Dear Traders,
Phemex will support the Galxe (GAL) token swap, redenomination, and rebranding process.
Contract:
06:30 UTC on July 11, 2024 – Phemex will only support ReduceOnly orders for the GAL-related contracts.
07:00 UTC on July 11, 2024 – All orders and trading for the related trading pairs will be closed. All positions still open after 07:00 UTC will be closed based on the asset’s average mark price in the 30-minute time period from 06:30 UTC to 07:00 UTC on July 11, 2024.
We advise users to close any open positions before the delisting time to avoid automatic settlement.
Spot:
Deposits and withdrawals of GAL will be suspended on July 12 at 10:00 UTC. Please make sure that you leave sufficient time for your GAL deposits to be fully processed before this deadline. At the same time, Phemex will also delist GAL spot trading pair and cancel all pending GAL spot trading orders. All trade orders will be automatically removed after trading ceases for each respective trading pair. The launch time for the rebranded coin, Gravity (G), will be announced separately for deposits and withdrawals.
Token Swap and Redenomination:
- GAL tokens will be renamed as Gravity (G) on Phemex.
- All GAL tokens will be swapped for G at a ratio of 1 GAL = 60 G.
Happy Trading!
The Phemex Team
