The transition from TONCOIN to the official TON token marks a significant milestone in the evolution of The Open Network (TON) ecosystem. As part of this major upgrade, OKX, one of the leading digital asset exchanges, has announced full support for the 1:1 token migration. This move ensures a seamless experience for users holding TONCOIN, allowing them to retain the full value of their holdings as the network transitions to its next phase.
This article outlines the detailed timeline, technical adjustments, and user actions required during the migration process. Whether you're an active trader or a long-term holder, understanding these changes is crucial for maintaining control over your assets and minimizing risk exposure.
Spot Trading Adjustments During Migration
To ensure market stability and protect users from volatility caused by the migration, OKX has implemented a structured suspension of TONCOIN trading services.
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- April 20, 2022, at 09:00 UTC:
All spot trading for TONCOIN will be suspended. Any open market orders will be automatically canceled to prevent unintended executions during the transition period. - April 21, 2022, at 08:00 UTC:
Deposit and withdrawal functions for TONCOIN will be disabled. Users are strongly advised to complete any pending transfers before this time to avoid delays. - April 21, 2022, at 16:00 UTC:
A system-wide snapshot will be taken to record all user balances across Funding, Finance, and Trading accounts. This snapshot determines eligibility for the 1:1 token swap. Only users holding at least 0.1 TONCOIN at the time of the snapshot will have their tokens migrated automatically.
After the migration, former TONCOIN holders will see the new TON tokens reflected in their accounts. The legacy TONCOIN will no longer be tradable or supported on OKX once the process is complete.
Perpetual Swap Trading: Key Changes and Risk Controls
Given the potential for price volatility ahead of delisting, OKX has taken proactive steps to manage risks associated with TONCOIN/USDT perpetual swap contracts.
- April 20, 2022, at 08:00 UTC:
The TONCOINUSDT perpetual swap pair will be delisted. Trading will cease immediately, and all pending orders on the order book will be canceled.
At the time of delisting:
- Open positions will be settled using the arithmetic average price of the OKX index over the one hour preceding delisting.
- If abnormal price movements occur during that window, OKX reserves the right to adjust the final settlement price to a fair market level.
- The funding rate at delisting will be set to zero, meaning no additional funding fees will be charged or credited.
To prevent large-scale withdrawals immediately after settlement—potentially impacting market stability—OKX has introduced temporary restrictions:
- Users with open positions valued over $10,000 at settlement time will face a 30-minute lockout on asset transfers from their Trading Account.
- After this brief period, full functionality resumes.
All historical trade data remains accessible via the Report Center on OKX’s web platform. Users are encouraged to download relevant records for personal accounting or tax purposes.
Enhanced Price Limit Rules for Risk Mitigation
In anticipation of heightened volatility before delisting, OKX has temporarily adjusted its price limit mechanisms to maintain orderly trading conditions.
The standard price limit formulas are enhanced with dynamic thresholds based on time:
| Time | X | Y | Z |
|---|---|---|---|
| April 18, 08:00 UTC (48 hours before delivery) | 2% | 2% | 5% |
| April 20, 07:30 UTC (30 minutes before delivery) | 1% | 1% | 2% |
These values regulate:
- Highest Price Limit = Index × (1 + X), decreasing closer to delisting.
- Lowest Price Limit = Index × (1 - X), adjusted dynamically based on recent premiums and volatility.
Such granular controls help prevent flash crashes or artificial pumps while ensuring liquidity providers can operate within predictable boundaries.
Note: In cases of significant market deviation prior to delisting, OKX may make real-time adjustments to uphold fairness and system integrity.
Post-Migration Process and User Guidance
Once the migration is finalized, OKX will execute the token swap automatically for eligible users.
What Happens After the Snapshot?
- Token Conversion: All qualifying TONCOIN holdings are converted to TON tokens at a 1:1 ratio.
- Balance Visibility: Users can check updated balances under Assets > My Assets > Funding Account.
- Valuation Update: Since TONCOIN is no longer traded, it will disappear from real-time valuation displays in your portfolio summary.
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Future updates will include:
- Reopening dates for TON deposits and withdrawals
- Relaunch schedule for spot trading pairs
- Availability of new financial products like savings, staking, or derivatives linked to TON
OKX will publish official announcements once the network reaches stable operation post-migration.
Frequently Asked Questions (FAQ)
Q: Do I need to manually convert my TONCOIN to TON?
A: No. If you hold at least 0.1 TONCOIN at the snapshot time (April 21, 2022, 16:00 UTC), the migration will be processed automatically by OKX.
Q: Can I still deposit or withdraw TONCOIN after April 21?
A: No. Deposit and withdrawal services were suspended on April 21, 2022, at 08:00 UTC. You must wait for OKX to announce when TON network support resumes.
Q: Will my open futures positions affect my eligibility for migration?
A: Yes. The snapshot includes balances across Trading, Funding, and Finance accounts. As long as your net TONCOIN balance meets the minimum threshold, you're eligible.
Q: Why was the funding rate set to zero at delisting?
A: Setting the funding rate to zero ensures a clean settlement without unexpected charges or credits during a highly volatile transition phase.
Q: Is there a risk of losing my tokens during migration?
A: No—provided you meet the snapshot criteria and follow OKX guidelines. The migration is designed to be secure and transparent.
Q: Where can I find historical trade data after delisting?
A: Visit the “Report Center” on OKX’s web interface to download your transaction history before it becomes inaccessible through regular menus.
Final Thoughts
The TONCOIN to TON token migration represents more than just a technical upgrade—it reflects the growing maturity of decentralized networks aiming for scalability, security, and mass adoption. By supporting this transition with clear timelines, robust risk controls, and automated processes, OKX reinforces its commitment to user protection and ecosystem development.
As blockchain upgrades become increasingly common, staying informed is key to navigating changes safely and efficiently.
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