Polymarket Update & New Deposit/Withdrawal Processes
As of this morning, we are proud to announce that a major update to the Polymarket you know and love has gone live. While a great deal of work went into overhauling Polymarket’s back-end, you’ll also notice a number of other new features and upgrades:
- Vastly improved load-times (near-instantaneous), uptime, and more graceful degradation.
- A clickable “Refresh Prices” button, located on the buy/sell modal, which refreshes automatically periodically.
- The ability to sort markets from newest to oldest (in addition to existing sorting by volume and liquidity).
- A “Download History” button located on the Portfolio tab under “Show your Activity” which exports a .CSV spreadsheet containing detailed historical information on all of your trades.
- Developers can now access our chart data through the API using Redis.
- The introduction of a $50 withdrawal fee required to be paid if making multiple withdrawals within a three day period, implemented in response to exorbitant gas prices (deposit/withdrawal transaction costs) detailed in our previous community announcement. This is a temporary fix as we continue to work on a permanent solution to transaction costs.
As was explained in our previous community announcement, deposits and withdrawals have been experiencing delays as a result of rising Ethereum transaction costs (which we have subsidized to facilitate a simplified user experience). Today we have introduced the next step in remedying these issues.
Make an Instant Deposit
If you would like to deposit instantly, you can do so by following this process to deposit using Metamask. You can access this via the “Metamask Deposit” button located on the “Fund Your Wallet” page, which you get to by clicking your username. This will be our primary deposit mechanism until Connext is implemented.
- Download and install Metamask (download available here and a setup tutorial here). You’ll need a little bit of ETH for the transaction fee (.03 ETH), and however much USDC you want to deposit into your Polymarket wallet.
- Click “Metamask Deposit” on your account page. Approve access & connect Metamask to the Polymarket website by clicking ‘Not Connected’ and then “Connect” on the wallet you’d like to connect.
- You must then specify the amount you wish to deposit.
- There will then be two transactions to confirm: the first for allowance, and the second for the actual deposit.
- Voila! Wait 8 minutes and your USDC will be ready for unlimited free trades.
Processing Existing Deposits
If you have already submitted a deposit via the Polymarket website and it has not gone through, please follow the steps below to manually execute your deposit using manual.polymarket.com. This is a temporary solution until Connext is implemented, at which point both deposits and withdrawals for small amounts will be near free and instant.
- Login using your Polymarket credentials at manual.polymarket.com.
- Deposit at least .02 ETH (no other currency/token is accepted) in order to pay the network costs for your own transaction. This is in addition to having already sent the USDC to your Polymarket wallet address, listed on your account page. In other words, you will need to deposit USDC to your regular Polymarket deposit address (whatever amount of USDC you wish to deposit), and then send the .02 ETH transaction fee to the address provided when you log in at manual.polymarket.com.
The address on manual.polymarket.com is EXCLUSIVELY to be used for sending ETH to pay for your own deposit transaction costs. There is no need to send significantly more than the suggested .02 ETH unless gas/network fees are especially high at the time of your transaction. This method can be used to speed up a transaction ‘stuck’ in the relayer queue.
If you are depositing more than $25,000 and don’t understand this process or Metamask, please reach out via Intercom or on our Discord and we will process the transaction on your behalf.
You can now use manual.polymarket.com/withdraw to process a manual withdrawal. To do this:
- Click withdraw then enter an amount for your withdrawal at polymarket.com/profile.
- Click “Start Withdrawal”, then wait about 6 hours.
- Head to manual.polymarket.com/withdraw and log-in using your Polymarket email address.
- You will now need ETH to finish your withdrawal. Send the amount of ETH specified to the listed address in order to pay the network transaction cost of your withdrawal.
- Click ‘Claim’ and then enter your withdrawal address.
Your withdrawal will then process and funds will be sent to the address you specified.
These are simply temporary solutions while we continue to work on integrating Connext, our permanent solution to deposit and withdrawal transaction costs.
As always, if you encounter any bugs or issues please reach out either via live chat or the customer support channel on our Discord.
The Polymarket Team