KEY TAKEAWAYS
- OKX will list Sonic SVM (SONIC) on its spot trading markets, with deposits starting on January 2, 2025.
- The call auction for SONIC/USDT will occur on January 7, 2025, followed by the opening of spot trading.
- OKX will implement initial trading restrictions to manage price volatility, lifting them after five minutes.
- Sonic SVM is the first Solana Virtual Machine on the Solana blockchain, aiming to integrate TikTok users into the Solana ecosystem.
OKX has announced the upcoming listing of Sonic SVM (SONIC) on its spot trading markets. The listing process will begin with deposits opening at 12:30 pm UTC on January 2, 2025. The call auction for SONIC will take place from 11:00 am to 12:00 pm UTC on January 7, 2025, followed by the opening of SONIC/USDT spot trading at 12:00 pm UTC on the same day. Withdrawals for SONIC will be available starting at 4:00 pm UTC on January 7, 2025.
In an effort to manage price volatility during the initial trading phase, OKX will implement specific order restrictions. For the first five minutes of trading, market orders will not be allowed, and each limit order must not exceed a value of 10,000 USD. These restrictions will be lifted after the initial five-minute period.
Call Auction and Price Limits
The call auction mechanism will be utilized for the spot listing of SONIC/USDT. This mechanism allows traders to submit buy and sell orders at desired prices before the official start of trading. The system processes these submissions according to call auction rules and calculates an indicative opening price.
OKX will also apply price limits if a spot index is available for the trading pair. These limits will be adjusted based on market conditions, ensuring a controlled trading environment during the initial phase.
About Sonic SVM
Sonic SVM is notable for being the first Solana Virtual Machine (SVM) to launch on the Solana blockchain. It has developed a Web3 TikTok App-layer aimed at integrating millions of TikTok users into the Solana ecosystem. Additionally, Sonic SVM is recognized as a leading gaming ecosystem on Solana.
The total supply of SONIC is 2,400,000,000, and the asset’s contract address is SonicxvLud67EceaEzCLRnMTBqzYUUYNr93DBkBdDES. For more details on the listing, visit the official announcement here.
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