Coming Soon: Implications of the Fantom to Sonic Migration For BitMEX Users 

From 18 December 2024, the Fantom Foundation has been migrating the Fantom (FTM) token to the Sonic (S) token on the Sonic network.

BitMEX will deprecate its support of FTM on Ethereum (ERC-20). Given that BitMEX currently supports FTM via Perpetuals and on the Convert function, we want to inform our users of some of the changes that will arise and the actions they’ll need to take as a result of the migration.

TL;DR

• Existing FTM holders must withdraw any FTM (ERC-20) tokens from their BitMEX wallets. To better support the process, we will implement 0 withdrawal fees for any FTM (ERC-20) withdrawals from 6 January 2025. 
• BitMEX will delist all FTM contracts before the migration on 10 January 2025 (Perpetual and Convert). 
• Following the migration, BitMEX will no longer support FTM on ERC-20. 

• BitMEX will list new contracts for Sonic (S). Details will be announced at a later date.
• BitMEX will enable support of Sonic (S) and provide the Convert function for the token at a later date.
• It is the sole responsibility of FTM holders on ERC20 to withdraw their funds from the BitMEX Exchange. These can be converted 1 to 1 via the Sonic Gateway (visit this page).

To align with the migration, BitMEX is going to be taking the following actions:

How to Withdraw FTM (ERC-20) on BitMEX?

1. Go to your BitMEX Wallets page.
2. Find your FTM tokens under the ‘Balances’ section. 
3. Click on ‘Withdraw’.
4. 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 record your withdrawals better.
5. Click the blue ‘Withdraw’ button and confirm your withdrawal via e-mail if required.
6. Note: Your withdrawal (network) fee for FTM on BitMEX will be set to 0. To facilitate your smooth withdrawal of FTM (ERC20) from BitMEX we will cover the required network fees on your behalf. 

If you have any questions regarding your FTM withdrawal, please contact Support.

How to Convert Your FTM Tokens to S Tokens?

Thril note that while BitMEX does not support direct 1:1 conversions of FTM to S, you can withdraw your FTM (ERC-20) from BitMEX and convert them to S using the Sonic Gateway. Details can be found here.

Early Delisting of FTM Contracts on BitMEX

On 10 Jan 2025 at 12:00 UTC, BitMEX will delist FTMUSD and cease trading of FTM on Convert. The FTMUSD contract will be settled early at 12:00 UTC on 10 Jan 2025 ( “Tsettle”), according to the standard practice described in our Exchange Guide. 

The timeline for the delisting process will be as follows:

The FTMUSD perpetual contract will trade as normal until 04:00 UTC on 10 Jan 2025 (“Tstart”).

At Tstart 04:00 UTC on 10 Jan 2025:

• 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 10 Jan 2025:

• 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

What Does This Mean For You? 

• Withdraw your FTM (ERC-20) on BitMEX with 0 withdrawal fees as soon as possible. 
• If you have any positions open for FTMUSD, please close them when you can (reference the early delisting process above as needed). 
• Stay tuned to learn more about the new Sonic (S) contracts that will be listed on BitMEX.

To be the first to know about our new promotions, giveaways, listings, and product launches, you can visit https://www.bitmex.com/ or 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 Fantom to Sonic Migration For BitMEX Users  appeared first on BitMEX Blog.

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