Crypto exchange BitMEX is gearing up to launch and then airdrop its brand new utility token to its millions of users.
In a new announcement via Twitter, the exchange tells its 116,000 followers that its launching BMEX, its new token for “true believers.”
The airdrop, set to commence on February 1 of 2022, will see both new and existing users receive BMEX.
According to a blog post from BitMEX CEO Alexander Höptner, users can participate in the airdrop either through trading incentives on the exchange, signing up with a new account (for the first 50,000 users), or referring three friends.
After being airdropped, BMEX will be tradable once the new BitMEX Spot Exchange goes live sometime in early Q2, 2022.
BitMEX says that there will be a hard cap supply of 450,000,000 BMEX, which will be distributed over the course of five years.
“The large majority of BMEX will be spent to reward users and grow the BitMEX ecosystem. An allocation of 20% is reserved for BitMEX employees and another 25% for our long-term commitment to the token and ecosystem.”
The exchange also says that a whitepaper for BMEX is slated for release by the end of January of 2022.
Crypto exchange tokens have been among some of the top performers on the market over the last year.
Binance Coin (BNB), the utility token that powers Binance, the largest crypto exchange in the world, is up 1,450% over the last year, while Crypto.com’s CRO token was at one point last month up 1,740% from where it opened the year. By comparison, Bitcoin (BTC) is up just over 100% in the same time frame.
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Featured Image: Shutterstock/KHIUS/Vladimir Sazonov