Introduction
This announcement details OKX's support for the upcoming Super Bitcoin (SBTC) hard fork, scheduled to occur at block number 498888. The exchange is committed to providing users with access to major Bitcoin technological developments and a wide range of digital asset options. This guide explains the key dates, processes, and important considerations for OKX users holding BTC during this event.
Key Dates and Trading Support
OKX will launch trading services for various forked tokens, including SBTC, starting at 18:00 on December 7, 2017. Users will be able to withdraw and trade these forked assets freely, managing their digital portfolios according to their preferences.
The exchange will support conversions between BTC and SBTC (or its temporarily frozen counterpart, F4SBTC) from December 7, 2017, until the network reaches block 498888. Simultaneously, SBTC/BTC trading pairs will become active, allowing users to engage with the new asset.
Understanding the SBTC Hard Fork Process
The Super Bitcoin hard fork is a significant network upgrade that creates a new blockchain and digital asset. OKX will implement several measures to ensure a smooth user experience during this transition.
Asset Handling and Naming Conventions
- SBTC: The new coin generated by the Super Bitcoin hard fork.
- F4SBTC: The temporary name for BTC that has been converted to SBTC. These funds will be frozen and cannot be traded, withdrawn, or transferred until the hard fork is officially deemed successful.
Post-Fork Scenarios and Asset Distribution
The distribution of assets depends entirely on the outcome of the hard fork event.
- If the Fork is Successful: OKX will credit SBTC to users based on the amount of BTC held in their OKX spot account at the time of the snapshot. Additionally, all F4SBTC will be converted back to BTC on a 1:1 basis.
- If the Fork Fails: Users will be able to convert their F4SBTC holdings back to BTC on a 1:1 basis, ensuring no loss of their original capital.
- Additional Forked Tokens: Should another BTC hard fork occur before block 498888, OKX will distribute the new forked tokens to users based on their total combined holdings of BTC and F4SBTC.
Account-Specific Instructions
The process for receiving forked assets varies depending on your account type on OKX.
For Spot Account Users
A snapshot of BTC balances will be taken at block height 498888. SBTC will be distributed to users proportionate to their BTC holdings recorded in this snapshot once the fork is confirmed as successful.
For Contract Account Users
A snapshot will be taken at block number 498888. The amount of SBTC issued will be calculated based on the snapshotted equity BTC balance, which is the sum of Margins, Realized PnL, and Unrealized PnL.
For C2C Account Users
A snapshot of available BTC in the C2C account will be taken at block number 498888. An equivalent amount of SBTC will be issued to the user after the hard fork is successfully completed.
Important Considerations and Potential Market Impact
Users should be aware of several critical factors during this event.
Potential Price Fluctuations
BTC is the base denomination currency on OKX. If the SBTC fork is successful, the denominated BTC will represent the new chain. This means that trading pairs like LTC/BTC will effectively be LTC/(F4SBTC + SBTC) before the fork and will become LTC/F4SBTC immediately after. Consequently, the prices of major trading pairs like ETH/BTC, ETC/BTC, and LTC/BTC may experience significant volatility when the fork is deemed successful. 👉 Monitor real-time market changes
Service Interruptions
OKX will temporarily suspend BTC deposit and withdrawal services from the start of the hard fork until the blockchain network is confirmed to be stable. Users are highly advised to deposit any external Bitcoin holdings to their OKX spot account well in advance to ensure they are included in the snapshot and to avoid any unexpected issues.
Risk Awareness
Trading and investing in digital assets, especially around volatile events like hard forks, carry substantial risk. Users are strongly encouraged to carefully assess their own risk tolerance and conduct thorough research before participating in any trades related to forked assets.
Frequently Asked Questions
What is the Super Bitcoin (SBTC) hard fork?
The SBTC hard fork is a planned upgrade to the Bitcoin blockchain that creates a new, separate network and cryptocurrency. It is scheduled to occur at a specific block height, resulting in a new asset for BTC holders.
How will OKX support the SBTC hard fork?
OKX will support the event by taking snapshots of user balances, enabling trading pairs for the new asset, and ensuring users receive their SBTC tokens if the fork is successful. The platform will manage the technical process for a seamless experience.
What happens to my BTC during the hard fork on OKX?
Your existing BTC remains safe. A portion of it may be temporarily renamed F4SBTC if you convert it, but it will be returned as BTC if the fork fails or after it succeeds. You will also receive the new SBTC token based on your snapshot balance.
Can I trade or withdraw my assets during the hard fork?
BTC deposits and withdrawals will be temporarily suspended for network stability. Trading of existing pairs may continue, but converted F4SBTC cannot be moved until the fork's outcome is determined.
What is the biggest risk associated with this hard fork?
The primary risks are the high volatility in the prices of BTC trading pairs immediately after the fork and the potential for the new fork to fail, which could impact the value of the new SBTC asset.
Who should I contact if I need help?
For any assistance regarding the SBTC hard fork process or your account, you should reach out directly to OKX's customer support team through the official website. 👉 Explore more strategies for managing crypto events