OKX to Support the Token Migration from LEND to AAVE, LEND Trading Suspensions on Oct 10
Dear valued customers,
OKX will support the Aave (LEND) token swap to AAVE.
By far, OKX supports spot, margin, and perpetual swap trading as well as Savings service for LEND (Aave Protocol). In order to ensure the interests of LEND holders, OKX will support the Aave (LEND) token swap to AAVE and will provide a temporary solution for LEND spot, margin, and perpetual swap transactions during token swap. The details are as follows:
1. Spot and margin trading
To avoid users' transactions being affected by the price changes caused by the LEND token swap, OKX plans to:
(1) The borrowing function for LEND will be closed at 13:00 (UTC) on October 5, 2020.
(2) As a forced repayment will be triggered at 03:00 (UTC) on October 10, 2020, users who have borrowed cryptos under the LEND/USDT,LEND/BTC trading pair (including borrowing USDT,BTC or LEND under the pair) should make sure to repay the cryptos by 03:00 (UTC). Otherwise, a forced-repayment will be carried out by the system.
(3) 09:00 (UTC) on October 10, 2020, LEND spot and margin trading services will be suspended, and all market orders will be canceled.
(4) Deposit and withdrawal services for LEND will be suspended at 09:30 (UTC) on October 10, 2020. Please deposit prior to the service suspension. OKX will help you with all technical issues regarding the LEND token swap.
(5) 10:00 on October 10, 2020 (UTC), the system will snapshot the total holdings of users. We will then take an immediate snapshot of all LEND balances and begin the distribution of AAVE to all eligible users at a ratio of 100 LEND = 1 AAVE.
2. Perpetual Swap Trading
In order to avoid users' transactions being affected by the price changes caused by the LEND token swap, OKX will delist the LENDUSDT perpetual swap at 08:00 (UTC) on October 10, 2020 (Saturday), and LENDUSDT perpetual trading service will be stopped and the related orders on the order book will be canceled once being delisted. OKX will deliver all the positions in this contract at the price of the arithmetic average of the OKX LEND/USDT index of the preceding 1 hour before the delisting. If the index price is abnormally controlled one hour before the delisting, the platform may adjust the final delivery price to a reasonable level based on the actual situation.
To minimize the LENDUSDT perpetual market premium and ensure the smooth delisting of the contract, the recent calculation of the funding rate for the LENDUSDT perpetual contract is adjusted as follows:
|
Time |
Funding rate |
|
October 5th 16:00-October 8th 16:00 (UTC) |
Clamp(MA(((Best bid price of contract+ Best ask price of contract)／2-Spot index price)／Spot index price), -0.3%, 0.3%) |
|
October 8th 16:00-October 10th 00:00 (UTC) |
Clamp(MA(((Best bid price of contract+ Best ask price of contract)／2-Spot index price)／Spot index price), -0.5%, 0.5%) |
|
October 10th 00:00-October 10th 08:00 (UTC) |
0 |
The current funding rate at 08:00 (UTC) on the day of delisting will be 0, and the users' positions will not be charged any additional fees such as funding fees and delivery fees during delivery.
Considering that the market may fluctuate sharply before the contract delisting, users are advised to do risk-control by reducing the actual leverage multiples or closing positions in advance.
The delisting will not affect users’ assets in LENDUSDT perpetual accounts, and the transfer function will work normally after 30 minutes of the delisting. The historical orders and bills can still be queried after the delisting. The historical data will be retained until the subsequent new LEND contract is going live. If you have the need to back up the data, please download it in the [Report Center] on PC in time.
3. Savings
After the close of the LEND borrowing function, Saving users will earn the corresponding amount of interest based on the interest generated from the remaining borrowings. There is no need to transfer out the assets in Savings, and OKX will cope with the relevant technical upgrades for you. The subsequent procession for LEND after the upgrade is as follows:
4. Follow-up procession
(1) After the LEND token swap is completed, the users' AAVE assets can be inquired through "Assets-My Assets-Funding Account".
(2) After the AAVE token swap goes into a stable stage, OKX will announce the AAVE deposit and withdrawal time, as well as the opening time of spot, margin, perpetual swap trading services.
Regards,
OKX
October 5, 2020 (UTC)
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