Polygon, a leading Layer 2 (L2) project on Ethereum, announced that on 4 September 2024, POL will replace MATIC as the native gas and staking token for the network’s Proof of Stake (PoS) chain.
BitMEX will support the migrated POL token on Polygon and deprecate its support of MATIC and POL on Ethereum (ERC-20). Given that BitMEX currently only supports MATIC on Ethereum via Spot, Perpetuals, and on the Convert function, we want to inform our users of some of the changes that will arise, the actions they’ll need to take as a result of the migration, and the transition of BitMEX support of POL on the Polygon Network.
TL;DR
- Existing MATIC holders must withdraw any MATIC (ERC-20) tokens from their BitMEX wallets. To better support the process, we will implement 0 withdrawal fees for any MATIC (ERC-20) withdrawals from the 27 August 2024.
- BitMEX will delist all MATIC contracts before the migration on 3 September (Spot, Perpetual, and Convert).
- Following the migration, BitMEX will enable support of POL on Polygon and will no longer support MATIC or POL on ERC-20*.
- BitMEX will list new contracts for POL.
*Users who have in the past sent MATIC on Polygon to their BitMEX account will upon enabling POL on Polygon be credited with this balance converted and displayed as POL in their BitMEX wallet.
What is the MATIC to POL Migration?
In efforts to expand the utility of the Polygon’s native token, the project has introduced POL, a hyperproductive token that can be used to provide valuable services to any chain on the Polygon network including the Aggregator Layer (AggLayer).
As the first step of the migration, the team announced that POL will replace MATIC as the native gas and staking token of the Polygon PoS – a fundamental aspect of the network’s security. In subsequent phases of the upgrade, the community will decide on the expansion of POL’s utility.
To align with the migration, BitMEX is going to be taking the following actions:
|
Date |
Step |
|---|---|
|
27 Aug 2024 |
Enable zero withdrawal fees for MATIC withdrawals on BitMEX, for users to withdraw all of their MATIC (ERC-20) |
|
3 Sep 2024 |
Delist all MATIC contracts on BitMEX (Spot, Perpetual, Convert) |
|
5 Sep 2024 onwards |
Enable support of POL on Polygon |
|
5 Sep 2024 onwards |
List new POL contracts on BitMEX (Spot, Perpetual, Convert) |
How to Withdraw MATIC (ERC-20) on BitMEX?
- Go to your BitMEX Wallets page.
- Find your MATIC tokens under the ‘Balances’ section.
- Click on ‘Withdraw’.
- Either input a new Ethereum (ERC20) address, or an existing one (if you have it saved). Enter the withdrawal amount (reference the ‘Max’ tokens you have on the top right corner). Input a note to help you record your withdrawals better.
5. Click the blue ‘Withdraw’ button and confirm your withdrawal via e-mail.
6. Note: Your withdrawal (network) fee for MATIC on BitMEX will be set to 0. To facilitate your smooth withdrawal of MATIC (ERC20) from BitMEX we will cover the required network fees on your behalf.
If you have any questions regarding your MATIC withdrawal, please contact Support.
Early Delisting of MATIC Contracts on BitMEX
On 3 September 2024 at 12:00 UTC, BitMEX will delist MATICUSDT and MATIC/USDT. The contracts will be settled early at 12:00 UTC on 3 Sep 2024 ( “Tsettle”), according to the standard practice described in our Exchange Guide.
The timeline for the delisting process will be as follows:
The MATICUSDT perpetual contract will trade as normal until 04:00 UTC on 3 Sep 2024(“Tstart”).
At Tstart 04:00 UTC on 3 Sep 2024:
- The Funding Rate, F0,will be calculated as normal using prices from the previous eight hours
- After Tstart, the Funding Rate will no longer be calculated and the next Funding Rate set to 0
- The relevant Contract Specification pages will display early settlement information
At Tsettle 12:00 UTC on 3 Sep 2024:
- The relevant contracts will expire, all trading will cease, and all open orders will be canceled
- Funding, calculated using F0,will be exchanged (longs pay shorts if F0 > 0 and shorts pay longs if F0<0)
- All open positions in the relevant contracts will be closed out using the relevant Settlement Prices
- No fees will be charged for settlement
- Once a contract has expired, the lifetime profit and loss of that contract will be added to the user’s Bitcoin balance, and this contract will no longer appear on the Positions section
The MATIC/USDT spot market will trade as normal until 12:00 UTC on 3 Sep 2024(“Tsettlet”).
At Tsettle 12:00 UTC on 3 Sep 2024:
- All trading will cease, and all open orders will be canceled
What Does This Mean For You?
- Withdraw your MATIC (ERC-20) on BitMEX with 0 withdrawal fees as soon as possible.
- If you have any positions open for MATICUSDT or MATIC/USDT, please close them when you can (reference the early delisting process above as needed).
- Stay tuned for new POL contracts that will be listed on BitMEX.
To be the first to know about our new listings, product launches, and giveaways, you can connect with us on Discord, Telegram, and Twitter. We encourage you to also check our blog regularly.
In the meantime, if you have any questions please contact Support.
The post Coming Soon: Implications of the MATIC to POL Migration For BitMEX Users appeared first on BitMEX Blog.
