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BitMEX Airdrops BMEX 1.5M to Traders, Reveals Litepaper

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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Last updated:

June 26, 2023

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Crypto exchange BitMEX has airdropped BMEX 1.5m to its new and existing users. It also unveiled the BMEX Token Litepaper prior to the airdrop, outlining the roadmap for the token.

In terms of distribution of the utility token, 5% of the token’s supply will be allocated to airdrop and launches, 20% to BitMEX employees, 20% for liquidity provision when BMEX spot trading is launched, 30% for ecosystem growth, and 25% as a long-term reserve, according to the Litepaper.

BitMEX initially announced its BMEX in late 2021. Now providing more details, the exchange said that BMEX is an ERC-20 token, as well as that its entire 450m supply will be minted at once and vested over a period of up to five years.

BMEX token holders can earn up to 15% discounts in trading fees and preferential rates on its derivatives and spot exchange. Holders will also have the option to stake their coins and earn staking rewards. Other benefits include early access to new products, participation in initial exchange offerings (IEOs), and VIP experiences and merchandise.

“BMEX is the token for true believers in this new era and will be the fuel we use to expand the BitMEX ecosystem,” Alexander Höptner, CEO of BitMEX, was quoted as saying. “Although this is a huge milestone for BitMEX users, it’s important to consider that we’re just at the beginning of our journey.”

Meanwhile, BitMEX also plans quarterly burns of various amounts of BMEX tokens, which may potentially make it more scarce and increase its value.

As of now, binance coin (BNB) is one of the most popular utility tokens. Major crypto exchange Binance‘s coin has exploded in value since its debut. It was launched during an initial coin offering (ICO) in July 2017 and has a maximum of BNB 200m. Data by Coinlib reveals that, between January 31, 2018, and January 31, 2022, BNB has appreciated 3,272%.

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