BitMEX Exchange Airdrops 1.5M BMEX Tokens To Its Users

The BitMEX Exchange airdrops 1.5 million BMEX tokens to its users and they will allow them to get tradign discounts and other benefits using the exchange as we are reading further in our latest cryptocurrency news.

The BitMEX exchange airdrops 1.5 million tokens to first native tokens and to users as it looks to revive the retail interest. The tokens were airdropped based on the user’ previous activity on the exchange. The ETH-based tokens are locked in a 5-year vesting contract and will have a maximum supply of 450 million and these will be used to reward the new users and allow them to get discounts on the trading fees. The tokens are distributed: 5% reserved for future airdrops, 20% for liquidity provision when the exchange’s spot trading is launched, 20% as BitMEX employee incentives, 30% for marketing, and 25% for long-term reserves.

🚨The 101 on BMEX #tokenomics 🚨

💰450 million BMEX #tokens (ERC-20) minted
⏳5-year vesting period

🛣 #BMEX roadmap 🛣

Phase 1️⃣: Trade on @BitMEX and earn BMEX
Phase 2️⃣: Buy and sell BMEX on our Spot Exchange (coming soon 👀)

— BitMEX (@BitMEX) January 31, 2022

In the token lite paper, BitMEX said that the BMEX tokens allow the exchange to expand services and attract new users. This is a step ahead of the initial founding as a futures-based exchange with teh futures being popular financial instruments that are able to track the asset prices. BitMEX intends to burn the tokens every quarter to increase utility for the holders. The token holders will get free access to BitMEX academy courses and private community channels as well as an increase in the rate of return on BitMEX EARN Deposits which is the passive earning product of the platform.

Savvier benefits include invites to exclusive events, merchandise, and tickets to sports events for the holders of 500,000 BMEX and above. The holders can stake BMEX starting on February 1 while spot trading of BMEX tokens will start in early Q2 upon the launch of the BITMEX exchange while right now, the tokens cannot be withdrawn.

As recently reported, The BitMEX exchange announced a launch of its native token BMEX and it will end the year with great news. Called BMEX, the holders of the token can enjoy trading rebates and even better rates for the exchange’s Earn product which will bring more access to the trading academy of the exchange and much more. The marketing materials for the BMEX token indicate that it will have a maximum supply of 450 million vested over the course of five years.