Crypto derivatives platform BitMEX has launched its own token, BMEX, which will be broadcast to account holders by February 1, 2022.
In a post on Tuesday, the exchange announced the launch of the token that current and new active users can start earning.
Litepaper in January next year
The token is very similar to native tokens from other exchanges, Binance's BNB and FTX's FTT. The exchange also noted that it will buy and burn BMEX tokens every quarter, just like other exchanges.
BitMEX will release the litepaper for its token in January 2022, detailing the benefits for token holders, which include discounts on trading fees and preferential rates on its next spot exchange.
The token is not available in the United States or any other limited jurisdiction, and users in these regions are also not allowed to trade in BMEX Token.
Users can earn BMEX based on the trading volume and commissions they generate on the exchange, with more use cases for BMEX tokens expected in the future. Currently, there is a welcome, trading and referral offer to earn tokens.
In a separate post, the exchange noted that BMEX's total supply will be 450 million tokens. The exchange will use a "large majority" of the token to reward its users and grow its ecosystem.
25% of the BMEX token supply will be held for “long-term commitment to the token and ecosystem,” while 20% is reserved for the employees of the exchange.
The history of the exchange
Founded in 2014, BitMEX introduced bitcoin futures to the cryptocurrency market. It was also the first to introduce perpetual futures, which do not have an expiration date, unlike traditional market futures.
Once a leader in the Bitcoin derivatives market (find out how to buy Bitcoin with PayPal), over the years, with the entry of other exchanges, BitMEX has lost its market share to competitors such as Binance and FTX.
In the past 24 hours, BitMEX made $ 1,1 billion in bitcoin futures trading volume compared to Binance's $ 22,54 billion, OKEx's $ 6,12 billion and $ 4,38 billion. by Bybit. In terms of open interest, BitMEX is in eighth place with just $ 620 million, while Binance is once again in the lead with nearly $ 5 billion, followed by FTX ($ 3,38 billion) and CME (3,27 , XNUMX billion dollars).
Last year, BitMEX and its three founders were also indicted by US regulators for unregulated derivatives trading and several other CFTC violations and reached a $ 100 million deal in August 2021.