You can now deposit and withdraw USDT (SOL) to BitMEX.
Earlier this month, BitMEX has rolled out multi-network support for USDT TRC-20.
Following this, BitMEX has now expanded the USDT network supported by BitMEX, including the Solana network.
This means that 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 have the potential to benefit from lightning-fast transaction speeds and lower fees.
Next, BitMEX has the SOL/USDT spot trading pair, which will arrive on BitMEX this week.
Multiple networks support USDT (SOL) withdrawal and deposit
Now that USDT (SOL) is listed on BitMEX, users can deposit and withdraw USDT on the basis of Ethereum and TRON through the Solana network.
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 show a balance of 1,300 Tether.
After topping up their USDT balance, users can choose to trade any USDT-margined cryptocurrency derivatives contract (as listed on this ETHPOW ), exchange and earn Tether, as well as spot trade cryptocurrencies paired with USDT – no matter which they deposit Type of Tether.
This is because all Tether tokens are fungible and can be used interchangeably on BitMEX’s platform.
What’s more, users can also withdraw USDT from BitMEX in the form of ERC-20, TRC-20 or SOL, regardless of which network was used to deposit Tether.
For example, if a user deposits USDT ERC-20 on BitMEX and later wants to withdraw USDT, they will be able to withdraw their Tether tokens via the Ethereum, TRON or SOLANA networks.
Note : Before you deposit or withdraw USDT, it is important to double-check the address you are sending USDT to – because if you send USDT to the wrong address or network, you will lose your funds.
What is USDT (SOL)?
USDT (SOL) is a stable currency issued by the TEDA Foundation on the Solana blockchain, which is pegged to the US dollar at a ratio of 1:1.
The advantages of SOLana compared to other protocols are well known:
- The Solana blockchain can scale to 50,000-65,000 tps (transaction throughput), enabling faster transactions.
- The average Solana on-chain gas fee per transaction is around $0.00025 – thousands of times lower than existing PoW-based Ethereum . What’s more, transactions on the Solana blockchain are generally cheaper than many other leading layer 1 protocols that support smart contracts, such as Cardano, Algorand, Avalanche, etc.
How to deposit USDT (SOL) on BitMEX?
- Go to your wallet and click the “Deposit” button.
- Under ‘Currency’ select ‘USDT’. Then, select ‘Solana’ under ‘Network’.
- Scan/copy your Solana wallet QR code/address to transfer USDT (SOL) from your external wallet to BitMEX.
- On the platform where you intend to withdraw USDT (SOL), please select your Solana wallet address and follow the platform’s withdrawal instructions.
- After completing the third step, once the transaction is confirmed on the Solana blockchain, you will receive an email notifying you that your cryptocurrency has been successfully deposited into BitMEX.
How to withdraw USDT (SOL) on BitMEX?
- Go to your wallet and click the “Withdraw” button.
- Select “USDT” under “Currency”, then “Solana” under “Network”.
- Enter or select a Solana wallet address as the withdrawal destination. Then, enter the amount you want to withdraw.
- Review your withdrawal details and click ‘Continue’.
- Retrieve and enter the 6-digit verification code from your authenticator application and click ‘Confirm’.
Depending on the configuration of the withdrawal address, you may also need to verify your withdrawal request via email.
Coming soon: more spot trading pairs and listings
In the coming weeks, more spot trading pairs – including SOL/USDT – will come to BitMEX.
A new batch of Q4 futures listings is also coming to BitMEX’s platform, so stay tuned.