As part of the ongoing evolution of blockchain ecosystems, OKX is preparing to support the official migration from Fantom (FTM) to Sonic (S). This transition, aligned with the Fantom Foundation’s official upgrade plan, marks a significant step in the network's technical and economic transformation. To ensure a smooth experience for users, OKX has outlined a detailed timeline and procedural framework for suspending FTM-related services, adjusting trading parameters, and facilitating the token swap.
This article provides a comprehensive overview of the migration process, key deadlines, risk management recommendations, and what users can expect during each phase. Whether you're holding FTM in spot, leveraged, or derivatives positions, this guide ensures you stay informed and prepared.
🔁 Overview of FTM to S Migration
The migration from Fantom (FTM) to Sonic (S) is a network-level upgrade designed to enhance scalability, security, and decentralization. As a leading digital asset platform, OKX fully supports this transition and will manage user asset conversion seamlessly.
All eligible FTM balances will be converted to S at a 1:1 ratio following an account snapshot. No user action is required for the swap itself, but proactive steps are necessary to avoid forced liquidations or missed deadlines across various trading products.
Core Keywords: Fantom migration, FTM to S swap, OKX token upgrade, Sonic S token, crypto migration 2025, FTM replacement, blockchain network upgrade
👉 Learn how top platforms handle major token migrations with minimal disruption.
🛑 Timeline for FTM Service Adjustments
To maintain system integrity and ensure orderly settlement, OKX will progressively disable FTM-related functions across its product suite. Below is the complete schedule:
1. Leveraged Trading & Lending Services
January 2, 2025, 8:00 PM (UTC+8)
- FTM borrowing functionality will be disabled.
- Users must repay any outstanding loans before this time to avoid penalties.
January 6, 2025, 4:00 PM – 6:00 PM (UTC+8)
- Leveraged trading and flexible lending will be suspended.
- All open leveraged orders will be canceled.
- Critical: Any remaining borrowed assets will trigger automatic repayment by the system.
⚠️ Risk Warning: Due to high market volatility, users are strongly advised to manually close positions prior to suspension. Forced liquidation may result in unexpected losses.
📉 Adjustment of FTM Collateral Discount Rate
In cross-margin accounts, different cryptocurrencies are discounted when used as collateral due to varying liquidity and risk profiles. The FTM discount rate will be adjusted during the same maintenance window (Jan 6, 4:00–6:00 PM UTC+8):
Pre-Adjustment Discount Tiers:
- Tier 1 (≤35,000 FTM): 85%
- Tier 2 (≤55,000 FTM): 84%
- Tier 3 (≤68,000 FTM): 82%
- Each subsequent tier increases by 35,000 FTM with a 1% reduction in discount rate.
Post-adjustment, OKX will gradually reduce the FTM discount rate toward 0% as part of the phase-out process.
💡 Why It Matters: A lower discount rate increases the effective margin requirement. If your position relies heavily on FTM as collateral, it may face higher maintenance margins—potentially leading to forced liquidation if not managed proactively.
👉 Discover how smart collateral management reduces liquidation risks during network upgrades.
2. Perpetual Contracts
January 7, 2025, 4:00 PM (UTC+8)
- The FTMUSDT perpetual contract will be delisted.
- All open orders will be canceled.
- Active positions will be settled using the arithmetic average of the OKX index price over the hour preceding delisting.
Settlement Details:
- Final funding rate: 0% (no funding fee charged).
- No delivery fees or additional charges applied.
- In case of index manipulation, OKX reserves the right to adjust the settlement price fairly.
Post-Delisting Restrictions:
- Users with position values exceeding $10,000 USD at settlement will have fund transfers restricted for 30 minutes.
- Historical order records and billing data remain accessible via the desktop Order Center for backup purposes.
Risk Mitigation Measures:
- Limit order rules may be adjusted if price deviations occur.
- In the event of under-collateralized positions (i.e., negative balance after liquidation), losses will first be covered by the Insurance Fund.
- If insufficient funds exist, profitable traders may undergo auto-deleveraging (ADL) starting from the highest profit margins.
✅ Recommendation: Reduce leverage or close positions early to avoid exposure during volatile settlement periods.
3. Spot Trading & Related Functions
January 13, 2025, 11:00 AM – 11:30 AM (UTC+8)
- All FTM/USDT and FTM/USDC spot trading pairs will be removed.
- Outstanding limit orders will be automatically canceled.
- Associated features—such as quick swap, copy trading, and algorithmic orders—will also be paused.
📌 Important: Strategy-based trades linked to FTM pairs will stop automatically and execute market sell orders upon shutdown. Ensure you review and manage these strategies in advance.
💾 Token Swap: From FTM to S
The core of this migration is the automatic conversion of user-held FTM into the new Sonic (S) token.
Key Swap Parameters:
- Snapshot Time: January 14, 2025, 12:00 AM (UTC+8)
- Eligible Accounts: Only assets in the funding account will be counted. Assets in trading accounts will be consolidated automatically prior to snapshot.
- Minimum Threshold: Balances below 1 FTM will not qualify for migration.
- Exclusions: Any FTM in pending withdrawal status or not yet confirmed on-chain will be excluded.
- Conversion Ratio: 1 FTM = 1 S
- Processing Window: Estimated completion within 1–5 days
- After conversion, FTM will no longer appear in your asset list; all holdings will reflect as S.
🔄 Note: Given the large number of FTM holders, processing may take longer than expected. OKX will issue a public announcement once the swap is complete.
❓ Frequently Asked Questions (FAQ)
Q: Do I need to do anything to receive my S tokens?
A: No action is required if your FTM balance is ≥1 and held in your funding account before the snapshot. The conversion is fully automated.
Q: Can I still trade FTM after January 13?
A: No. All spot and derivative markets involving FTM will cease operations by January 13, 2025. After that date, only the swap process remains active.
Q: Will my leveraged positions be closed automatically?
A: Yes. All leveraged orders will be canceled during the maintenance window on January 6. Borrowed amounts not repaid by then will trigger forced repayment.
Q: What happens if my position gets liquidated during delisting?
A: Losses from under-collateralized positions are first absorbed by the Insurance Fund. If insufficient, auto-deleveraging may affect profitable traders.
Q: When can I withdraw S tokens?
A: Withdrawal availability for S will be announced separately after the swap completes. Stay tuned to official OKX announcements.
Q: Is there a risk of losing my funds during migration?
A: No. As long as your balance meets eligibility criteria and remains in your account during the snapshot, your assets are secure and will convert seamlessly.
🧭 Final Reminders & Best Practices
While OKX handles the technical aspects of the migration securely, user diligence remains critical:
- ✅ Repay all FTM loans before January 2, 2025.
- ✅ Close leveraged and perpetual positions ahead of deadlines to avoid forced exits.
- ✅ Cancel spot orders before January 13, 11:00 AM UTC+8.
- ✅ Monitor announcements for S withdrawal activation dates.
Digital assets are innovative investment instruments subject to high volatility and risk. Always assess your risk tolerance and conduct thorough research before participating in ecosystem transitions.
OKX remains committed to delivering secure, transparent, and user-centric services through every stage of blockchain innovation.
👉 Stay ahead of major crypto upgrades with real-time alerts and expert insights.