Enjin has officially announced a significant token migration event, which OKX will fully support. This process involves a direct 1:1 swap of the existing ENJ tokens and a 4:1 conversion of EFI tokens into the new ENJ. If you hold either of these assets on OKX, here is a detailed breakdown of the schedule and what you need to know.
The migration is a coordinated effort to streamline the Enjin ecosystem, and OKX will handle the entire technical process for users holding these assets on the exchange. No action is required from you for the swap itself, but you must be aware of the timeline as trading and transfers will be temporarily suspended.
Detailed Migration Schedule on OKX
OKX has released a precise timetable for the ENJ and EFI token migration. All times are in UTC+8.
- September 11, 4:00 PM: All existing spot orders for ENJ and EFI will be automatically canceled. The ENJ/USDT and EFI/USDT trading pairs will be delisted from the platform.
- September 11, 6:00 PM: The deposit and withdrawal functions for both ENJ and EFI tokens will be disabled. Internal transfers of these assets within OKX will also be suspended.
- September 11, 7:00 PM: OKX will take a snapshot of all user accounts to record holdings of ENJ and EFI for the swap.
Following the snapshot, the actual token swap will commence. The old ENJ and EFI tokens will be converted into the new ENJ tokens based on the specified ratios.
Post-Swap Asset Distribution
After the snapshot is completed and the swap is processed, the new ENJ tokens will be automatically credited to your OKX funding account. The process is designed to be seamless for users.
It is important to note that the trading and transfer services (deposits/withdrawals) for the new ENJ token will be reopened at a later date. OKX will make a separate announcement once these services are available again.
For a comprehensive guide on managing your digital assets and tracking such updates, you can explore more strategies on our platform.
Important Considerations for the Swap
To ensure a smooth experience, please keep these critical points in mind:
- Pending Transactions: Any ENJ or EFI deposits that are still pending (uncredited) at the exact time of the snapshot will not be included in the swap. Similarly, any assets that are in the process of being withdrawn will not be counted.
- Sub-Account Holdings: If you hold ENJ or EFI in a sub-account, the new ENJ tokens from the swap will be distributed to the main (master) account linked to that sub-account.
OKX would like to remind all users that digital assets are innovative investment products with high price volatility and inherent investment risks. It is crucial to fully understand these assets, rationally assess your investment capacity, and make prudent decisions.
We are committed to providing you with excellent products and services throughout this migration and beyond.
Frequently Asked Questions
What is the ENJ token swap?
The ENJ token swap is a migration event where the existing Enjin Coin (ENJ) and Efinity (EFI) tokens are being converted into a new, unified ENJ token. This is an official initiative by the Enjin project to consolidate its ecosystem.
Do I need to do anything for the swap on OKX?
If your ENJ or EFI tokens are held in your OKX spot wallet, you do not need to take any action. OKX will automatically handle the conversion process for you after the snapshot is taken. Just ensure there are no pending deposits or withdrawals at the time of the snapshot.
What is the conversion rate for EFI to the new ENJ?
EFI tokens will be converted at a rate of 4 EFI to 1 new ENJ. The existing ENJ tokens will be swapped on a 1:1 basis for the new token.
When will I receive my new ENJ tokens?
The new tokens will be distributed to your funding account after the swap process is complete. The exact timing will depend on the technical processing, but it will happen shortly after the snapshot.
When can I trade or withdraw the new ENJ?
Trading and transfer services for the new ENJ token will be resumed after the swap is complete and the network is stable. OKX will announce the specific reopening date at a later time.
What happens if my deposit is processing during the snapshot?
Only assets that have been fully credited to your account at the precise moment of the snapshot will be eligible for the swap. Any pending deposits will not be converted, so it is advised to complete all transfers well in advance of the deadline.