The Fantom (FTM) ecosystem is undergoing a significant transformation with the upcoming token migration from FTM to Sonic (S). As part of this major upgrade, OKX will fully support the transition in alignment with the official migration plan released by the Fantom Foundation. This article outlines the complete timeline, key actions users must take, and important details regarding trading, deposits, withdrawals, and risk management during this critical period.
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Key Dates for FTM Migration on OKX
To ensure a smooth transition and protect user assets, OKX has scheduled a series of phased adjustments across its platforms. Below is a comprehensive breakdown of all major milestones.
1. Deposits and Withdrawals
- FTM deposits and withdrawals will be suspended at 3:30 AM UTC on January 13, 2025.
- After the token migration is completed, FTM deposits will no longer be supported.
- Sonic (S) deposit and withdrawal support will be enabled shortly after the migration; the exact schedule will be announced in a follow-up notice.
Users are strongly advised to complete any pending FTM transfers before the suspension time to avoid delays or loss of funds.
Trading Instrument Adjustments
OKX will implement several changes across its trading products in preparation for the delisting and migration of FTM.
2.1 Margin Trading & Flexible Loans
To mitigate risk exposure ahead of the migration, OKX will phase out FTM-related margin services:
- FTM borrowing will be disabled starting 12:00 PM UTC on January 2, 2025.
- Margin trading and flexible loans involving FTM will be suspended between 8:00 AM and 10:00 AM UTC on January 6, 2025.
- All open margin orders will be automatically canceled during this window.
Risk Warning: Users with outstanding borrowings or FTM used as collateral must repay loans or adjust positions before the deadline. Unresolved balances will trigger forced repayment.
Additionally, due to anticipated market volatility, OKX recommends closing positions early to avoid liquidation risks caused by price swings.
Discount Rate Adjustment for FTM Collateral
In multi-currency cross margin mode, OKX applies discount rates to account for differences in asset liquidity and market stability. Ahead of delisting, the discount rate for FTM will be adjusted as follows:
Before Adjustment:
- Tier 1 (up to 35,000 FTM): 85% discount rate
- Tier 2 (up to 55,000 FTM): 84%
- Tier 3 (up to 68,000 FTM): 82%
- Each subsequent tier increases collateral by 35,000 FTM with a 0.01 reduction in discount rate
After Adjustment (Effective January 6, 2025):
- Maximum collateral: 0 FTM
- Discount rate: 0%
This means FTM will no longer be accepted as margin collateral after the adjustment. The maintenance margin requirement may rise for existing positions, increasing liquidation risk.
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2.2 Perpetual Futures
The FTMUSDT perpetual futures contract will be delisted at 8:00 AM UTC on January 7, 2025.
Key implications:
- All open orders will be canceled.
- Open positions will be settled using the arithmetic average price of the OKX FTM index over the hour preceding delisting.
- If index anomalies occur, OKX reserves the right to adjust the final settlement price to a fair market value.
- The funding rate at delisting time will be set to 0, so no funding fees will be charged for that cycle.
Post-Delisting Transfer Restrictions
For risk control:
- Users holding perpetual futures positions valued over $10,000 USD at settlement will face a 30-minute withdrawal freeze from their trading account.
- Asset transfers resume automatically after this period.
- Order history and billing records remain accessible via the Report Center on OKX.
Risk parameters such as price limits may also be adjusted prior to delisting based on market conditions.
2.3 Spot Trading
Spot markets for FTM will cease operations in early January:
- FTM/USDT and FTM/USDC trading pairs will be delisted between 3:00 AM and 3:30 AM UTC on January 13, 2025.
- All related orders must be canceled manually before 3:00 AM UTC; otherwise, they will be canceled automatically.
- Additional services including Convert, P2P Express, Copy Trading, and Trading Bots will also be suspended.
Automated trading bots using FTM pairs will stop functioning. Open positions will be closed at market price upon delisting.
Token Migration Process
The core event of this upgrade is the conversion of FTM tokens to Sonic (S) at a 1:1 ratio.
Snapshot & Conversion Timeline
- A snapshot of all user balances in the funding account will occur at 4:00 PM UTC on January 13, 2025.
- Any FTM in trading accounts will be moved to funding accounts prior to the snapshot.
- Only confirmed holdings at the time of snapshot are eligible for migration.
- Tokens in transit (pending withdrawals or deposits) will not be included.
- Balances below 1 FTM are excluded from conversion.
Migration Duration & Asset Visibility
- The migration process is expected to take 1 to 5 days, depending on network load and verification procedures.
- During this time, FTM asset values may appear unavailable.
- Once complete, all eligible FTM holdings will appear as Sonic (S) in your portfolio.
- FTM will be removed from your asset list permanently.
An official announcement will confirm when the migration is fully completed.
Frequently Asked Questions (FAQ)
Q: What happens to my FTM if I don’t do anything?
A: If you hold FTM in your OKX funding account at the time of the snapshot (January 13, 2025, 4:00 PM UTC), your tokens will be automatically converted to Sonic (S) at a 1:1 ratio. No action is needed unless you wish to withdraw before suspension.
Q: Can I still trade FTM after January 13?
A: No. All spot and derivatives trading for FTM pairs will end by January 13, and deposits/withdrawals will be suspended. After migration, only Sonic (S) will be supported.
Q: Will I lose my funds if my balance is under 1 FTM?
A: Yes. Holdings below 1 FTM will not be migrated. Consider consolidating small balances before the snapshot if possible.
Q: How can I avoid forced liquidation during margin adjustments?
A: Repay borrowed amounts, reduce leverage, close positions early, or add additional collateral in other supported currencies before January 6.
Q: When can I withdraw Sonic (S) tokens?
A: Withdrawal support for S will begin after the migration completes. OKX will publish a separate announcement with exact timing.
Q: Is this migration mandatory?
A: Yes. This is a blockchain-level upgrade. All users must transition from FTM to S through their respective platforms or wallets.
Final Reminders
The FTM to Sonic (S) migration marks a pivotal moment for the Fantom network. While OKX ensures full technical support for a seamless transition, users bear responsibility for managing their exposure and complying with deadlines.
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Always conduct independent research before making investment decisions. Cryptocurrencies are highly volatile and speculative—past performance does not guarantee future results. OKX provides tools and information for educational purposes only and does not offer financial advice.
For further assistance, visit the OKX Help Center or contact customer support directly through the platform.