OKX is supporting the official migration of GAL tokens to the new G token, as announced by the Galxe project team. This guide provides the key dates, processes, and essential details for a smooth transition.
The migration will be conducted at a fixed ratio of 1 GAL to 60 G. This means for every 1 GAL token you hold, you will receive 60 G tokens after the migration process is complete. All services related to the new G token will be opened following the completion of the migration.
Key Dates and Schedule
To ensure a seamless migration, OKX will temporarily suspend GAL trading and transfers. Please mark these critical dates and times in UTC.
- July 19, 2024, 8:00 am UTC: All pending GAL spot orders will be automatically canceled. Trading for the GAL/USDT and GAL/EUR pairs will be suspended.
- July 19, 2024, 10:00 am UTC: All GAL deposit and withdrawal services will be suspended.
- July 19, 2024, 10:00 am UTC: The official snapshot of user GAL balances will occur.
- July 22, 2024, 10:00 am UTC: The token migration from GAL to G will be executed.
Understanding the Snapshot and Migration Process
The snapshot is a record of GAL token balances held in your OKX account at a specific moment in time. This record determines how many new G tokens you will receive.
The snapshot will capture GAL holdings in both your Funding Account and Trading Account. It is crucial to ensure all your GAL tokens are in your OKX accounts before the snapshot time to be eligible for the migration.
After the snapshot, the actual token migration will be processed by OKX. You do not need to take any manual action for the conversion. The new G tokens will be automatically distributed to your account following the 1:60 ratio.
Important Considerations for Users
Before the migration begins, please review these critical points to avoid any issues with your token distribution.
- In-Transit Tokens: Any GAL tokens that are still in the process of being withdrawn or that have not been successfully deposited into your OKX account at the time of the snapshot will not be included in the migration.
- Sub-Account Holdings: If you hold GAL tokens in a sub-account, they will be migrated. However, the new G tokens will be credited to the corresponding main account after the process is complete.
- Minimum Holdings: Holdings of less than 1 GAL (excluding any amounts in open orders) will not be included in the migration and will not receive the new G tokens.
After the migration is complete, OKX will enable deposits, withdrawals, and spot trading for the new G token. The exact timing for the relaunch of these services will be announced at a later date. For a smooth experience throughout this process, you can view the latest updates and status here.
Frequently Asked Questions
What is the GAL to G token migration?
The migration is an official initiative by the Galxe project to transition from its old GAL token to a new token called G. This process involves replacing all existing GAL tokens with new G tokens at a predetermined ratio, which is managed by supporting exchanges like OKX.
Do I need to do anything to receive my G tokens?
No, if your GAL tokens are held in your OKX account at the time of the snapshot, the migration will be handled automatically by OKX. You do not need to manually convert your tokens or contact support to initiate the process. Your new G tokens will simply appear in your account after the migration is processed.
What happens if my GAL tokens are in transit during the snapshot?
Any GAL tokens that are still in a withdrawal or deposit process at the exact moment the snapshot is taken will not be recorded and will not be eligible for the migration. It is vital to complete all transfers well before the scheduled suspension times.
Where will my G tokens be credited after the migration?
The new G tokens will be distributed to the same account where your GAL tokens were held during the snapshot. For users with tokens in a sub-account, the G tokens will be sent to the linked main account for consolidated management.
When will trading for the new G token begin?
OKX will reopen spot trading, deposits, and withdrawals for the G token after the migration is successfully completed. The exchange will make a separate official announcement to confirm the exact timing for the resumption of these services.
Is there a minimum amount of GAL required for the migration?
Yes, the migration will not process fractional amounts below 1 GAL. Any holdings less than 1 full token will not be converted and will be excluded from the airdrop of the new G tokens.
Disclaimer: This overview is for informational and educational purposes only. The information provided herein, which may include data from third parties, does not constitute financial, investment, or trading advice. It is not an offer, recommendation, or solicitation to trade any digital asset.
Digital assets are highly speculative and volatile, and investors risk losing their entire investment. You should conduct your own research, understand the risks involved, and carefully evaluate your risk appetite before engaging in any trading activity.