By
Chainwire
January 9th, 2024
BitMart Exchange, a digital asset trading platform, has announced its plans to launch a new community listing market for its utility token called BMX.
BitMart is a global digital asset trading platform which offers its users opportunities for crypto-to-crypto trading of coins and utility tokens having more than 450,000 clients from 160+ countries.
This trading platform can boast having a big experienced team, the members of which come from different countries including Singapore, Japan, Hong Kong, Russia and the United States. Despite being launched only in March, the platform has already achieved a total trading volume of over $651,000,000 USD working with 53 trading pairs for BTC, ETH, USDT, XLM, EOS, VEN, NEO, OMG, BMX and others.
Now BitMart is planning to launch a new community listing market for its utility token called BMX providing projects with an opportunity to obtain investment from supporters in the form of BMX and then utilize it for listing their tokens as a trading pair for BMX on BitMart Exchange platform.
All transaction fees received on the BMX market will be instantly directed to the investors who have backed the project. Those projects that will be able to prove their viability on the BMX market can be considered for being listed on BitMart’s BTC and ETH markets without paying any listing fees.
It is also necessary to pay special attention to BMX. Being a native token of BitMart platform, it is an ERC-20 based token. It was issued with a total volume of 1,000,000,000 tokens.
The platform has special terms for clients who use BMX. In each transaction users will get a discount on the trading fee in case they utilize BMX regardless of what tokens are traded.
According to CoinMarketCap, at the press time, BMX is traded for $0.07 having gained nearly 2% over the previous 24-hour period.
BitMart Exchange itself is also presented on CoinMarketCap and being even included in a top 50 ranking. According to this source, its daily trading volume is over $29 mln.
Worth mentioning that the lifecycle of BMX tokens presupposes a repurchase mechanism: 20% of the income received from trading fees each month will be taken out by the BitMart team in order to repurchase BMX. The whole amount of BMX tokens that were repurchased will be destroyed.
BitMart will immediately release all the repurchase records with a view to provide a necessary level of transparency. This scheme will be applied until a moment when only 500 million BMX are left. As trading fees began approximately a month ago, on June 20th, it is planned to hold the first burn at the end of July.
On top of that, BitMart have another special offer for its users. Clients are invited to take part in a Refer-A-Friend Program, under which users can invite friends to join the platform, sending them a special referral link then receiving a commission from 10% to 50% of the transaction fees each time their friends conduct a transaction.
