https://ift.tt/fPYSWc0zB Exchange BitMEX Just Airdropped 1.5M BMEX Tokens to Users | CryptoGazette

It’s been just revealed that the crypto exchange BitMEX just made an important move. Check out the latest reports below.

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.

According to data from CoinDesk, 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.

Check out more relevant noes about percentages below:

“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.”

It’s been also revealed that in its token litepaper, BitMEX said BMEX tokens allow the exchange to expand services and attract newer users.

It’s also important to note the fact that this is a step further than its initial founding as a purely futures-based crypto exchange. It’s also worth noting that futures are popular financial instruments that track asset prices.

CoinDesk also notes that 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.

BitMEX in the news

At the beginning of this month, we were revealing that there are all kinds of optimistic predicitons about the price of the most essential coins out there, and the latest one comes from BitMEX founder, Arthur Hayes.

It’s been just revealed that the former chief executive of crypto derivatives exchange BitMEX, is issuing a warning to investors.

He recently said that all crypto assets apart from Bitcoin (BTC) and Ethereum (ETH) could see massive price losses.