OKEx announces withdrawal suspension of Ontology Token (ONT), MainNet swap in progress 17693
News
Pinaz Kazi
Jul 5, 2018 at 11:05 AM

OKEx announced that after the MainNet swap of Ontology Token (ONT), which is scheduled for July 4, tokens of the users will be automatically transferred to the new MainNet.

The digital asset exchange was founded in 2014 by OKCoin CEO Star Xu. The exchange claims to provide "hundreds of tokens and future's trading pairs to help traders optimize their strategy" and to have "gained millions of dollars' worth of investments from leading enterprises." Its headquarters is located in Hong Kong.

See also: Ontology (ONT) MainNet launch goes live, know more about it

OKEx informed that ONT withdrawal is now suspended. The suspension time of the deposition of ONT will be informed later. The resumption time will also be announced later. OKEx warned the users that trading digital assets involve significant risk and it can result in loss of invested capital.

They further mentioned that users should fully understand the risk involved. It is important to take into consideration the level of experience, investment objectives and also seek independent financial advice if required. Ontology MainNet got launched on June 30, 2018. The Network tweeted: “Ontology 1.0 is now live. Welcome to the new world”.

See also: OKEX: Cybersecurity Company has found a loophole in UDST deposit

Ontology’s two-token model

The blockchain is known for its two-token model. The model was started for managing a double token system. The said tokens can be used for trading, storing network, sending and accomplishing digital contracts. One of the tokens (ONT) is specifically designed for governance, whereas the other one (ONG) is a utility token. The ONT holders can also use it for voting on the crypto exchange platform.

Ontology (ONT) Market Performance

The MainNet pre-launch event took place on June 26 where along with its partners, it discussed its main use-cases in real life. ONT saw a miraculous surge of 13.47% in its price, a day before the event. Currently, ONT is trading at $5.13, with a market cap of $775. In the last 24 hours, the price spiked up by 1.81%.

Image via Shutterstock

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