Dear valued customers,
According to their official announcement on May 26, 2021, the SUN team has started the process of implementing their planned 1000x SUN token split. After this update, old SUN tokens (hereon referred to as SUNOLD) will be redenominated and swapped with new SUN tokens at a 1:1000 ratio.
So far, OKEx supports spot, margin, and perpetual swap trading — as well as savings — for SUN. In order to ensure the interests of SUN holders, OKEx will support the SUN 1000x split plan and will provide a temporary solution for SUN spot, margin, and perpetual swap transactions during the split. The details are as follows:
1. Spot and margin trading
To avoid users' transactions being affected by the price changes caused by the SUN split, OKEx plans to:
(1) The borrowing function for SUN will be closed at 10:00 (UTC) on June 8, 2021.
(2) As a forced repayment will be triggered at 10:00 (UTC) on June 23, 2021, users who have borrowed cryptos under the SUN/USDT trading pair (including borrowing USDT or SUN under the pair) should make sure to repay the cryptos by 10:00 (UTC). Otherwise, a forced-repayment will be carried out by the system.
(3) 12:00 (UTC) on June 23, 2021, SUN spot and margin trading services will be suspended, and all market orders will be canceled.
(4) Deposit and withdrawal services for SUN will be suspended at 10:00 UTC on June 24, 2021. If you wish for OKEx to handle the technical aspects of the split, please deposit your SUN assets prior to this suspension deadline.
(5) At 16:00 pm UTC on June 24, 2021, the system will snapshot the total holdings of all users in order to process the split. The snapshot will include: spot trading accounts, margin trading accounts, coin-margined perpetual accounts, funding accounts, savings accounts and unified trading accounts.
2. Perpetual Swap Trading
In order to avoid issued caused by price changes due to the SUN split, OKEx will delist the SUNUSDT and SUNUSDT perpetual swaps at 8:00 am UTC on June 23, 2021, and trading for these pairs will be stopped. Related orders on the order book will also be cancelled after the delisting.
OKEx will deliver all the SUNUSDT and SUNUSD perpetual swap positions at the arithmetic average price of the corresponding OKEx indexes one hour prior to the delisting.
If the index prices display abnormalities in the hour preceding the delisting, OKEx may adjust the final delivery price to a reasonable level at the time.
The current funding rate at 8:00 UTC on the day of delisting will be 0 (funding fees for this period will not appear in the billing record).
Considering that the market may fluctuate sharply before the contract delisting, users are advised to practice risk-control measures by reducing the actual leverage multiples or closing positions in advance.
Within 30 minutes after the delisting, all users with the classic trading account will be unable to transfer assets from the SUNUSDT and SUNUSD perpetual accounts. Unified Account users who hold positions greater than $10,000 in value in SUN/USDT or SUN/USD perpetual contract at the time of delivery will also be restricted from transferring assets out of their Unified Account.
Restrictions on asset transfers will be lifted after 30 minutes. The historical orders and bills can still be queried after the delisting, and the historical data will be retained until the new SUN contracts go live. If you need to backup your data, please download it promptly via the “Report Center” on the web interface.
In order to ensure the smooth delivery of SUN/USD and SUN/USDT perpetual contracts during the delisting, the following adjustments are made to the risk control parameter settings:
（1）Adjustment of price limit rules
The calculation formula of the limit price:
|
Period |
Highest Price Limit |
Lowest Price Limit |
|
Within 10 minutes of contract generation |
Index *(1+X) |
Index *(1-X) |
|
10 minutes after the contract is generated |
Min[Max(Index, Index *(1+Y)+ Average premium over the past ten minutes), Index *(1+Z)] |
Max[Min(Index, Index *(1-Y)+ Average premium over the past ten minutes), Index *(1-Z)] |
Adjusted price limit rules:
|
Time |
X |
Y |
Z |
|
8:00 (UTC) on June 21 (48 hours before delivery) |
Unchanged |
2% |
5% |
|
7:30 (UTC) on June 23 (30 minutes before delivery) |
Unchanged |
1% |
2% |
Note: If there is a deviation from the contract price before then, it will be adjusted according to market conditions.
（2）Position Tiers Adjustment:
OKEx plans to adjust the SUN/USD and SUN/USDT perpetual position tiers rules at 9:00 (UTC) on June 11, 2021
The adjusted SUN/USDT perpetual position tiers:
|
Tiers |
Min. amount |
Max. amount |
Maintenance margin ratio |
Min. initial margin ratio |
|
1 |
0 |
5,000 |
2.00% |
5.00% |
|
2 |
Increase by 5,000 conts from the previous tier |
Increase by 5,000 conts from the previous tier |
Increase by 0.5% from the previous tier |
Increase by 0.5% from the previous tier |
The adjusted SUN/USD perpetual position tiers:
|
Tiers |
Min. amount |
Max. amount |
Maintenance margin ratio |
Min. initial margin ratio |
|
1 |
0 |
500 |
2.00% |
5.00% |
|
2 |
Increase by 500 conts from the previous tier |
Increase by 500 conts from the previous tier |
Increase by 0.5% from the previous tier |
Increase by 0.5% from the previous tier |
Users' maintenance margin ratio may increase because of tier adjustments and market volatility. To prevent forced liquidations caused by these adjustments, users are encouraged to decrease leverage by either increasing margins or closing positions.
（3） Index
In order to reasonably control risks and protect the interests of users, during the SUN swap period, if the SUN/USD, SUN/USDT, SUN/BTC index appears to have only one single component, or the price deviates significantly, OKEx may consider adopting other platforms’ spot price (new SUN’s spot price *1000) as the spare index component.
3. Savings
After the SUN borrowing functionality is closed, Saving users don’t need to move their assets out. OKEx will handle the split and update. Meanwhile users will continue to earn interest from any other holdings they have in Savings.
4. Follow-up steps
(1) After the SUN split is completed users can view their asset balance via the Assets > My Assets > Funding Account menu.
(2) If you want to convert SUNOLD to SUN (the old SUN tokens are named SUNOLD here for convenience), please deposit SUNOLD to OKEx before 10:00 am UTC on June 24, 2021 so we can handle the conversion for you.
(3) Since the real-time price of SUNOLD cannot be obtained through the market terminal anymore, the SUNOLD valuation will no longer be displayed against your account balance.
(4) After the SUN split goes into a stable stage, OKEx will announce the SUN deposit and withdrawal time, as well as the opening time of spot, margin and perpetual swap trading services.
Regards,
OKEx
June 8, 2021 (UTC)
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