Earlier this month, we launched multi-network support for USDT TRC-20. Off the back of that, we’re now extending the USDT networks supported by BitMEX, to include the Solana network.
It’s an addition that means users can now deposit and withdraw USDT (SOL), in addition to USDT TRC-20 and USDT ERC-20. What’s more, depending on the network chosen, users can potentially benefit from lightning-fast transaction speeds and lower fees.
Next up, we have the SOL/USDT spot trading pair, which will arrive at BitMEX this week. More on this to follow.
If you haven’t yet created a BitMEX account, you can do so here.
Multi-Network Support for USDT (SOL) Withdrawals and Deposits
Now that USDT (SOL) is live on BitMEX, users can deposit and withdraw USDT via the Solana network, on top of Ethereum and TRON. For example, if a user deposits 1,000 USDT ERC-20, 200 USDT TRC-20, and 100 USDT (SOL), the deposit will reflect a single asset – meaning the user’s Wallet will display a balance of 1,300 Tether.
Upon topping up their USDT balance, users have the option of trading any USDT-margined crypto derivatives contract (like this ETHPOW listing), convert and Earn Tether, as well as spot trade cryptocurrencies that are paired against USDT – regardless of which type of Tether they have deposited. This is because all Tether tokens are fungible and can be used interchangeably on our platform.
What’s more, users can also withdraw USDT from BitMEX in either its ERC-20, TRC-20, or SOL form, no matter which network is used to deposit Tether. For example, if a user deposited USDT ERC-20 on BitMEX, and later wants to withdraw USDT, they’ll be able to withdraw their Tether tokens via the Ethereum, TRON, or Solana network.
Note: Before you deposit or withdraw USDT, it’s important to double-check the address you’re sending USDT to – as you’ll lose your funds if you send USDT to the incorrect address or network.
What is USDT (SOL)?
USDT (SOL) is a stablecoin issued by the Tether foundation on the Solana blockchain, that is pegged to the US dollar on a 1:1 basis.
Solana’s advantages over other protocols are widely known:
- The Solana blockchain can scale up to 50,000-65,000 tps (transaction throughput), thus enabling faster transactions.
- The average Solana chain gas fee is around $0.00025 per transaction – thousands of times less than on the existing PoW-based Ethereum. What’s more, transactions on the Solana blockchain are typically cheaper than many other leading layer-1 protocols supporting smart contracts, such as Cardano, Algorand, Avalanche, etc.
How to Deposit USDT (SOL) on BitMEX
- Head over to your Wallet and click the ‘Deposit’ button.
- Select ‘USDT’ under ‘Currency’. Then, select ‘Solana’ under ‘Network’.
- Scan/copy your Solana wallet QR code/address to transfer USDT (SOL) from your external wallet(s) into BitMEX.
- On the platform where you intend to withdraw USDT (SOL) from, please select your Solana wallet address and follow the platform’s withdrawal instructions.
- After completing step three, once the transaction has been confirmed on the Solana blockchain, you’ll receive an email notifying you that you’ve successfully deposited crypto into BitMEX.
Note: Before confirming your USDT deposit, it’s important to ensure that the network selected matches the network of the USDT address you’re sending funds to/from.
How to Withdraw USDT (SOL) on BitMEX
- Head over to your Wallet and click the ‘Withdraw’ button.
- Select ‘USDT’ under ‘Currency’, then select ‘Solana’ under ‘Network’.
- Enter or select a Solana wallet address as the withdrawal destination. Then, input the amount you wish to withdraw.
- Review your withdrawal details, and then tap ‘Continue’.
- Retrieve and enter the 6-digit verification code from your authenticator app and tap ‘Confirm’.
- Depending on the withdrawal address’ configuration, you may need to verify your withdrawal request via email as well.
Note: Before confirming your USDT withdrawal, it’s important to ensure that the network selected matches the network of the USDT address you’re sending funds to/from.
*For a walkthrough of how to deposit and withdraw crypto via the BitMEX Mobile app, check out this how-to guide.
Coming Soon: More Spot Trading Pairs and Listings
In the coming weeks, more spot trading pairs – including SOL/USDT – will arrive at BitMEX. A new batch of Q4 futures listings are also on their way to our platform, so stay tuned.
Download the BitMEX Mobile app to trade your favourite crypto derivatives contracts and spot trading pairs on the go, and connect with us on Discord, Telegram, and Twitter to be the first to know about our new listings and giveaways.
In the meantime, if you have any questions please contact Support.
Related
As an expert in cryptocurrency and blockchain technology, I bring a wealth of knowledge and experience to the discussion. My understanding extends from the fundamentals of various blockchain networks to the intricacies of stablecoins and cryptocurrency trading platforms. To demonstrate my expertise, let's delve into the key concepts discussed in the article.
Multi-Network Support for USDT (SOL) on BitMEX: BitMEX has recently expanded its support for USDT networks, adding the Solana network to its existing options of Ethereum (ERC-20) and TRON (TRC-20). This enhancement allows users to deposit and withdraw USDT (SOL) on BitMEX, offering them more flexibility and options for their cryptocurrency transactions.
SOL/USDT Spot Trading Pair: BitMEX is introducing a new spot trading pair, SOL/USDT, providing users with the ability to trade Solana against Tether directly on the platform. This addition expands the trading options for BitMEX users and introduces the potential for new trading strategies centered around SOL/USDT.
USDT (SOL) Deposits and Withdrawals: Users can now deposit and withdraw USDT via the Solana network on BitMEX, in addition to existing options like Ethereum and TRON. The article emphasizes that all Tether tokens are fungible, meaning they can be used interchangeably on the BitMEX platform, regardless of the network through which they were deposited.
USDT (SOL) Overview: USDT (SOL) is a stablecoin issued by the Tether foundation on the Solana blockchain, pegged to the US dollar on a 1:1 basis. The article highlights the advantages of Solana over other blockchain protocols, such as its high transaction throughput (50,000-65,000 tps) and low transaction fees (around $0.00025 per transaction). These factors position Solana as a competitive option for users looking for faster and more cost-effective transactions compared to existing blockchain networks like Ethereum.
How to Deposit and Withdraw USDT (SOL) on BitMEX: The article provides step-by-step instructions for users to deposit and withdraw USDT (SOL) on BitMEX. Users are guided on selecting the appropriate currency (USDT) and network (Solana), scanning or copying their Solana wallet QR code/address, and completing the necessary steps for a successful transaction. Importantly, users are reminded to double-check the network selected to avoid potential loss of funds.
Upcoming Developments: The article hints at future developments, including the introduction of more spot trading pairs, with specific mention of SOL/USDT. Additionally, a new batch of Q4 futures listings is expected, expanding the range of trading options available on the BitMEX platform.
In conclusion, BitMEX's multi-network support for USDT, specifically the addition of the Solana network, reflects the platform's commitment to providing users with diverse and efficient options for cryptocurrency transactions. The introduction of new trading pairs and upcoming listings further enhances the platform's offerings, catering to the evolving needs of the cryptocurrency trading community.
