The Klaytn blockchain has announced a significant upgrade involving the migration of its native token, KLAY, to a new token called KAIA. In alignment with this official plan, the OKX cryptocurrency exchange will fully support this migration process for its users. This guide provides a clear overview of the schedule, procedures, and important considerations you need to be aware of during this transition.
The migration will be conducted at a 1:1 ratio, meaning for every KLAY token you hold, you will receive one KAIA token. The process involves several temporary service suspensions to ensure the snapshot and migration are executed smoothly and accurately.
Detailed Migration Schedule and Service Impact
To facilitate a seamless token migration, OKX will temporarily suspend various services related to KLAY. It is crucial to plan your trading and transfer activities around these times to avoid any inconvenience.
Service Suspension Timeline
- Spot Trading Halt: All pending orders for KLAY will be canceled. The KLAY/USDT and KLAY/USDC spot trading pairs will be suspended between 8:00 am and 10:00 am UTC on October 28, 2024. Additionally, all other trading services involving KLAY, such as Convert, Copy Trading, and Trading Bots, will also be suspended during this window.
- Deposit and Withdrawal Halt: KLAY transfers, deposits, and withdrawals will be completely suspended starting at 10:00 am UTC on October 28, 2024.
Snapshot and Migration Execution
The actual migration process involves taking a snapshot of user balances and then converting the tokens.
- Account Snapshot: OKX will take a snapshot of all user accounts at 4:00 pm UTC on October 28, 2024. This snapshot will capture the KLAY balances in both funding and trading accounts to determine who is eligible for the KAIA distribution.
- Token Migration: The conversion from KLAY to KAIA will occur between 10:00 am UTC on October 29, 2024, and 10:00 am UTC on October 30, 2024. OKX aims to complete the migration within this period but notes that potential delays may occur due to the need for coordination with the Klaytn project team.
After the migration is complete, new services for KAIA, including deposits, withdrawals, and spot trading, will be opened. The exact timing for the commencement of these services will be announced by OKX at a later date.
Key Considerations for a Successful Migration
Understanding the finer details of the process will help ensure your assets are successfully migrated. Please review the following points carefully.
- Successful Deposits Required: Only KLAY that has been successfully deposited and is reflecting in your OKX account at the exact time of the snapshot will be included in the migration. Any tokens still in transit (i.e., pending withdrawal or deposit) will not be converted.
- Sub-Account Holdings: For users with KLAY in sub-accounts, the newly migrated KAIA tokens will be credited to the associated main account once 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 be converted to KAIA.
- Valuation Blackout: The entire migration process is expected to take 3 to 5 days. During this period, the valuation of your KLAY holdings will be temporarily unavailable in your account. Once converted, your assets will appear as KAIA, and KLAY will be removed from your asset list entirely.
To stay updated on the latest developments and market moves during such network upgrades, many traders find it useful to explore more strategies for managing their portfolios.
Frequently Asked Questions
What is the KLAY to KAIA migration?
The migration is a token swap where the existing Klaytn (KLAY) token is being replaced by a new token called KAIA as part of the network's evolution. It is a 1:1 conversion, meaning you receive one KAIA for every KLAY you hold.
Do I need to do anything to receive my KAIA tokens?
If your KLAY is held in your OKX spot or funding account at the time of the snapshot, no action is required from you. OKX will handle the technical conversion automatically on your behalf. Just ensure your tokens are deposited and not in transit during the snapshot.
What happens if my KLAY is in a trade order during the snapshot?
Pending orders will be canceled before the snapshot. Only the KLAY balance in your account that is not in an open order will be counted for the migration. It is advised to ensure your tokens are in your available balance.
When will I be able to trade my new KAIA tokens?
Trading for KAIA will begin after the migration period is complete. OKX will make a separate announcement confirming the exact date and time when the KAIA spot trading markets will go live.
Will there be any fees for this migration?
OKX has not announced any fees for this automatic migration process for users holding KLAY on the exchange. The conversion is performed without cost to the user.
What should I do if I have KLAY on another platform or in a private wallet?
You will need to follow the migration instructions provided by that specific platform or the Klaytn Foundation. This guide only covers the process for users holding KLAY on the OKX exchange.
Risk Warning: Digital asset investments are highly speculative and volatile. The information provided here is for educational purposes only and should not be considered financial advice. Always conduct your own research (DYOR) and assess your risk tolerance before engaging in any investment activity. OKX is not liable for any losses incurred from trading or investing in digital assets.