Token Burning Mechanism
To create a continuous utility ecosystem for BMEX holders, BitMEX intends to burn BMEX every month. The amount of BMEX eligible for buying and burning are:
4% of the Net Fee from derivatives markets
8% of the Net Fee from spot markets
50% of the Net Fee from BMEX Token trading pairs (on the BitMEX Derivatives & Spot Markets)
Net Fees are defined as: Collected Taker Fees + Maker Fees - Maker rebate - affiliates/referral rewards, promotional discounts, payment processor fees, and third-party costs associated with the service provision.
Note: For the time being, the maximum number of tokens eligible for buying and burning is capped at 500,000 BMEX Tokens per month. We will consider raising this cap in the future.
Process and Timeline
1. The calculation of Net Fees as per the formula above, will be performed at the end of the month.
2. Buying of the calculated token amount on the BitMEX Spot market over the course of the relevant month.
3. Publishing the amount of tokens bought and burned on bitmex.com/bmex on the last day of the preceding month.*
4. This starts in November 2022 and will repeat monthly.
*For example, any amounts generated in November will be bought and announced in December.
BMEX Burn History
| Burn Date | Amount Burned (BMEX) | Avg. BMEX Price (USDT) | BMEX Market Cap. (on burn date) | Transaction Hash ID |
|---|---|---|---|---|
| Year 2022 | 46,895 | 0.60 USDT | 63,703,104 BMEX | Etherscan |
| Year 2023 | 2,196,134 | 0.44 USDT | 97,503,970 BMEX | Etherscan |
| 2024-01-02 | 359,713 | 0.32 USDT | 97,144,257 BMEX | Etherscan |
| 2024-01-31 | 370,007 | 0.28 USDT | 96,774,250 BMEX | Etherscan |
| 2024-02-19 | 40,087 | 0.22 USDT | 96,734,163 BMEX | Etherscan |
| 2024-02-29 | 383,186 | 0.25 USDT | 96,350,977 BMEX | Etherscan |
| 2024-03-31 | 391,056 | 0.29 USDT | 95,959,921 BMEX | Etherscan |
| 2024-04-30 | 769,147 | 0.27 USDT | 95,190,774 BMEX | Etherscan |
| 2024-05-31 | 593,451 | 0.24 USDT | 94,597,323 BMEX | Etherscan |
| 2024-06-30 | 358,133 | 0.23 USDT | 94,239,190 BMEX | Etherscan |
| 2024-07-31 | 488,560 | 0.17 USDT | 93,750,630 BMEX | Etherscan |
| 2024-09-02 | 589,916 | 0.11 USDT | 93,160,714 BMEX | Etherscan |
| 2024-10-01 | 806,681 | 0.15 USDT | 92,354,033 BMEX | Etherscan |
| 2024-10-31 | 456,592 | 0.10 USDT | 91,897,441 BMEX | Etherscan |
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Questions about BMEX?
If you want to know more about the BMEX Token, or be taken to the next level of crypto participation, you can read the litepaper here
