- All BCH and BCHA tokens have been distributed to customers as originally outlined below.
- BCH and BCHA wallet remain disabled while the networks stabilize.
- Our BCH spot and margin markets refer to the Bitcoin Cash Node chain.
- Our BCHA spot markets refer to Bitcoin Cash ABC.
- BCHABC markets have been removed from Poloniex.
- Our BCH Futures contract has Bitcoin Cash Node (BCH) as the underlying asset and uses the BCH price across six exchanges for the index price. The contract name, contract ticker, and index name have not changed.
The index price on uses the BCH price from the following six exchanges: Binance, Hitbtc, Huobi, KuCoin, OKEx, and Poloniex.
- The order price limit will be returned to:
- Maximum bid price = Mark price * (1.05)
- Mininum ask price = Mark price * (0.95)
- The maximum leverage has returned to 50x.
As mentioned when we launched pre-fork trading in October 2020, Bitcoin Cash (currently BCHABC on Poloniex) will go through a hard fork on November 15, 2020 at 12:00pm UTC. It is expected that two chains will develop following the hard fork.
There are two sides to the debate: (1) the team behind the full node client, ABC, are in favor of Infrastructure Funding Plan (IFP) activating; and (2) the teams behind full node clients including Bitcoin Verde, Bitcoin Unlimited, and Bitcoin Cash Node are against the activation of IFP. While ABC is historically the dominant client in terms of hash rate, the majority of hash rate is pointing at the Bitcoin Cash Node clients at the time of this posting. You can follow the hash rate that each node currently has here.
We will be conducting maintenance prior to the Bitcoin Cash fork on November 15, 2020 at 09:30 UTC. The details on how we expect the Bitcoin Cash fork to be handled on Poloniex can be found below.
Tickers & Chain Support
- It is expected that Bitcoin Cash Node (currently BCHN on Poloniex) will be the majority chain following the fork. This chain will be known as Bitcoin Cash and will take on the ticker of BCH on Poloniex following the fork.
- Bitcoin Cash ABC is expected to be the minority chain. We also plan to enable this chain if the hashpower makes it feasible and safe for us to support. This chain will be known as Bitcoin Cash ABC and we expect this will take on the ticker of BCHA on Poloniex following the fork but the ticker may change.
- BCHABC, our current ticker for Bitcoin Cash, will be removed from Poloniex.
Forked Tokens Eligibility
- The snapshot for all BCHABC, BCHA, and BCHN balances will be on November 15, 2020 at 09:30 UTC prior to Poloniex going into maintenance mode.
- Users who hold BCHABC at the time of our snapshot will receive equal amounts of BCH and BCHA following the fork.
- Users who split their BCHABC for pre-fork trading will receive tokens according to the following:
- Users who hold BCHA will receive an equal amount of BCHA post-fork tokens. If you do not also hold BCHN, you will not be eligible to receive BCH after the fork.
- Users who hold BCHN will receive an equal amount of BCH post-fork tokens. If you do not also hold BCHA, you will not be eligible to receive BCHA after the fork.
- Users who hold BCHABC in their margin wallet will be eligible to receive equal amounts of BCH and BCHA following the fork.
- Users who hold BCHABC in their lending wallet or have an open BCHABC lending offer will be eligible to receive equal amounts of BCH and BCHA following the fork.
- If you have BCHABC on loan at the time of the fork, you do not technically have a BCHABC balance and therefore you are not eligible to receive forked tokens.
- Users trading BCH Futures are not holding BCHABC and therefore are not eligible to receive forked tokens.
- Customer accounts must meet the following criteria at the time of forked token distribution:
- You must have at least a Level 1 account;
- Your account must be in good standing (not closed or frozen);
- You cannot be located in any of the prohibited countries or jurisdictions highlighted in our User Agreement.
- BCHABC wallets will be disabled on November 15, 2020 at 04:15 UTC in preparation for the fork.
- Once the outcome of the hard fork has been decided, we will snapshot user balances and distribute BCH and/or BCHA to eligible customers.
- BCHABC spot trading will be disabled on November 15, 2020 at 04:15 UTC.
- Our pre-fork trading markets, BCHA and BCHN, will be disabled on November 15, 2020 at 04:15 UTC.
- Once we have determined it is safe to do so, we will re-enable spot trading for BCH and BCHA in the following markets: BCH/USDT, BCH/USDC, BCH/BTC, BCHA/USDT, BCHA/BTC.
- BCHABC margin trading will be disabled on November 15, 2020 at 04:15 UTC.
- Beginning November 10, 2020 around 18:00 UTC, we will no longer allow users to increase their current BCHABC margin positions, open new BCHABC margin positions until after the fork, or increase BCHABC as collateral.
- Our BCHABC margin markets will migrate over to the Bitcoin Cash Node chain following the fork and will be given the new ticker of BCH.
- We highly recommend that all users with an open BCHABC margin position begin winding down their positions as soon as possible. It is very likely that there will be significant volatility around the fork which can have a strong impact on the value of your position.
- If you have BCHABC as collateral, we recommend that you begin replacing your BCHABC collateral prior to the fork. It is very likely that there will be significant volatility around the fork which can have a strong impact on the value of your collateral.
- Our BCH Perpetual Futures contract will remain open for trading throughout the fork.
- The maximum leverage for this contract has been reduced from 50x to 10x for new positions. Existing positions are not impacted by this.
- Shortly before the fork, we will:
- If Fair Basis ≥ (Index Price * 3%) then Mark Price = Index Price * (1 + Fair Basis Rate)
- If Fair Basis ≤ (Index Price * 2%) then Mark Price = Index Price * (1 + Funding Basis Rate)
- Increase the limit for order prices from 5% to 15% meaning the maximum bid price will equal the mark price * 1.15% and the maximum ask price will equal the mark price * 0.85%.
- Create a dual-mark price mechanism to limit risk according to the following calculations:
- Once the chains have stabilized following the fork, we will update our index price, restore the maximum leverage to 50x, and bring the order price limits back to their original state. We will provide updates on these changes as we know them.
- BCHABC lending will be disabled on November 15, 2020 at 04:15 UTC.
- Our BCHABC lending will migrate over to the Bitcoin Cash Node chain following the fork and will be given the new ticker of BCH.
Poloniex cannot make any guarantees or promises about the outcome of the Bitcoin Cash fork. We will do our best to handle the outcome in a way that benefits the most customers, but we cannot be certain that what we have outlined as our intentions will be possible to perform. Poloniex will not be held responsible for any circumstances that result in a loss of BCH, BCHABC, BCHA, or BCHN.