Crypto exchange BitMEX airdropped 1.5 million BMEX, its first native tokens, to users as it looks to revive retail interest. The tokens were airdropped based on a user’s previous activity on the exchange.
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The Ethereum-based tokens are locked in a 5-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.
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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.
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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.
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BitMEX intends to burn BMEX every quarter to increase utility for holders, the exchange said in the litepaper.
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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.
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Savvier benefits include invites to exclusive events, BitMEX merchandise, and VIP tickets to sports events for holders of 500,000 BMEX and above.
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Holders can stake BMEX starting 1 Feb. 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 The tokens couldn’t be withdrawn at the time of this writing.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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