BitMEX Upgrades BMEX With More Fee Tiers, Reduced Staking Requirements, And 50% Increase In Staking Rewards
In Brief
BitMEX announced upcoming changes to its BMEX token, including a rise in staking rewards to 7.5% and more competitive fee tiers offering up to 70% discounts on trading fees.
Cryptocurrency exchange and derivative trading platform BitMEX announced upcoming changes to its BMEX Token.
The changes include an increase in staking rewards, with holders now earning up to 7.5%, up from the previous 5%. Additionally, the platform is offering more competitive fee tiers, providing up to a 70% discount on trading fees.
Another new feature is the introduction of yield-generating airdrops for staked BMEX, meaning users will now receive airdrops automatically, without the need to stake the tokens themselves. Furthermore, the unstaking period for BMEX has been reduced from 14 days to 7 days, offering users greater flexibility.
These updates come in response to the BMEX token’s impressive 92% surge over the past six months, with the goal of rewarding all traders, whether new, returning, or existing, and enhancing their access to the token’s benefits.
What Is BMEX?
It is the native utility token of the BitMEX exchange, created to enhance the financial potential of traders by offering a range of benefits such as staking rewards, trading fee discounts, withdrawal fee refunds, and exclusive privileges. The key advantages of BMEX include earning up to 7.5% in staking rewards when holding BMEX in a BitMEX wallet, gaining access to improved fee tiers for competitive discounts on both derivatives and spot market trades, and receiving additional BMEX airdrops based on the user’s fee level.
BitMEX implements a monthly BMEX token burn to encourage ecosystem growth and maintain long-term utility. This burn process, which includes 4% of net fees from derivatives markets, 8% from spot markets, and 50% from BMEX trading pairs, helps increase demand for BMEX and offers token holders the potential for price surges alongside the token’s other ecosystem benefits.
The platform also offers incentives for both new and returning traders. These traders can earn up to $5,000 in BMEX airdrops within their first 30 days, depending on the trading volume. Existing traders can further benefit by improving their fee tiers and enjoying higher staking rewards of up to 7.5%, based on their deposit value and trading activity.
BitMEX allows users to trade cryptocurrency contracts, such as futures and perpetual contracts, without having to own the underlying assets. The platform is designed for experienced investors and professional traders, offering advanced features like leveraged trading and a customizable trading interface that includes a growing selection of widgets to enhance user experience.
BitMEX has encountered legal and regulatory issues over time. In October 2020, US authorities indicted the platform’s founders for not having adequate anti-money laundering (AML) and know-your-customer (KYC) procedures in place, leading to violations of the Bank Secrecy Act.
Recently, former President Donald Trump issued pardons to the BitMEX co-founders—Arthur Hayes, Benjamin Delo, and Samuel Reed—who had previously pleaded guilty to these AML and KYC violations.
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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.
