tokens into Crypto.com?
No, deposits of OPEN tokens are no longer supported. Attempting to deposit OPEN after the deadline may result in retrieval fees, and recovery is not guaranteed.
What functionalities are available for LVVA tokens now?
Users can trade, deposit, and withdraw LVVA tokens on both the Crypto.com App and Exchange. The token operates on the ERC-20 standard.
Will there be support for other networks for LVVA?
Currently, support is confirmed for the ERC-20 network. For any future network expansions, users should follow official Crypto.com announcements.
Where can users get help if they encounter issues?
Users can reach out to customer support via the official Crypto.com help channels for assistance related to the migration or LVVA token functionality.
Conclusion
The migration from OPEN to LVVA tokens on Crypto.com has been completed efficiently, ensuring users experience minimal disruption. The automatic conversion at a 1:1 ratio reflects the platform’s user-focused approach to supporting blockchain protocol upgrades. LVVA tokens are now live and fully functional for trading, deposits, and withdrawals.
For those interested in engaging with the new token or learning more about managing digital assets during similar events, discover advanced migration strategies.