Polygon, a leading Ethereum Layer 2 (L2) scaling solution, has announced a significant token migration: POL will replace MATIC as the native gas and staking token for its Proof-of-Stake (PoS) chain, effective 4 September 2024. This transition impacts BitMEX users, prompting platform adjustments to align with the new tokenomics. Here’s a detailed breakdown of the changes and actionable steps for users.
Key Takeaways
- 🚨 Withdraw MATIC (ERC-20) tokens from BitMEX by 3 September 2024 to avoid disruptions. Zero withdrawal fees apply from 27 August 2024.
- 📉 MATIC contracts (Spot, Perpetuals, Convert) will be delisted on 3 September 2024.
- 🔄 POL on Polygon will replace MATIC support post-migration. New POL contracts (Spot, Perpetuals, Convert) will launch from 5 September 2024.
Understanding the MATIC to POL Migration
Polygon’s upgrade introduces POL, a "hyperproductive token" designed to enhance utility across its ecosystem, including the AggLayer (Aggregator Layer). POL will initially serve as the gas and staking token for Polygon PoS, with future expansions voted on by the community.
BitMEX’s Migration Timeline
| Date | Action |
|---|---|
| 27 Aug 2024 | Zero withdrawal fees enabled for MATIC (ERC-20). |
| 3 Sep 2024 | MATIC contracts delisted (Spot, Perpetuals, Convert). |
| 5 Sep 2024+ | POL support enabled on Polygon; new POL contracts listed. |
Step-by-Step Guide to Withdraw MATIC (ERC-20)
- Navigate to BitMEX Wallets > Balances.
- Locate MATIC and click Withdraw.
- Enter an Ethereum (ERC-20) address and amount.
- Confirm withdrawal via email.
Note: BitMEX will cover network fees during the zero-fee window.
👉 Need help? Contact BitMEX Support
Early Delisting of MATIC Contracts
MATICUSDT Perpetual Contract
- 04:00 UTC, 3 Sep 2024: Final funding rate (
F0) calculated; subsequent rates set to 0. - 12:00 UTC, 3 Sep 2024: Contracts settle; positions closed at Settlement Price.
MATIC/USDT Spot Market
- Trading halts at 12:00 UTC, 3 Sep 2024; open orders canceled.
User Action Plan
- Withdraw MATIC (ERC-20) before 3 September.
- Close open positions in MATIC contracts.
- Monitor announcements for new POL listings.
FAQs
1. What happens to my MATIC tokens on BitMEX after migration?
Withdraw them by 3 September. Post-migration, only POL on Polygon will be supported.
2. Can I still trade MATIC after 3 September?
No. All MATIC contracts will be delisted.
3. How will POL differ from MATIC?
POL offers expanded utility, including cross-chain services within Polygon’s ecosystem.
4. What if I previously sent MATIC on Polygon to BitMEX?
Balances will auto-convert to POL post-migration.
5. When will POL trading begin on BitMEX?
New POL contracts launch from 5 September 2024.
👉 Stay updated via BitMEX’s official channels
Pro Tip: Bookmark this page for reference during the transition. For real-time updates, follow BitMEX on Discord, Telegram, and Twitter.
Disclaimer: This guide is for informational purposes only. Cryptocurrency investments carry risks; conduct your own research.