Dear Traders,

Phemex supports the swap of Polygon (MATIC) Token to Polygon (POL) and will take the deposit, withdrawal, and trading services for Polygon (MATIC) offline, including spot, margin and contract trading. Phemex will issue a separate announcement about the launch of the Polygon (POL) once the exact schedule has been determined.

Here is the offline schedule. Please be aware that the schedules for spot, margin and contract trading are different:

Spot Delisting

• 10:00 UTC on September 4, 2024 – The Polygon (MATIC) Deposit and Withdrawal will be disclosed and the MATIC/USDT pair will be delisted from the Phemex spot market. All pending trade orders will be automatically removed after the delisting time. Any withdrawal requirements after this timestamp should be submitted to our CS team at support@phemex.zendesk.com for further help.

Token Swap

• MATIC tokens will assume the ticker of POL tokens on Phemex.
• All MATIC tokens will be swapped to POL at a ratio of 1 MATIC = 1 POL.

Margin Delisting

• 10:00 UTC on September 3 – Phemex Margin trading will suspend borrowing on this margin pair.
• 07:00 UTC on September 4 – MATIC Margin trading will be delisted. Phemex Margin will close users’ positions, conduct an automatic settlement, and cancel all pending orders on the aforementioned margin pairs. This pair will then be removed from Phemex Margin.
• Please note that users will not be able to update their positions during the delisting process. We strongly advise all users to close their positions and/or transfer their assets from their Margin account to their Spot Wallet prior to the cessation of margin trading on September 4 at 07:00 (UTC). Phemex will not be responsible for any potential losses.
• If users have loans in matic within their Margin accounts, the system will cancel all open orders for these tokens and initiate the liquidation process to close positions in MATIC, and to repay the debts. Users should closely monitor their risk level to avoid potential liquidation that may result from the removal of the aforementioned tokens from the Margin account.

Contract Delisting

• 06:30 UTC on September 4, 2024 – Phemex will only support ReduceOnly orders for the MATICUSDT contract.
• 07:00 UTC on September 4, 2024 – All orders and trading for this trading pair will be closed.
• All positions still open for this pair after 07:00 UTC will be closed based on the asset’s average mark price in the 30-minute time period from 6:30 UTC to 07:00 UTC on September 4, 2024.

Thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth.

The Phemex Team