OKX is supporting the Render Network's official token migration plan. This process will involve converting existing RNDR tokens to the new RENDER token at a 1:1 ratio. Below is the detailed schedule and important information you need to know.
Key Dates and Timeline
The migration will be carried out in phases to ensure a smooth transition for all users. Please take note of the following critical timings.
July 9, 2024, is the central date for all migration activities. All times are in Coordinated Universal Time (UTC).
Trading Suspension
- Time: 8:00 am UTC
- Action: All pending orders for RNDR will be automatically canceled.
- Trading Pairs: The RNDR/USDT and RNDR/USDC spot trading pairs will be suspended.
Transfer Suspension
- Time: 10:00 am UTC
- Action: Deposits and withdrawals of RNDR tokens will be suspended on the OKX platform.
Snapshot and Migration
- Time: 4:00 pm UTC
- Action: OKX will take a snapshot of all user accounts. This snapshot will be used to calculate your RENDER token allocation.
The Snapshot Process Explained
The account snapshot is a crucial part of the migration. It captures your RNDR balance at a specific moment in time.
- The snapshot will include RNDR holdings in both your OKX funding account and trading account.
- Tokens that are mid-withdrawal or not yet successfully deposited at the exact time of the snapshot will not be included in the migration.
- Holdings of less than 1 RNDR will not be included in the migration process.
- For a complete overview of how token migrations work on major exchanges, you can explore more strategies for managing your digital assets.
Receiving Your New RENDER Tokens
Following the snapshot, OKX will handle the technical process of converting your RNDR balance to RENDER tokens.
- The new RENDER tokens will be distributed to your account at the 1:1 ratio based on your snapshot balance.
- If you hold RNDR in a sub-account, the resulting RENDER tokens will be credited to your associated main account.
- Deposits, withdrawals, and spot trading for the new RENDER token will be enabled at a later date. OKX will announce this timing in a separate official notice.
Important Considerations for Users
To ensure your assets are migrated successfully, users should take a few proactive steps.
- Ensure all RNDR deposits are fully completed and credited to your OKX account well before the suspension time at 10:00 am UTC on July 9.
- Cancel any open orders yourself before the automatic cancellation at 8:00 am UTC to avoid any unintended trading activity.
- Avoid initiating any RNDR withdrawals immediately before the snapshot period, as these funds may not be included.
Frequently Asked Questions
What is a token migration?
A token migration is the process of moving from an old blockchain or token contract to a new one. It is often done to upgrade technology, improve features, or change the economic model of a project. The swap is typically done at a fixed ratio, like the 1:1 ratio for RNDR to RENDER.
Do I need to do anything to receive my RENDER tokens?
If your RNDR tokens are already in your OKX funding or trading account, OKX will handle the entire migration process for you. No action is required on your part beyond ensuring your tokens are in your account before the snapshot.
What happens if my RNDR is in a sub-account?
The migration process will still include your tokens. However, after the conversion is complete, the new RENDER tokens will be deposited into your main account, not the sub-account.
When will I be able to trade my new RENDER tokens?
Trading for the new RENDER token will begin after the migration is complete and the new token's infrastructure is fully integrated. OKX will make a separate announcement as soon as trading, deposits, and withdrawals are enabled.
Why are holdings under 1 RNDR excluded?
This is a common practice in migrations to simplify the technical process and accounting, as dealing with fractional tokens can add significant complexity for minimal value.
Is there any cost or fee for this migration?
OKX is not charging users any additional fees for supporting this token migration. The process is free for all eligible users holding RNDR on the platform. For detailed guidance on managing crypto assets during network upgrades, you can view real-time tools.
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 does not guarantee the accuracy of information provided by third parties and is not liable for any investment losses.