YFV, originally launched as part of the Value DeFi ecosystem, is undergoing a significant upgrade through a 1:1 token swap to VALUE, the next-generation governance and utility token. As a leading digital asset platform, OKX is fully supporting this transition to ensure a seamless experience for users holding YFV across spot, margin, perpetual contracts, and savings products.
This comprehensive update outlines the timeline, technical handling, and user actions required during the migration process. Whether you're an active trader or long-term holder, understanding these changes is essential for managing risk and maintaining uninterrupted access to your assets.
Key Timeline for YFV Migration on OKX
To ensure system stability and fair treatment during the smart contract migration, OKX has implemented a structured schedule. All dates are in Hong Kong Time (HKT).
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Spot and Margin Trading Adjustments
To prevent market volatility caused by the YFV-to-VALUE conversion from affecting open positions, OKX rolled out the following phased approach:
- October 28, 2020, 13:00 (HKT): The platform disabled borrowing functionality for YFV across all margin trading pairs.
- October 29, 2020, 11:00 (HKT): A forced repayment mechanism was triggered. Users with outstanding loans in the YFV/USDT margin pair—whether borrowing YFV or USDT—were required to repay before this time. Failure to do so resulted in automatic liquidation by the system.
- October 29, 2020, 16:00 (HKT): All spot and margin trading services for YFV were suspended. Any open orders in YFV trading pairs were canceled automatically.
- October 29, 2020, 17:00 (HKT): Deposits for YFV were paused. Users were encouraged to complete any pending deposits prior to this cutoff.
- October 29, 2020, 18:00 (HKT): A full snapshot of user YFV balances was taken. Based on this data, the 1:1 conversion from YFV to VALUE was executed at the account level.
This internal swap allowed OKX to distribute VALUE tokens promptly while minimizing disruption, even before the underlying blockchain migration was finalized.
Perpetual Contract Market Exit Strategy
The YFVUSDT perpetual contract faced unique challenges due to its leveraged nature and dependence on price indexing. To ensure a fair and orderly exit:
October 29, 2020, 12:00 (HKT): The YFVUSDT perpetual contract was officially delisted. At this point:
- All active trading was halted.
- Open limit orders were canceled.
- All open positions were settled using the average price of the YFV/USDT index over the preceding hour.
The settlement price was derived from a multi-exchange index designed to resist manipulation. To improve accuracy, MXC Exchange was added as a data source effective October 28 at 14:00 (HKT), bringing the index composition to:
- OKX: 33.33% weight
- Huobi: 33.33% weight
- MXC: 33.33% weight
In cases where anomalous price movements were detected during the final hour, OKX reserved the right to adjust the final settlement price to reflect fair market value.
Importantly, no funding fees were charged at delisting, and no additional fees—including delivery fees—were applied during the settlement process.
After delisting, users retained full access to their historical trade records. These can be reviewed and exported via the PC version of the order center. The perpetual account balance remained intact, with withdrawal capabilities restored within 30 minutes of contract termination.
Handling of Savings Assets via "Residual Coin Treasure"
Users participating in OKX’s savings program—known as Residual Coin Treasure (or “Yu Bibao”)—were not required to take any manual action.
Even after borrowing functions were suspended, interest accrual continued based on available liquidity in the lending pool. Upon completion of the snapshot:
- YFV holdings in savings accounts were automatically included in the 1:1 conversion.
- Post-migration, users found their equivalent VALUE tokens reflected in their main funding accounts.
- There was no need to withdraw or re-deposit funds manually.
This seamless backend handling ensured that passive investors experienced zero downtime or operational friction during the upgrade.
Post-Swap Asset Management and Future Listings
Once the migration concluded:
- Users could view their newly issued VALUE tokens under Assets > My Assets > Funding Account.
- OKX committed to announcing future support for VALUE—including deposit activation and relisting for spot, margin, and derivatives trading—via official channels once the new smart contract demonstrated stability.
Until formal relisting announcements were made, VALUE could not be deposited from external wallets. However, internally swapped balances remained fully tradable once services resumed.
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These terms reflect common queries from traders seeking clarity on protocol upgrades and exchange-specific handling policies.
Frequently Asked Questions (FAQ)
What happened to my YFV if I held it on OKX during the swap?
If you held YFV in your funding account at the time of the October 29, 18:00 HKT snapshot, your balance was automatically converted to an equal amount of VALUE at a 1:1 ratio. No action was required on your part.
Did I lose money when the YFVUSDT perpetual contract was settled?
No. Your position was closed using a transparent, pre-announced index price calculated over one hour. The settlement aimed to reflect fair market value without penalties. No extra fees were charged during delivery.
Can I still trade VALUE on OKX today?
Yes—once the VALUE smart contract stabilized, OKX officially listed it for spot trading, deposits, withdrawals, and eventually derivatives. Check the latest listings on the platform for current availability.
Was the token swap safe for long-term holders?
Absolutely. The migration from YFV to VALUE was orchestrated by Value DeFi Protocol to enhance governance and security. Holding through OKX ensured protection from smart contract risks and ensured accurate balance conversion.
Why did OKX use a snapshot instead of waiting for blockchain-level swaps?
By taking an internal snapshot, OKX could guarantee timely and accurate distribution of VALUE tokens—even if network congestion or technical delays affected on-chain migrations. This approach prioritized user experience and operational reliability.
How can I verify my post-swap balance?
Log into your OKX account and navigate to Assets > My Assets > Funding Account. Search for "VALUE" to see your converted holdings. Historical records also reflect the transaction details of the swap.
Final Thoughts
The transition from YFV to VALUE represents a broader trend in decentralized finance: continuous evolution through community-driven upgrades. Exchanges like OKX play a critical role in smoothing these transitions—protecting users from volatility, ensuring accurate conversions, and restoring functionality quickly.
By following structured timelines, transparent pricing mechanisms, and automated backend processes, OKX demonstrated its commitment to reliability during high-risk protocol events. For traders and savers alike, this event underscores the importance of choosing platforms that proactively manage token migrations with precision and care.
As DeFi continues to mature, expect more such upgrades—each offering opportunities for informed investors who stay prepared.