Crypto Exchange BitMEX Airdrops 1.5M BMEX Tokens to Users

The tokens allow users to get trading discounts and other benefits on using BitMEX.

Jan 31, 2022 at 8:54 a.m. UTC
Updated Jan 31, 2022 at 3:41 p.m. UTC

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

Crypto exchange BitMEX airdropped 1.5 million BMEX, its first native token, to users as it looks to revive retail interest. The tokens were airdropped based on a user’s previous activity on the exchange.

  • The Ethereum-based tokens are locked in a five-year vesting contract and have a maximum supply of 450 million. These will be used to reward new and existing BitMEX users and allow them to get discounts on trading fees.
  • The tokens are distributed as follows: 5% are reserved for future airdrops, 20% for liquidity provision when BMEX spot trading is launched, 20% as BitMEX employee incentives, 30% for marketing and affiliate rewards and 25% as a long-term reserve.
  • In its token litepaper, BitMEX said BMEX tokens allow the exchange to expand services and attract newer users. This is a step further than its initial founding as a purely futures-based crypto exchange. Futures are popular financial instruments that track asset prices.
  • BitMEX intends to burn BMEX every quarter to increase utility for holders, the exchange said in the litepaper, or shortened white paper.
  • Tokens holders get free access to BitMEX Academy courses and private community channels and an increased rate of return on BitMEX EARN deposits, the exchange’s passive earning product.
  • Savvier benefits include invites to exclusive events, BitMEX merchandise, and VIP tickets to sports events for holders of 500,000 BMEX and above.
  • Holders can stake BMEX starting Feb. 1. Spot trading of BMEX tokens will start in early Q2 upon the launch of the BitMEX spot exchange. The tokens couldn't be withdrawn at the time of this writing.
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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

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