Major crypto derivates exchange BitMEX said it will launch its token, BMEX, in 2022, in two phases.
The first phase, an airdrop, “starts now,” the company said, adding that users trading from now until the end of March, will be airdropped BMEX according to their trading volume.
The exchange noted that the tokens will start to be airdropped on 1 February.
Meanwhile, the second phase, coinciding with the launch of BitMEX Spot in early Q2, will see BMEX become tradeable on BitMEX, they said, adding that it is when a USD or BTC denominated value of BMEX token will be determined by the market.
“BMEX will have a maximum supply of 450 million tokens, vested over a period of up to 5 years. The large majority of BMEX will be spent to reward users and grow the BitMEX ecosystem. An allocation of 20% is reserved for BitMEX employees and another 25% for our long-term commitment to the token and ecosystem,” the company explained in its FAQ.
Then, token utilities like trading fee discounts, enhanced yield on EARN, BitMEX Academy perks, and swag privileges will also should start to go live.
“As we transform BitMEX into a full crypto exchange ecosystem, the launch of BMEX marks a rebirth,” Alexander Höptner, CEO of BitMEX, said.
According to him, they are bypassing the usual practice of having an initial private investor round in order to reward “those we think are most deserving” – active BitMEX users.
Daily trading volume on BitMEX:
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