Huobi Futures to Delist YFV/USD Coin-Margined Swaps

Dear valued users:

According to the official plan of Value DeFi Protocol (Click here for Voting Result and Migration FAQ) and to support the YFV Smart Contract moving to VALUE, Huobi Futures plans to delist YFV/USD swaps at 11:00 on Oct. 29, 2020 (GMT+8). The platform will use the arithmetic average of its index prices in the last hour as the delivery price to close all open positions of this swap. At that time all open orders of this swaps will be canceled. If the index prices are abnormally manipulated in an hour before the delisting, the platform may adjust the delivery price to a reasonable level according to the actual situation.

To ensure the successful delisting of YFV/USD swaps, Huobi Futures has adjusted the risk-control parameter settings as following:

Time

Risk Control Parameter Settings

11:00 on Oct. 28 (GMT+8)(24 hours before the delivery)

 Normal hard price limit range is ±6%, non-basis price limit range is ±5%, basis price limit range of ±5%

0:00 on Oct.29 - 8:00 on Oct.29 (GMT+8)

The funding rate of this period is calculated normally, and the upper and lower limit of funding rate for the next period is adjusted to 0%

8:00 on Oct. 29 - 16:00 on Oct.29(GMT+8)

Funding rate for this period is 0%

10:50 on Oct.29 (GMT+8)(10 minutes before the delivery)

 Normal hard price limit range is ±1%, non-basis price limit range is ±0.5%, basis price limit range of ±0.5%; closing positions is supported, while opening positions, transfer-in and transfer-out are not available

On the current-day of delisting, users with open positions will not be charged for funding at the delivery and will not have to pay delivery fees or others.

If there should occur any violent fluctuations before the delisting, please control risk by reducing leverages or closing positions in advance. If there are losses caused by forced liquidation, the system will use insurance funds to compensate users first, and the remaining part that the insurance funds not able to compensate will enter into the clawback mechanism. Each profitable account will compensate based on the proportion of its profit.

After the contract is delisted, it will be marked as “Suspended” and will not be shown on Huobi Futures one week later. The assets of users’ YFV/USD swaps account will not be affected and the transfer-out function could also be used within one hour after the suspension. The platform will re-disable the transfer-out function for YFV/USD swaps at 15:00 on October 29 (GMT+8) and the system will snapshot users' assets of this swap in the follow-up work. All YFV in users’swaps account will be transferred to users’ exchange account on Oct. 30 and the YFV held by users will be replaced with VALUE in accordance with the ratio "1 YFV = 1 VALUE".  During the replacement period, the amount of the asset may temporarily be shown incompletely and is expected to recover within 48 hours.

The order history, transaction history, and transaction records will also be available to query after the delisting of YFV/USD swaps, and all historical data will be retained for one week. If you need to back up records, please export in time on the corresponding pages of Trading Management on WEB.

Thank you for your support to Huobi Futures!

 

Huobi Futures

Oct. 27, 2020