On July 12, 2022, the BitMEX exchange announced that it had postponed the listing of the BMEX tokens on the spot exchange.
Reasons for the Postponement
BitMEX stated that it had decided to reschedule the listing of BMEX due to present market conditions. The exchange added that it intended to list the tokens in an environment that would give holders the best opportunity to benefit from the listing. As a result, BitMEX will postpone the listing until the timing is right.
The crypto markets are currently experiencing a bear market, which many experts expect to evolve into another crypto winter. Bear markets are not easy in any industry. However, BitMEX has been through bear markets in the past, and remained strong, even when Bitcoin dropped to lower levels. According to the announcement from BitMEX, listing the BMEX tokens remains their top priority.
Support for BMEX
In its announcement, BMEX stated that grassroots support for BMEX was encouraging. The exchange stated that in the past few months, it had airdropped millions of BMEX tokens to thousands of users for using the BitMEX exchange. According to the announcement, users of the exchange are already enjoying the core utility of the tokens y staking them to receive fee discounts, withdrawal refunds, and various other benefits. According to the announcement, the BME community was passionate, active, and vocal.
Plans for the Future
BitMEX intends to continue airdropping the tokens for people who trading, and new signups to the exchange. It means there will be more time to accrue BMEX tokens.
A Closer Look at BMEX Tokens
BMEX is designed as a utility token for the BitMEX platform. Some of the immediate use cases for BMEX will be:
- Discounts on Trading Fees: BMEX token holders have access to lower trading fees on derivatives, and the spot exchange.
- Fee Reimbursements for Withdrawals: BMEX holders will receive reimbursements for withdrawals.
- Special Perks: Holders of BMEX tokens get access to special perks including access to merchandise, privileges, experiences, and community access. The benefits of holding BMEX increase as users hold more tokens.
- BitMEX EARN: Holders of BMEX tokens earn staking rewards via BitMEX EARN by locking their deposits.
- Exclusive Product Access & IEO Tickets: Holders of the BMEX tokens have early access to new products and upcoming services such as IEOs.
BMEX tokens will be burned on a fixed schedule to drive the growth of the ecosystem. Each month, BMEX tokens will be burned, which will help to grow the value of the tokens. The tokens will also serve as collateral once the multicoin margin on the BitMEX platform is implemented. These tokens will be used as collateral for trading. Once ready, the usage will extend to the platform’s lending and brokerage services.
Token Distribution
BMEX tokens are ERC20 tokens, with a cap of 450 million total tokens. All tokens were minted at once and vested over 5 years. Most of the tokens will be used to reward BitMEX users, and grow the platform’s ecosystem. Here is how the tokens will be distributed:
- Airdrops and Launch: 5%
Vesting: None
These tokens will be used to launch airdrops, and for user acquisition campaigns, as well as a private sale.
- Product and Liquidity: 20%
Vesting: 3% on issuance with monthly vesting over 12 months
These tokens will be used to provide liquidity during the initial sale on the spot market, and for ongoing support for incentives, and product features such as maker pools rewards, and insurance fund reserve.
- Employee Incentives: 20%
Vesting: Cliff until October 2022, with monthly vesting over 24 months.
These tokens will be used as incentives for employees, and performance rewards.
- Ecosystem Growth 30%:
Vesting: Cliff until April 2022 with monthly vesting over 18 months
These tokens will be used for acquisitions and incentives for new partners, and projects in the BitMEX ecosystem. They will also be used for marketing, and affiliate rewards to grow BMEX holders.
- Long-term Reserve: 25%
Vesting: Cliff until January 2024 with monthly vesting over 36 months
These tokens will be used for a two to five-year long-term reserve that will be distributed into ecosystem growth, product, and liquidity funds.
