The Bitcoin Cash network completed a hard fork on Nov. 15. There are currently two forked chains, Bitcoin Cash ABC (i.e., BCH ABC) and Bitcoin Cash Node (i.e., BCHN). According to OKX's previous announcement on the BCH fork, we referred to the trading prices of the forked currency pairs on major exchanges in order to select the chain to inherit the BCH name. With reference to many mainstream trading platforms, the current price of BCHN is significantly higher than that of BCHABC. Therefore, we have adopted BCHN as the new BCH. Therefore, BCHABC tokens will be airdropped to users' Funding Accounts at a 1:1 ratio. The new BCH assets will still be kept in the user's accounts. Please refer to follow-up announcements concerning the BCHABC airdrop and its subsequent trading plan. The data of the airdropped property is determined based on the BCH snapshot during the period from 1:00 pm to 1:05 pm UTC on Nov. 15.
OKX’s operations process for each business line of the platform in regard to the forked assets will be as follows:
1.Spot and margin trading
OKX will resume BCH spot and margin trading. The schedule is as follows:
1) BCH/USDT, BCH/BTC, BCH/USDK and BCH/USDC spot trading will be resumed at 6:00 am UTC on Nov, 16.
2) BCH/USDT and BCH/BTC margin trading will be resumed at 7:00 am UTC on Nov. 17.
Please refer to the Margin Borrowing Position Tiers for details.
3) BCH deposits will be resumed at 10:00 am UTC on Nov. 17.
2.Futures and perpetual swap
1) BCH contracts underlying assets
After the fork is complete, BCHN is the asset with a higher price among many mainstream exchanges. Therefore, the underlying assets of BCHUSD, BCHUSDT futures and perpetual contract on OKX platform will be BCHN, though the contract name will be unchanged.
2) We will adjust the BCHUSD and BCHUSDT index components at 7:00 am UTC on Nov. 16 and restore relevant risk-control rules.
A. The current components of the BCHUSD and BCHUSDT indexes are as follows:
BCHUSD
|
Exchange |
Pair |
Weight |
|
Binance |
BCH／BTC |
25% |
|
Huobi |
BCH／BTC |
25% |
|
Coinbase |
BCH／USD |
25% |
|
OKX |
BCH／BTC |
25% |
BCHUSDT
|
Exchange |
Pair |
Weight |
|
Binance |
BCH／USDT |
25% |
|
Huobi |
BCH／USDT |
25% |
|
Coinbase |
BCH／BTC |
25% |
|
OKX |
BCH／USDT |
25% |
B.Price limit rules
Futures：
|
Maximum buy price |
Minimum sell price |
|
Min[Max(Index, Index *(1+Y)+ price movement average within the last 10 minutes), Index *(1+Z)]
|
Max[Min(Index, Index *(1-Y)+ price movement average within the last 10 minutes), Index *(1-Z)]
|
Parameters
|
Contract type |
Coins |
Y |
Z |
|
USDT & Coins Margined Futures (Weekly/Bi-weekly)
|
ALL |
4% |
15% |
|
USDT & Coins Margined Futures (Quarterly/Bi-quarterly)
|
ALL |
6% |
25% |
Perpetual swap: Maximum buy price = Min[Max(Index, Index *(1+2%) + price movement average within the last 10 minutes), Index *(1+5%); minimum sell price = Max[Min(Index, Index *(1-2%)+ price movement average within the last 10 minutes), Index *(1-5%)]
C.Mark price
Mark price = Spot Index Price + Moving Average of Basis
Moving Average of Basis = MA((Best Offer + Best Bid)/2 - Spot Index Price)
D.Funding fee for perpetual swap
After the normal risk-control rules were restored at 7:00 am UTC on Nov. 16, the funding fee of BCHUSD and BCHUSDT perpetual contracts at 8:00 am and 4:00 pm UTC on Nov. 16 will still not be collected. Rather, the funding rate calculated from 8:00 am to 4:00 pm UTC on Nov. 16 will be collected at 12:00 am on Nov. 17.
Funding Rate = Clamp(MA(((Best Bid + Best Offer)/2-Spot Index Price)/Spot Index Price-Interest),a,b)
*Interest is currently zero, a=-0.75%, b=0.75%
3.Financial Services
The BCH savings service will be resumed along with BCH margin trading, at 7:00 am UTC on Nov. 17.
Users BCH in savings services before the fork will receive interest normally.
For related rules concerning savings, please refer to OKX's savings business rules.
Thank you for your continued support.
Click Here to Download OKX App >>>
