BitMEX is planning to make their own token and give airdrops to their users.
BitMEX, one of the major cryptocurrency derivatives exchanges, has announced the introduction of its native coin. It will be known as BMEX and will be implemented in two stages beginning in 2022.
The first way is through an airdrop, and this stage is currently underway. The company says that customers who trade between now and the end of March will be rewarded with BMEX tokens based on their trading volume. The first shipment will be made on February 1, 2022.
Additionally, the exchange has formed a new incentive scheme. As a result, new users may also participate in the activity. Each user who registers and meets the KYC criteria will get 5 BMEX and 10 USDT.
BMEX will be transferrable during the second phase. The exchange plans to open a spot market for it at the start of the second quarter, which will set the token’s price in USD or BTC. The following is a quotation from the company’s FAQ:
The total supply of BMEX tokens will be 450 million. The distribution will last for five years. The majority of BMEX will reward users and expand the BitMEX ecosystem. The first 20% will go to BitMEX workers, while the remaining 25% will go to our long term commitment to the token and ecosystem.
BMEX will be a decentralised utility token. This implies that its holders will enjoy a variety of benefits. They will benefit from reduced transaction costs, increased revenues from EARN products, and access to the BitMEX academy, among other things. Alexander Höptner, the exchange’s CEO, stated:
The introduction of BMEX is a comeback as we work to make BitMEX into a full ecosystem.
What is BitMEX?
BitMEX is a cryptocurrency derivatives exchange created by the trading veteran Arthur Hayes. The exchange offers leveraged trading in Bitcoin and Ethereum and a wide range of cryptocurrency derivative options such as futures, swaps, and options. BitMEX was the first to offer leveraged trading in Bitcoin and has since gained a large amount of popularity in the industry.
The company was founded in 2014 by Arthur Hayes, a former derivatives trader of Pitcairn Group. In February 2018, Hayes announced his departure from the firm to focus on his cryptocurrency exchange BitMEX.
The main idea behind BitMEX is to help investors gain profit by providing leverage in the market. The platform also allows traders to switch between long and short positions without going through several layers of intermediaries.