Upbit Temporarily Suspends OGV Withdrawals for Origin Defi Governance Token (OGV) to Origin Protocol (OGN) Swap

Upbit Temporarily Suspends OGV Withdrawals for Origin Defi Governance Token (OGV) to Origin Protocol (OGN) Swap

Upbit, one of the leading cryptocurrency exchanges in South Korea, has announced the temporary suspension of Origin Defi Governance Token (OGV) withdrawals in preparation for the upcoming OGV swap to Origin Protocol (OGN). The suspension will take effect on May 31st, 2023, at 11:00 AM (KST). During the suspension period, users will not be able to withdraw OGV from their Upbit accounts. However, deposits and withdrawals of OGN will continue to be supported as usual. The OGV swap is expected to be completed by June 1st, 2023, after which OGV withdrawals will be resumed. The swap ratio for the OGV to OGN conversion is 1 OGV = 0.09137 OGN. This means that for every 1 OGV held by users, they will receive 0.09137 OGN after the swap is complete. Upbit has advised users to complete their OGV withdrawals before the suspension takes effect. Users who hold OGV on Upbit after the suspension will have their OGV automatically converted to OGN at the designated swap ratio. The OGV to OGN swap is part of a larger migration by the Origin Protocol team to consolidate its token ecosystem. OGV was the original governance token for Origin Protocol, while OGN is the new utility token that will power the Origin platform. By swapping OGV for OGN, Origin Protocol aims to streamline its tokenomics and improve the overall user experience. OGN will be used for a variety of purposes on the Origin platform, including staking, governance, and transaction fees. The suspension of OGV withdrawals on Upbit is a temporary measure to facilitate the smooth transition to the new OGN token. Users are advised to follow the instructions provided by Upbit to ensure a seamless experience during the swap process.