The blockchain ecosystem is evolving rapidly, and one of the most significant upgrades in recent times is the transition from MATIC to POL on the Polygon network. As Polygon shifts its native token to enhance scalability and cross-chain functionality, platforms like BitMEX are aligning their infrastructure to support this change. This migration marks a pivotal moment for users holding MATIC or planning to engage with the newly introduced POL token.
In this comprehensive guide, we’ll walk you through everything BitMEX users need to know about the MATIC to POL migration, including key dates, required actions, and how BitMEX is adapting its services. Whether you're a spot trader, perpetuals user, or simply holding tokens, understanding these changes ensures a smooth transition.
Understanding the MATIC to POL Migration
Polygon, a leading Layer 2 scaling solution for Ethereum, has announced that POL will replace MATIC as the native gas and staking token on its Proof-of-Stake (PoS) chain starting 4 September 2024. This is not just a rebrand—it's a strategic upgrade designed to expand token utility across Polygon’s growing ecosystem, including the Aggregator Layer (AggLayer), which aims to unify multiple chains into a single secured network.
POL is positioned as a “hyperproductive” token, capable of powering services across various chains within the Polygon network. The migration begins with replacing MATIC on the PoS chain, with future phases allowing the community to vote on further expansions of POL’s functionality.
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For exchanges like BitMEX, this means updating technical and trading infrastructure to support POL on the Polygon network while phasing out legacy MATIC (ERC-20) support.
Key Changes for BitMEX Users
To ensure seamless continuity, BitMEX is implementing a structured timeline for delisting old contracts and enabling new ones. Here’s what you need to know:
Timeline of Critical Events
- 27 August 2024: BitMEX enables zero-fee withdrawals for MATIC (ERC-20), allowing users to move their tokens without network cost.
- 3 September 2024: All MATIC-related products—Spot, Perpetuals, and Convert—are delisted. Trading halts at 12:00 UTC.
- 5 September 2024 onwards: Support for POL on Polygon goes live. New POL trading pairs will be listed across Spot, Perpetuals, and Convert functions.
⚠️ Important: After the migration, BitMEX will no longer support MATIC or POL on Ethereum (ERC-20). Only POL on the Polygon network will be active.
Users who previously deposited MATIC via the Polygon network will have their balances automatically converted and displayed as POL once support is enabled.
How to Withdraw Your MATIC (ERC-20) Safely
If you hold MATIC (ERC-20) in your BitMEX wallet, it’s crucial to withdraw before delisting. Here’s a step-by-step guide:
- Navigate to your Wallets page on BitMEX.
- Locate your MATIC balance under the ‘Balances’ section.
- Click Withdraw.
- Enter an external Ethereum-compatible (ERC-20) address—either new or saved.
- Specify the amount (use the ‘Max’ button for convenience).
- Add an optional withdrawal note for record-keeping.
- Confirm by clicking the blue Withdraw button and verify via email.
✅ Good news: From 27 August 2024, all MATIC (ERC-20) withdrawals on BitMEX are free of charge. BitMEX will cover network fees to facilitate smooth exits.
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Early Delisting of MATIC Trading Contracts
BitMEX will proactively delist MATIC trading pairs ahead of the network migration:
MATICUSDT Perpetual Contract
T_start: 04:00 UTC on 3 September 2024
- Final funding rate (F₀) calculated based on prior 8-hour price data.
- No further funding rates will be applied after this point.
T_settle: 12:00 UTC on 3 September 2024
- Contract expires; all open positions are closed using settlement prices.
- Funding based on F₀ is exchanged (longs pay shorts if positive, vice versa).
- Open orders canceled; no fees applied.
- P&L from closed positions credited to your Bitcoin balance.
MATIC/USDT Spot Market
- Trading continues until 12:00 UTC on 3 September 2024.
At settlement time:
- All trading stops.
- Open orders are canceled automatically.
Plan accordingly—ensure positions are closed or managed before deadlines.
What This Means for You: Action Steps
To avoid disruptions, follow these essential steps:
- ✅ Withdraw MATIC (ERC-20) before 3 September 2024 using zero-fee withdrawals.
- ✅ Close any open MATICUSDT or MATIC/USDT positions before delisting.
- ✅ Monitor BitMEX announcements for the launch of new POL contracts.
- ✅ Understand that only POL on Polygon will be supported post-migration.
Holding tokens on an unsupported chain could result in loss of access or delayed withdrawals.
Frequently Asked Questions (FAQ)
Q: What happens to my MATIC if I don’t withdraw it before delisting?
A: You can still withdraw your MATIC (ERC-20) after delisting, but trading functionality will no longer be available. It’s recommended to act early to avoid congestion or oversight.
Q: Will my MATIC on Polygon be automatically converted to POL?
A: Yes. If you previously deposited MATIC via the Polygon network (not ERC-20), your balance will be converted to POL and reflected in your wallet once BitMEX enables POL support.
Q: Can I deposit MATIC (ERC-20) after 3 September 2024?
A: No. After delisting, BitMEX will stop supporting deposits and withdrawals of MATIC (ERC-20). Only POL on Polygon will be accepted.
Q: Are there any fees for withdrawing MATIC now?
A: From 27 August 2024, BitMEX covers all network fees—withdrawals are free.
Q: When will POL trading go live on BitMEX?
A: New POL contracts across Spot, Perpetuals, and Convert functions will go live starting 5 September 2024.
Q: Is POL the same as MATIC?
A: While POL succeeds MATIC in function on Polygon’s PoS chain, they are distinct tokens. POL offers expanded utility across Polygon’s multi-chain vision.
Looking Ahead: The Future of Polygon and Digital Asset Trading
The shift from MATIC to POL reflects a broader trend in blockchain—tokens evolving beyond simple transactional use into integral components of decentralized ecosystems. For traders and investors, staying informed about such migrations is key to maintaining control over assets and capitalizing on new opportunities.
BitMEX’s support of POL underscores its commitment to integrating cutting-edge blockchain developments. As Polygon expands with AggLayer and other innovations, expect deeper integration of cross-chain capabilities and enhanced staking utilities.
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