Major crypto exchange BitMEX says it will launch the BMEX token in two phases in 2022.
According to the announcement, the first phase, an airdrop, begins “now,” the company said, adding that users trading between now and the end of March will take the BMEX according to their trading volume.
The exchange notes that the tokens will begin broadcasting on February 1st.
They have set up an incentive system to attract new users, with all new account holders who meet the Know-Your-Customer Requirement (KYC) eligible for 5 BMEX and 10 USDT.
In the second phase, which coincides with the launch of BitMEX Spot at the beginning of the second quarter, BMEX will be tradable on BitMEX, they said, adding that the value of the BMEX tokens in USD or BTC will be determined by the market.
“BMEX will have a maximum offering of 450 million tokens that will be issued over a period of up to 5 years. Most of BMEX is used to reward users and expand the BitMEX ecosystem. An allocation of 20% is reserved for BitMEX employees and another 25% for our long-term commitment to the token and the ecosystem. “, explains the company in its FAQ.
After that, token utilities like Transaction Fee Discounts, EARN Profit Enhancement, Academy Perks, and Swag Perks will also work.
Alexander Höptner, said: “As we are turning BitMEX into a full crypto exchange ecosystem, the introduction of BMEX marks a rebirth.“.
According to him, they are circumventing the usual practice of holding an initial round of private investment to reward those who deserve them the most – active BitMEX users.
BitMEX launched in 2014 as one of the world’s first BTC-based derivatives exchanges under the leadership of Arthur Hayes, a former banker and derivatives trader. The invention of perpetual futures in the crypto space is attributed to BitMEX.
This exchange was the dominant player in the derivatives market for Bitcoin (BTC) and Ethereum (ETH) for a while before spot exchanges such as Binance and the derivatives-focused FTX exchange questioned its dominance.
As more and more exchanges offer crypto derivative products, the line between cash and futures exchanges is becoming increasingly blurred. In response, announced in March this year that it plans to add spot trading as well as brokerage and custody services to its customers.
Binance, FTX, and many other crypto exchanges have issued their own exchange tokens, which are widely used to pay trading fees and reward loyal users of the platform.
Binance’s BNB token and FTX’s FTT token have both seen massive price increases since their inception, with BNB up 1,300% and FTT up 625% this year alone.
Arthur Hayes stepped down as CEO of BitMEX in October 2020 after US regulators took action against the company. In December of the same year, the company announced that it had hired Alexander Höptner, the former CEO of Boerse Stuttgart GmbH and Euwax AG, to succeed Hayes.
The daily trading volume on BitMEX has steadily declined this year after peaking at $ 16.49 billion in June 2019. On December 20, the exchange recorded a 24-hour trading volume of $ 1.32 billion, according to Nomics.
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