OKX lists MOVE for spot trading
OKX to list MOVE with spot trading from December 9
OKX, a prominent global cryptocurrency exchange, has announced the listing of the MOVE (Movement) token on its spot trading markets.
The launch will follow a structured timeline, enabling users to deposit, trade, and withdraw MOVE tokens while adhering to trading mechanisms designed to ensure market stability, according to the exchange’s website.
Listing timeline
The implementation of MOVE will proceed as follows:
Deposits Open: December 4, 2024, at 6:00 am UTC.
MOVE Call Auction: December 9, 2024, from 11:00 am to 12:00 pm UTC.
Spot Trading Begins: December 9, 2024, at 12:00 pm UTC for the MOVE/USDT pair.
Withdrawals Open: December 10, 2024, at 10:00 am UTC.
Trading restrictions for market stability
To protect traders from excessive price volatility during the initial moments of spot trading, OKX will implement temporary restrictions for the first five minutes of trading:
Market orders will not be allowed.
The value of each limit order must not exceed $10,000.
These restrictions will be lifted after the first five minutes, allowing normal trading activity to resume.
MOVE Call auction mechanism
The MOVE call auction mechanism will be used during the one-hour period prior to the start of spot trading for the MOVE/USDT pair. This system allows users to submit buy and sell orders at their desired prices within predefined trading parameters. The trading system will process these orders according to call auction rules and calculate an indicative opening price.
The exchange noted that the project team would provide an opening price based on the valuation of the Movement Network. While this price will be displayed as the initial reference on the trading chart, it is for informational purposes only and does not affect the actual trading prices determined by the call auction mechanism.
About Movement Network
Movement Network is a blockchain known for its high transaction speed, instant finality, and customizable modular solutions. Its key features include instant access to liquidity and a strong focus on community-driven development.
OKX expects that its strategic approach to the launch, combined with the innovative features of the Movement Network, will attract significant attention from both institutional and retail investors.
As a reminder, OKX has a New Year's Eve campaign offering users a share of a $1.2 million prize pool.
