The Value DeFi Protocol has initiated a official token migration event, where YFV tokens will be swapped for VALUE tokens at a 1:1 ratio. This guide provides a clear overview of the process and its impact on various trading services to ensure a smooth transition for all users.
To facilitate this swap during the deposit suspension period, the exchange will process the migration for users based on platform snapshots. The on-chain swap will be completed once deposits are reopened. This approach guarantees that all user holdings are accurately converted without requiring any manual action from you during the technical process.
Detailed Trading Service Adjustments
To minimize market disruption and protect users from price volatility during the migration, specific changes will be made to trading services according to a precise schedule.
Spot and Margin Trading
The following timeline outlines the key actions for spot and margin trading pairs:
- Lending Halt: Leveraged borrowing for YFV will be disabled.
- Automatic Loan Repayment: The system will automatically trigger the repayment of all outstanding loans for the YFV/USDT margin pair. Users who have borrowed either YFV or USDT in this pair must repay their loans before this time to avoid automatic liquidation.
- Trading Suspension: All spot and margin trading for YFV will be paused, and all open orders in the market will be automatically canceled.
- Deposit Suspension: The deposit functionality for YFV will be closed. Please ensure all deposits are completed prior to this time.
- Account Snapshot: A snapshot of all user YFV holdings will be taken. This snapshot will determine the amount of VALUE tokens each user receives at the 1:1 swap ratio. The existing YFV tokens will then be used for the contract migration.
Perpetual Swap Contracts
The YFVUSDT perpetual swap contract will be delisted to safeguard traders from unexpected price movements linked to the swap.
- Delisting Time: The contract will be officially taken offline. At this point, all trading will halt, and any open orders will be canceled.
- Settlement Price: All remaining user positions will be settled automatically. The settlement price will be based on the arithmetic average of the YFV/USDT index from the hour preceding the delisting. The exchange reserves the right to adjust the final settlement price to a fair market value if the index is subject to abnormal manipulation.
- Fee Waiver: No funding fees or additional settlement charges will be applied during this delisting process.
To enhance the stability and accuracy of the index price leading up to the delisting, a new exchange (MXC) will be added to the index calculation. The revised index composition will be equally weighted between three exchanges.
Given the potential for high volatility, users are strongly advised to manage their risk by reducing leverage or closing positions preemptively. After delisting, all account assets remain secure, and funds can be transferred out within 30 minutes. Historical trade data will remain accessible for a period for user review and download.
Savings Account (Yu Bao) Services
For users with YFV in savings products, the process is designed to be hands-off.
- You do not need to redeem your YFV assets from the savings account.
- The platform will automatically handle the entire technical process of the smart contract swap on your behalf.
- Following the upgrade, your YFV holdings will be converted to VALUE, which will then be credited to your funding account for easy access.
Post-Swap Information and Next Steps
After the token migration is complete, you can expect the following:
- Your new VALUE assets will be directly distributed to your funding account. You can view your updated balance by navigating to "Assets Management -> My Assets -> Funding Account".
- The timeline for enabling new deposits and withdrawals for VALUE, along with the relaunch of spot, margin, and perpetual swap trading, will be announced separately. This will occur only after the new VALUE smart contract is deemed stable and secure.
The exchange remains committed to providing excellent products and services throughout this transition. 👉 Explore more strategies for managing token migrations
Frequently Asked Questions
Q1: Do I need to do anything to receive my VALUE tokens?
A1: No action is required on your part if your YFV tokens were held on the exchange during the snapshot. The swap from YFV to VALUE will be processed automatically by the platform based on your holdings at the time of the snapshot.
Q2: What happens to my open YFV orders when trading is suspended?
A2: All open orders for YFV, including any spot, margin, or perpetual swap orders, will be automatically canceled by the system at the specified suspension time. You will not need to manually cancel them.
Q3: How is the settlement price for the perpetual contract determined?
A3: The final settlement price for the YFVUSDT perpetual contract is calculated using the arithmetic average of the underlying index price from the one-hour period immediately before the contract is delisted. This method ensures a fair and market-based valuation.
Q4: Are my assets safe in the savings account during the swap?
A4: Yes, your assets are secure. The platform will manage the technical process of the token swap directly within the savings product. After the migration, your equivalent VALUE tokens will be available in your funding account.
Q5: When will trading for VALUE begin?
A5: Trading for VALUE will be enabled at a later date. The exchange will make a separate announcement once the new token's smart contract is fully operational and stable, confirming the exact timelines for deposit, withdrawal, and trading services.
Q6: Is there any risk of loss during this token migration?
A6: The migration itself is a technical process conducted at a 1:1 ratio. The primary risks are associated with market volatility before the snapshot and trading halts. The platform's measures, like automatic settlement and snapshotting, are designed to protect users from these market risks during the transition.