Dear Phemex Users,
Phemex supports the swap & rebranding of Maker (MKR) to Sky (SKY) and will take the deposit, withdrawal, and trading services for Maker (MKR) offline, including Spot, Margin and Convert.
Here is the schedule. Please be aware that the schedules for Spot, Margin and Convert are different:
Token Swap and Redenomination
- MKR tokens will assume the ticker of SKY on Phemex.
- All MKR tokens will be swapped to SKY at a ratio of 1 MKR = 24,000 SKY.
- Phemex will issue a separate announcement about the launch of the rebranded Sky (SKY) once the exact schedule has been determined.
Spot Delisting
- 10:00 UTC on September 8, 2025 – The MKR Deposit and Withdrawal will be disclosed and the MKR/USDT and MKR/USDC pairs will be delisted from the Phemex spot market. All pending trade orders will be automatically removed after the delisting time. Any withdrawal requirements after this timestamp should be submitted to our CS team at support@phemex.com for further help.
Margin Delisting
- 06:00 UTC on September 7, 2025 – Phemex Margin trading will suspend borrowing on the aforementioned margin pair
- 07:00 UTC on September 7, 2025 – The MKR/USDT margin trading will be delisted. Phemex Margin will close users’ positions, conduct an automatic settlement, and cancel all pending orders on the aforementioned margin pairs. These pairs will then be removed from Phemex Margin.
- Please note that users will not be able to update their positions during the delisting process. We strongly advise all users to close their positions and/or transfer their assets from their Margin account to their Spot Wallet prior to the cessation of margin trading. Phemex will not be responsible for any potential losses.
- If users have loans in MKR within their Margin accounts, the system will cancel all open orders for these tokens and initiate the liquidation process to close positions in MKR, and to repay the debts. Users should closely monitor their risk level to avoid potential liquidation that may result from the removal of the aforementioned tokens from the Margin account.
Convert
- 10:00 UTC on September 8, 2025 – Phemex Convert will delist MKR and all related pairs.
Happy trading!
The Phemex Team
