OKX has announced its support for the upcoming Klaytn (KLAY) token migration to KAIA. The migration will be conducted at a 1:1 ratio, in alignment with the official plan from the Klaytn Foundation. This guide provides a comprehensive overview of the process, important timelines, and essential considerations for OKX users holding KLAY.
Key Dates and Migration Schedule
The migration will be carried out in phases to ensure a smooth transition. Users are strongly advised to take note of the following critical schedule to avoid any disruption to their trading or migration eligibility.
Trading Suspension and Order Cancellation
- On October 28, 2024, between 8:00 am and 10:00 am UTC, all pending orders for KLAY will be automatically canceled.
- The KLAY spot trading pairs (KLAY/USDT and KLAY/USDC) will be suspended during this window.
- All other trading services involving KLAY, including Convert, Copy Trading, and Trading Bots, will also be temporarily suspended.
Deposit and Withdrawal Halt
- At 10:00 am UTC on October 28, 2024, all KLAY transfer functions—including deposits and withdrawals—will be suspended on the OKX platform.
Account Snapshot
- The official snapshot of all user KLAY holdings will be taken at 4:00 pm UTC on October 28, 2024.
- This snapshot will capture balances in both OKX funding accounts and trading accounts. It will determine the amount of KAIA each user is entitled to receive.
Migration Execution Period
- The actual token migration from KLAY to KAIA is scheduled to occur between 10:00 am UTC on October 29, 2024, and 10:00 am UTC on October 30, 2024.
- OKX will endeavor to complete the migration within this timeframe. However, users should be aware that the process involves coordination with external project teams and could experience minor delays.
Important Considerations for Users
To ensure your assets are migrated correctly, please review these crucial points.
- Successful Deposits Required: Only KLAY that have been successfully deposited and are reflected in your OKX account balance at the time of the snapshot will be eligible for migration. Any assets still in transit (pending withdrawals or deposits) will not be included.
- Sub-Account Holdings: For users with KLAY in sub-accounts, the newly migrated KAIA tokens will be credited directly to the associated main account after the process is complete.
- Minimum Holding Threshold: Holdings of less than 1 KLAY (excluding any amounts in open orders) will not be included in the migration and will not receive KAIA.
- Valuation Blackout: The migration process is expected to take approximately 3 to 5 days. During this period, the valuation of your KLAY holdings will be temporarily unavailable. Once the migration is finalized, your KLAY will be fully converted to KAIA and removed from your asset list.
Post-Migration Next Steps
Following the successful completion of the token migration, OKX will gradually reopen services for the new KAIA token. The specific timelines for the commencement of KAIA spot trading, deposits, and withdrawals will be announced by OKX at a later date. Users can expect these services to become available shortly after the migration period concludes.
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Frequently Asked Questions
What is the KLAY to KAIA migration?
The migration is a process where the existing Klaytn (KLAY) tokens are being swapped for a new token called KAIA at a 1:1 ratio. This is part of the Klaytn network's official development plan, and OKX is supporting the swap for its users.
Do I need to do anything to receive my KAIA tokens?
If your KLAY tokens are already in your OKX spot or funding wallet at the time of the snapshot, no action is required from you. OKX will handle the entire technical process of converting your KLAY to KAIA automatically.
What happens if my KLAY deposit is still processing during the snapshot?
Only successfully credited deposits will be included in the snapshot. Any KLAY tokens that are still in a pending state for withdrawal or deposit at the exact time of the snapshot will not be migrated. It is critical to complete all transfers well before the deadline.
When will I be able to trade my new KAIA tokens?
OKX will enable spot trading for KAIA, along with deposits and withdrawals, after the migration process is fully complete. The exact date and time for this will be communicated through an official announcement from OKX.
Will there be a fee for this migration?
OKX has not announced any processing fees for this migration for its users. The conversion from KLAY to KAIA is performed at no extra cost for eligible holdings.
What should I do if I have KLAY on a hardware wallet or another exchange?
You must check the announcement from that specific exchange or service provider to see if they support the migration. If they do not, you may need to transfer your KLAY to a supporting platform like OKX before the deposit suspension deadline.
Risk Warning: Digital asset investments are highly speculative and volatile. The information contained herein is for educational purposes only and does not constitute financial advice. OKX does not guarantee the accuracy or completeness of this information, which may be provided by third parties. Investors should conduct their own research and understand the risks involved before trading, as they may lose their entire investment.