In response to an official request from Polyhedra Network, the digital asset ZK (Polyhedra Network) will undergo a token renaming process. As a prerequisite for this rebranding operation, the platform will proceed with the delisting of leverage and perpetual contract trading pairs for this token.
It is important to note that spot trading for the relevant token pairs will remain unaffected. Any additional adjustments will be communicated promptly through official announcements should they become necessary.
Detailed Delisting Schedule for ZK Leverage and Perpetual Contracts
Perpetual Contracts Trading
The following perpetual contract is scheduled for delisting:
| Contract Name | Delisting Time (UTC+8) |
|---|---|
| ZKUSDT | June 4, 2024, 4:00 PM - 5:00 PM |
Upon delisting, all trading for this contract will be halted. Any pending user orders will be automatically canceled. The settlement price for all open positions will be determined by calculating the arithmetic average of the OKX index price during the hour preceding the delisting.
In the event that the index price is subject to abnormal manipulation in that final hour, the platform reserves the right to adjust the final settlement price to a reasonable level to ensure a fair settlement.
The funding rate for the period ending at 4:00 PM on the delisting day will be set to 0. Consequently, no funding fee will be recorded in billing statements for that period. The settlement of user positions will not incur any funding costs or additional settlement fees.
Due to the potential for significant market volatility leading up to the delisting, users are strongly advised to implement robust risk management strategies. This can include reducing actual leverage multiples or closing positions in advance.
Should an insurance fund deficit (auto-deleveraging loss) occur at the time of settlement, the Risk Reserve Fund will be utilized first to cover the shortfall. If the fund is insufficient, the system will initiate an automatic deleveraging process, starting with the most profitable accounts.
Following the contract delisting, users with a settled position value exceeding $10,000 in the above perpetual contract will have all asset transfers within their trading account temporarily restricted. This restriction will be lifted automatically after 30 minutes.
Historical order and billing records for these perpetual contracts will remain accessible for query after the delisting. Users wishing to backup their records should promptly download them from the order center on the desktop platform.
To ensure a smooth delisting process, the following adjustments will be made to the risk control parameters for the affected perpetual contracts:
Limit Price Rule Adjustments
The calculation formula for limit prices is being temporarily modified as follows:
| Time to Settlement | X | Y | Z |
|---|---|---|---|
| 48 hours prior | 2% | 2% | 5% |
| 30 minutes prior | 1% | 1% | 2% |
Note: Should significant contract price deviations occur before these times, the platform may adjust these limit rules based on prevailing market conditions.
Leverage Trading and Flexible Loans
The following leverage trading pair and flexible loan service for ZK will be discontinued:
| Leverage Pair | Stop Borrowing Function Time (UTC+8) | Delisting Time (UTC+8) |
|---|---|---|
| ZK/USDT | May 31, 2024, 2:00 PM | June 3, 2024, 5:00 PM |
The platform will suspend leverage trading and flexible loan services for the specified pair at the delisting time. All market orders for leverage trading will be canceled. The process for each pair's delisting is expected to take approximately one hour.
Users who have outstanding borrowings or pledges in these leverage trading pairs or flexible loans must repay their borrowed assets before the delisting. Failure to do so will result in the system initiating a forced repayment.
Risk Warning: Given the potential for substantial market fluctuations, it is highly recommended that users close their positions voluntarily before trading ceases to avoid potential losses that could occur during a system-forced repayment.
Adjustment to Token Discount Rate
The collateral discount rate for the ZK token in cross-currency margin mode will be adjusted.
| Token | Tier (USD) | Discount Rate Before | Tier (USD) | Discount Rate After |
|---|---|---|---|---|
| ZK | 0 - 50,000 | 0.5 | 0 | 0 |
| > 50,000 | 0 |
Understanding Token Discount Rates
In the cross-currency margin account mode, assets in various currencies within a full-position account can be collectively converted into a US dollar value to be used as margin. Due to the significant differences in market liquidity among different tokens, the platform applies a discount when calculating the actual US dollar value of each token. This mechanism is designed to balance market risk effectively.
👉 Learn more about managing margin and risk
The platform remains committed to providing users with superior products and high-quality service.
Frequently Asked Questions
What happens to my open ZKUSDT perpetual contract when it is delisted?
All open positions will be automatically settled at the calculated settlement price, which is the arithmetic average of the OKX index from the hour before delisting. No funding fees or extra charges will apply for this settlement.
Can I still trade ZK spot pairs after the perpetual and leverage delisting?
Yes, the delisting only affects the ZKUSDT perpetual swap and the ZK/USDT margin trading pair. All spot trading for ZK will continue to operate normally without any interruption.
I have a loan on the ZK/USDT margin pair. What should I do?
You must actively repay any outstanding borrowed ZK or USDT before the delisting time on June 3, 2024, at 5:00 PM (UTC+8). If you fail to repay, the system will execute a forced repayment, which could result in losses due to market volatility.
Why is the discount rate for ZK being set to 0?
Following the delisting of its derivative products, the token's utility as collateral within the platform's margin system is being reassessed. Setting the discount rate to 0 means it will no longer be accepted as collateral for margin trading, reflecting the change in its market status and risk profile.
Will I be able to access my trade history for the delisted contracts after June 4th?
Yes, historical order and billing records for the delisted perpetual and leverage contracts will remain available for review within your account. However, for your records, it is advisable to download them from the desktop order center beforehand.
What is the reason for the temporary transfer restriction after delisting?
This brief 30-minute restriction for users with larger settled positions is a standard security and risk management procedure to ensure all settlements are processed correctly and automatically before normal account functions resume.