Publish0x: Withdraw your tokens, if you do not want them to be converted to OP or OP network equivalent.
Publish0x in its announcement post has now announced its date of Tuesday,14th November when they will be completely switching to Optimism Network, a Layer 2 solution for the Ethereum blockchain. This change will help Publish0x save on gas fees or remove their dependency on operating closely with centralized exchange which now requires KYC from their userbase.
Some of the key takeaways of this announcement are as follow:
Your balances in Ethereum ETH and USDC will remain unchanged. However, balances in AMPL and SPOT will be automatically converted to OP tokens, ensuring an equivalent dollar value is maintained. This conversion is scheduled for Tuesday, November 14th.
So if you want to have your AMPL and SPOT, submit your withdrawal request by 6 PM UTC on Monday, November 13th. Otherwise, they will be converted to OP tokens.
Similarly, if you wish to withdraw ETH and USDC to the Ethereum mainnet, rather than to Optimism Network, please submit your withdrawal request by 6 PM UTC on Monday, November 13th.
Please take note of this, even though your ETH and USDC balance will be preserved you will not be able to withdraw to the ETH mainnet. So with this announcement, Publish0x is completely going on OP Network. If you want to get your ETH and USDC in ETH mainnet , then you should withdraw before 6 PM UTC on Monday, November 13th.
What benefits will it bring to users?
If you use the "Withdraw" option currently, it requires a minimum of $5 amount of ETH and AMPL if you want to withdraw it to "On-chain" . Now this limit will be lowered to 50 cents for withdrawing to OP mainnet. Users are no longer required to have Kucoin or any centralized exchange account to get their withdrawals if they want a withdrawal amount like 50 cents.
With this network switch, the Publish0x userbase has no dependency on any centralized exchange.
Little confused regarding fees.
The announcement also mentioned that "This allows us to set low withdrawal fees, which will be set at $0.5 for all tokens."
This makes me a little confused as I know that Publish0x never charged any withdrawal fees, so what they are lowering then?
My best assumption is that they might be referring to "Withdrawal amount" that they are lowering to 50 cents.
I asked the same in their announcement post and I hope the team will clarify but in any case, I have already submitted by ETH withdrawal request and since I do not have any on-chain AMPL and SPOT wallets, nor do I have any Kucoin account, I will let it converted to OP.
So friends, what are your views and plan regarding the current Publish0x change.
PS: Team replied, it is withdrawal amount only, not the withdrawal fees.
