The cryptocurrency landscape is evolving rapidly, and one of the most anticipated transitions in early 2025 involves the migration of Fantom (FTM) to its next-generation blockchain, Sonic (S). As part of this transition, OKX, a leading global digital asset exchange, will fully support the token swap from FTM to S. This article outlines the complete timeline, key procedures, and critical actions users must take during the migration process.
Key Phases of the FTM to S Transition
To ensure a smooth and secure transition, OKX has structured the FTM migration into several well-defined phases: deposit and withdrawal adjustments, trading modifications, and the final token swap. Understanding each phase is essential for users holding FTM or involved in FTM-related trading activities.
Deposit and Withdrawal Schedule
OKX will implement changes to deposit and withdrawal services for FTM ahead of the token swap:
- FTM deposits and withdrawals will be suspended on January 13, 2025, at 11:30 AM (UTC+8). After this time, OKX will no longer support FTM deposits.
- Sonic (S) deposit and withdrawal services will be enabled at a later date, with an official announcement to follow.
Users are strongly advised to complete any pending FTM transactions before the cutoff time to avoid delays or loss of access.
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Trading Adjustments Across Platforms
To align with the network upgrade, OKX will gradually phase out FTM trading and lending services across multiple product lines. Users must act promptly to avoid forced liquidations or missed opportunities.
1. Margin Trading and Lending
Margin traders and lenders using FTM will face several critical deadlines:
- FTM borrowing will be disabled on January 2, 2025, at 8:00 PM (UTC+8).
From January 6, 2025, between 4:00 PM and 6:00 PM (UTC+8), OKX will:
- Pause all margin trading and flexible lending activities involving FTM.
- Cancel all open margin orders.
- Initiate forced repayments for any outstanding FTM loans.
Important: Users with active FTM loans or collateralized positions must repay their debt before the deadline. Failure to do so may result in automatic liquidation, potentially leading to financial loss due to market volatility.
Adjustment in Collateral Discount Rate
OKX applies a collateral discount rate to manage risk in cross-margin accounts. As FTM approaches retirement, its discount rate will be progressively reduced to zero.
Pre-Adjustment Rates:
- Tier 1: Up to 35,000 FTM → 85% discount rate
- Tier 2: Up to 55,000 FTM → 84% discount rate
- Tier 3: Up to 68,000 FTM → 82% discount rate
- Each subsequent tier increases by 35,000 FTM with a 1% reduction in rate
After January 6, these rates will be phased down. A lower discount rate means FTM contributes less value as collateral, increasing the risk of margin calls.
Risk Advisory: Users relying on FTM as collateral should consider reducing leverage, adding other assets, or withdrawing exposure to avoid forced liquidation.
2. Perpetual Contracts
The FTMUSDT perpetual contract will be officially delisted on January 7, 2025, at 4:00 PM (UTC+8). At that time:
- All open orders will be canceled.
- Active positions will be automatically settled using the average index price from the hour prior to delisting.
- If market manipulation is detected, OKX reserves the right to adjust the settlement price fairly.
- The final funding rate will be set to zero, with no funding fees or delivery charges applied.
Post-Delisting Restrictions
Users with a position value exceeding $10,000 USD at settlement will face a 30-minute restriction on asset transfers across their trading accounts. This measure ensures system stability during high-impact events.
Additionally:
- Historical order records and billing data will remain accessible via the desktop platform’s order center.
- Risk Insurance Funds will cover any insolvency losses; if insufficient, auto-deleveraging (ADL) will begin with the most profitable traders.
To minimize risk, traders are encouraged to close positions early or reduce leverage ahead of the delisting window.
3. Spot Trading
Spot markets for FTM will be discontinued shortly before the final snapshot:
On January 13, 2025, between 11:00 AM and 11:30 AM (UTC+8):
- All open orders for FTM/USDT and FTM/USDC pairs will be canceled.
- Trading will cease permanently.
- Related services such as instant exchange, copy trading, and automated strategies will also be suspended.
Note: Strategy-based orders will be executed at market price upon cancellation. Users should manually manage or close positions in advance to maintain control over execution prices.
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Token Swap: From FTM to Sonic (S)
The core event of this transition is the 1:1 conversion of FTM to Sonic (S), managed directly by OKX.
Snapshot and Eligibility Criteria
- A system-wide snapshot will occur on January 14, 2025, at 12:00 AM (UTC+8).
- Only assets in funding accounts will be counted—any FTM in trading accounts will be automatically consolidated beforehand.
To qualify for the swap:
- Users must hold at least 1 FTM at the time of snapshot.
- Any FTM in transit (pending withdrawals) will not be included.
Swap Process and Timeline
- The conversion process is expected to take 1 to 3 days.
- During this period, FTM holdings will be temporarily unvalued.
Upon completion:
- All eligible FTM balances will be converted to S at a 1:1 ratio.
- S tokens will appear in users’ funding accounts.
- FTM will be removed from asset listings.
An official announcement will confirm the completion of the swap.
Frequently Asked Questions (FAQ)
Q: What happens if I don’t withdraw my FTM before January 13?
A: After January 13 at 11:30 AM UTC+8, FTM deposits and withdrawals will no longer be supported. However, your balance will still be eligible for the 1:1 swap on January 14 if it meets the minimum threshold.
Q: Will I lose my FTM if I have less than 1 token?
A: Balances below 1 FTM will not be included in the swap. These tokens will not be converted and may be forfeited.
Q: Do I need to manually swap my FTM for S?
A: No. OKX will handle the entire process automatically based on the snapshot. As long as you meet eligibility criteria, the conversion will occur without user action.
Q: Can I trade S immediately after the swap?
A: Trading availability for S depends on OKX’s listing schedule. Users should wait for an official announcement regarding S trading pairs and withdrawal support.
Q: Why is OKX reducing the collateral discount rate for FTM?
A: As FTM is phased out, its market liquidity and stability decrease. Reducing the discount rate mitigates risk exposure for the platform and protects user funds during volatile transitions.
Q: What should I do if I have an open margin position?
A: Close your position or repay borrowed FTM before January 6. Otherwise, you risk forced liquidation during the system-wide margin pause.
Final Thoughts
The migration from Fantom (FTM) to Sonic (S) marks a pivotal moment in blockchain evolution—offering enhanced scalability, security, and performance. OKX’s structured approach ensures user assets are protected while maintaining platform integrity throughout the transition.
As always, users are reminded that digital assets carry inherent risks due to market volatility. It’s crucial to stay informed, manage exposure wisely, and use trusted platforms for major network upgrades.
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