BitMart Publishes ‘BMX 2024 Annual Report,’ Highlights 57.9% Price Increase And Repurchase Of 5.6M Tokens
In Brief
BitMart has released the “BMX 2024 Annual Report,” providing an overview of the performance of its native token over the past year.
Cryptocurrency exchange BitMart released its annual report, providing an overview of the performance of its native token, BitMart Token (BMX), over the past year.
According to the report, the prices and market capitalizations of platform coins on mainstream exchanges have generally shown upward trends, although performance has varied. The price of the platform’s native token, BMX, increased by 57.9%, and its market capitalization grew by 56.8%, reaching a total market cap of $262 million, indicating steady growth. Overall, coins with lower market capitalizations saw rapid growth due to a smaller base, while those with higher market caps experienced more consistent growth, demonstrating strong resilience under market pressures, though their growth rates have slowed.
Currently, the circulating market value of BMX stands at $262 million, lower than that of other exchange platform coins. However, BitMart’s average daily spot trading volume over the past year was $803 million. This suggests that the average daily trading volume of BitMart surpasses the market value of BMX. Despite BMX’s lower market value, both its market activity and user demand have been increasing, reflecting growing recognition of its potential value.
Regarding BMX burn progress, BitMart noted that, as per the repurchase mechanism outlined in the BMX white paper, the platform has repurchased approximately 5,672,978 BMX in 2024, amounting to around $2,034,343. This repurchase demonstrates BitMart’s continued support and confidence in BMX. By using a portion of transaction fee income for buybacks, BitMart effectively reduces BMX’s circulating supply, enhancing its stability and scarcity.
2024 For BMX: BitMart Introduces New Features And Activities To Enhance Value And Liquidity
In 2024, BMX introduced several new features that boosted its value and liquidity. The staking function of BMX offers users a stable annualized return with no minimum threshold, attracting more long-term participants. Additionally, the ability to exchange small assets for BMX addresses the issue of “dust” balances in user accounts, improves the utilization of smaller assets, and expands BMX’s use cases. Users can also benefit from transaction fee discounts and access platform activities. The introduction of the P2P trading market adds flexibility to BMX transactions, enabling users to trade via multiple payment methods and further enhancing BMX’s liquidity and market demand. BMX’s launch on KuCoin expands its global presence, drawing more attention from users. The addition of the BMX Flashsale feature has also increased exclusive benefits for holders.
Moreover, BMX launched a variety of activities in 2024 to enhance its market appeal and user engagement. These initiatives include trading competitions, external collaborations, and community-building efforts. The trading competition encouraged greater user participation, boosting BMX’s liquidity. External partnerships not only promoted BMX but also raised the visibility of associated projects. The BMX community-building plan rewards active participants, providing support and driving traffic. These activities not only broaden BMX’s use cases but also improve its liquidity and market presence. Through these initiatives, BMX has increased user engagement, attracted more loyal users, and built a stronger community, thereby enhancing its long-term market activity and growth potential.
What Are BMX And BitMart?
BMX is an ERC-20 token designed to function as the primary utility token within the BitMart ecosystem. It plays a key role in driving innovation and supporting development across the global blockchain and cryptocurrency sectors. BMX can be used to pay transaction fees, access discounts, and engage in various activities on the platform. With a total supply of 1 billion tokens, BMX aims to improve liquidity and enhance its usability throughout the ecosystem.
Founded in 2017, BitMart is a trusted cryptocurrency trading platform serving individual users and institutional clients. With millions of global users, it offers over 1,600 trading pairs with competitive fees. Recently, BitMart launched its 2024 Christmas & New Year Campaign, featuring a prize pool of 430,000 USDT along with various festive rewards for users to enjoy during the holiday season. From December 23 to January 6 traders and cryptocurrency enthusiasts can take part in events to win gift cards, share trading fee bonuses, earn instant rewards by completing tasks, receive cashback, claim airdrops, participate in giveaways, and access savings.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
