Coming Soon: Implications of the MATIC to POL Migration for BitMEX Users

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The cryptocurrency ecosystem is evolving rapidly, and one of the most significant developments in 2024 is Polygon’s migration from MATIC to POL as its native token. As a leading Layer 2 (L2) scaling solution on Ethereum, Polygon's shift marks a strategic upgrade aimed at enhancing network functionality and token utility across its expanding ecosystem.

Starting 5 September 2024, POL will replace MATIC as the native gas and staking token on Polygon’s Proof-of-Stake (PoS) chain. This transition is not just a rebranding—it represents a foundational change in how the network operates and how users interact with it.

For BitMEX users holding or trading MATIC, this migration has direct implications. BitMEX will fully support the new POL token on the Polygon network, while discontinuing support for both MATIC and POL on Ethereum (ERC-20). If you're currently using MATIC on BitMEX, understanding these changes—and taking timely action—is crucial.

Understanding the MATIC to POL Migration

Polygon’s introduction of POL is part of a broader vision to create a hyperproductive token that fuels innovation across the entire Polygon ecosystem, including the upcoming Aggregator Layer (AggLayer)—a unified interoperability framework linking multiple chains.

In the first phase of this migration:

This means that MATIC is being phased out on Polygon, and users must prepare accordingly—especially those using centralized platforms like BitMEX.

How BitMEX Is Adapting to the Migration

To align with Polygon’s upgrade, BitMEX is implementing a structured transition plan designed to minimize disruption and ensure user assets remain secure.

Key Transition Timeline

👉 Discover how you can seamlessly transition your digital assets ahead of major blockchain upgrades.

What You Need to Do: Action Steps for Users

If you hold MATIC or have open positions on BitMEX, here’s what you need to do:

✅ Withdraw Your MATIC (ERC-20) Before 3 September

Since BitMEX will stop supporting MATIC on Ethereum, any remaining balance after delisting may become inaccessible or difficult to recover.

How to Withdraw MATIC from BitMEX:

  1. Log in to your BitMEX account and navigate to the Wallets page.
  2. Locate your MATIC (ERC-20) balance under "Balances".
  3. Click Withdraw.
  4. Enter a valid Ethereum (ERC-20) wallet address (either new or saved).
  5. Specify the amount—you can use the “Max” button for convenience.
  6. Add an optional note for record-keeping.
  7. Confirm via email.
🔔 Important: From 27 August 2024, BitMEX will cover all withdrawal fees for MATIC (ERC-20), meaning you pay $0 in network costs.

👉 Learn how top traders manage asset migrations during major network transitions.

Early Delisting and Settlement of MATIC Contracts

BitMEX will proactively settle outstanding contracts before the official migration date.

Perpetual Contract: MATICUSDT

At T_start:

At T_settle:

Spot Market: MATIC/USDT

Users are strongly advised to close positions manually before these deadlines to maintain control over entry and exit prices.

What Happens to POL and MATIC After Migration?

After 5 September 2024:

💡 Note: If you previously deposited MATIC on Polygon (not ERC-20) into your BitMEX wallet, your balance will automatically convert to POL once support is enabled.

Frequently Asked Questions (FAQ)

Q: Why is Polygon migrating from MATIC to POL?

A: The migration aims to enhance scalability and interoperability across Polygon’s growing ecosystem. POL serves as a unified economic layer for multiple chains, starting with the PoS chain and expanding via AggLayer.

Q: Can I still use MATIC after the migration?

A: Yes—but only within legacy systems or exchanges that continue supporting ERC-20 MATIC. On Polygon’s PoS chain, POL replaces MATIC entirely for gas and staking.

Q: Will my MATIC automatically turn into POL on BitMEX?

A: No. Only deposits made via the Polygon network (not ERC-20) will be converted to POL. If you hold ERC-20 MATIC, you must withdraw it before delisting.

Q: Are there risks if I don’t withdraw my MATIC?

A: Yes. After delisting, withdrawing ERC-20 MATIC may no longer be supported, potentially resulting in loss of access to your funds.

Q: When will POL trading go live on BitMEX?

A: POL contracts—including Spot and Perpetuals—are expected to launch starting 5 September 2024.

Q: Is POL a new token or just a rebranded MATIC?

A: While POL replaces MATIC’s role on Polygon, it is part of a larger architectural upgrade. Token holders receive POL through a fair distribution model; existing MATIC holders receive POL proportionally.

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Final Thoughts

The shift from MATIC to POL represents more than a token swap—it's a leap forward in Polygon’s mission to build a scalable, interconnected Web3 future. For BitMEX users, staying informed and acting promptly ensures a smooth transition.

Don’t wait until the last minute. Withdraw your MATIC (ERC-20) now with zero fees, close open positions responsibly, and get ready for the next generation of digital asset trading with POL.

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