The post OKX to Support Klaytn’s Crypto Migration from KLAY to KAIA appeared on BitcoinEthereumNews.com.

In a strategic move to enhance its blockchain ecosystem, OKX, a leading cryptocurrency exchange, has announced on its official website that it will support Klaytn’s crypto migration from KLAY to KAIA. This migration will result in the suspension of existing KLAY spot trading pairs and all KLAY-related transactions on October 28, 2024. Introduction to the Migration What is Klaytn? Klaytn is a public blockchain platform developed by Ground X, a subsidiary of the South Korean internet company Kakao. Designed to provide an easy-to-use environment for blockchain applications, Klaytn focuses on both enterprise and consumer applications, offering high performance and user-friendly features. Overview of KAIA KAIA is the native cryptocurrency of the Klaytn ecosystem, introduced as part of a strategic upgrade to improve scalability, security, and functionality. The migration from KLAY to KAIA aims to streamline transactions, reduce fees, and enhance the overall user experience within the Klaytn network.   Details of the Migration Process Suspension of Trading Pairs To facilitate a smooth transition, OKX will suspend the existing KLAY/USDC and KLAY/USDT spot trading pairs between 08:00 and 10:00 UTC on October 28, 2024. During this period, users will not be able to trade KLAY against these stablecoins, ensuring that all activities align with the migration timeline. Suspension of Transactions In addition to trading pair suspensions, OKX will also suspend KLAY transfers, deposits, and withdrawals at 10:00 UTC on the same day. This measure is critical to prevent any discrepancies or losses during the migration process, ensuring that all KLAY holdings are securely converted to KAIA. Migration Steps Announcement and Notification: Users will be informed about the migration through official channels, including OKX’s website, email notifications, and in-app alerts. Conversion Process: Users holding KLAY on OKX will have their tokens automatically converted to KAIA according to the migration ratio specified by…

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Filed under: News - @ October 24, 2024 1:20 pm