OKEx announces support for XYM airdrop for XEM holders

Written by: Jinia Shawdagor
December 9, 2020
  • The snapshot that will serve as a reference for the airdrop will be captured on January 14, 2021.
  • Per the exchange, its support for the XYM airdrop does not guarantee that it will list the coin.
  • Reportedly, XEM pending deposit and withdrawal will not count towards an account’s balance.

Malta-based crypto exchange OKEx has announced that it will support Symbol’s (XYM) airdrop for NEM (XEM) holders. The exchange unveiled this news on December 8, noting that it would suspend XEM deposits at 8:00 AM UTC on January 14, 2021. However, this suspension will, allegedly, not affect trading functions. After suspending the withdrawals, OKEx said that it would capture a snapshot of all XEM held by its users.

According to the announcement, the exchange will take this snapshot at XEM block height 3,025,200, which will be approximately at 11:07 AM UTC on January 14, next year. However, the exact time of taking the snapshot will depend on the production speed of XEM. Per OKEx, this snapshot will help it determine how much XEM each account holder has in their accounts.

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Speaking about the distribution ratio, the exchange noted that a 1:1 ratio will apply. However, certain terms and conditions will affect the distribution of XYM. Per OKEx, it will not consider XEM tokens that are pending deposit or withdrawal at the time of the snapshot as part of an account’s XEM balance. The exchange went on to advise users to leave ample time for deposits and withdrawals to clear before the snapshot. After the snapshot, XEM deposits and withdrawals will go back to normal, according to OKEx.

No guarantees regarding Symbol’s listing

While the exchange has vowed to support the XYM airdrop, it noted that the token’s listing is not guaranteed.

OKEx asserted that,

“For the trading and listing of XYM on OKEx, XYM will go through OKEx’s strict listing review process as any other coin/token. Supporting this airdrop does not guarantee the listing of XYM. The default position we have is no listing.”

Although OKEx’s default position regarding XYM’s listing is at no listing, not all exchanges backing the XYM airdrop have the same sentiments. For instance, Gate.io, a renowned exchange, which prides itself in having 100% real trading volume, has a more positive outlook when it comes to the potential listing of the token.

The exchange said,

“Gate.io will claim and distribute the XYM token to XEM (NEM) holders on our platform. We will also list the XYM token as soon as possible after symbol public chain mainnet launch subject to due diligence.”

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