BMX (BMX)

Governance and Rewards

BMX is used for governance on the BitMart platform, allowing holders to vote on platform decisions such as which new cryptocurrencies to list. Users can also earn rewards by staking BMX tokens or providing liquidity with BMX-wBLT LP tokens.

Trading and Fee Discounts

BMX can be used to get discounts on trading fees on the BitMart exchange, no matter what tokens are traded. It is actively traded on multiple exchanges and can be used to buy, sell, and trade over 1500 cryptocurrencies on BitMart.

Collateral and Borrowing

With the wBLT product, BMX can be used as collateral to borrow against, opening up new financial opportunities for users.

Participation in Exclusive Events

BMX holders can participate in token sales, staking, trading competitions, and other exclusive events hosted by BitMart.

Ecosystem Support and Utility

BMX supports the BitMart ecosystem by enabling easy and reliable crypto services and products. It is an ERC-20 token on Ethereum, ensuring compatibility with many decentralized applications.

Token Buyback and Burn

BitMart uses a portion of its profits to buy back and burn BMX tokens, reducing supply and potentially increasing value for holders.

Future Use

BMX is planned to be used as gas fees if BitMart releases a public blockchain for a decentralized exchange.

Advantages

• BMX has shown positive price performance recently, with a 6.40% increase in the last 7 days, outperforming the global crypto market.
• It is an ERC-20 token on the Ethereum blockchain, allowing easy integration with wallets like MetaMask and trading on both centralized and decentralized exchanges.
• BMX can be used for governance and to receive rewards, such as through liquidity provider tokens.
• The token supports reduced trading fees on the BitMart exchange, making it cost-effective for users.
• BitMart offers a wide range of trading services including spot, margin, and futures trading with leverage up to 100x.
• The platform provides staking and lending services, enabling users to earn passive income with BMX.
• BMX has a buyback and burn plan, which can help manage token supply.
• BitMart exchange supports over 1,000 coins and has a user-friendly interface with mobile apps and a proprietary trading terminal.

Disadvantages

• BMX’s price has retreated by about 32.72% from its all-time high, indicating some volatility.
• It has below-average trading volume compared to other cryptocurrencies launched in the same year.
• The token is considered medium-risk, with price fluctuations that may continue.
• BMX’s market cap and trading volume can change significantly in short periods, reflecting market volatility.
• Some smart contract and block explorer data may still show the old symbol (BMC), which could cause confusion.
• The BMX token’s utility and use cases may still be developing as the project and crypto market evolve.

Founders and Leadership

BMX was created by BitMart, a cryptocurrency exchange platform. The co-founder and CEO of BitMart is Sheldon Xia. Additionally, BMX's founder in the Base ecosystem is known as Meowphasaurus, who is a key figure with strong ties to the Base team and the broader crypto community.

Team Background

The BitMart team includes professionals from 13 different countries with experience in blockchain technology and finance, having worked at companies like Amazon, Accenture, Tencent, and Alibaba. Meowphasaurus is recognized as a leader and builder within the Base ecosystem, owning significant NFTs and connected to major teams there.

Investors in BMX

BMX is primarily supported and invested in by the BitMart exchange ecosystem. BitMart is a global cryptocurrency trading platform that created BMX as its native token to increase platform engagement and loyalty. The investors include:

• BitMart Exchange: The main backer and platform for BMX, providing liquidity and trading pairs.
• Global Crypto Traders and Users: Individuals and organizations who use BMX for trading, staking, and governance within the BitMart ecosystem.
• Ecosystem Partners: Collaborators involved in marketing, DeFi protocols, and Layer 2 solutions integration to expand BMX’s use and adoption.

These investors benefit from BMX’s utility in trading, staking rewards, and participation in the BitMart platform’s growth.

Halal Status of BMX

BMX is rated as "Comfortable" halal according to Practical Islamic Finance, indicating it is generally considered halal. This rating reflects that BMX is a utility token for the BitMart exchange and does not involve prohibited elements like riba (interest) or gambling.

Reasoning

The halal rating is based on the token's use case and compliance with Islamic finance principles. BMX serves as a utility token on a cryptocurrency exchange, which aligns with permissible activities under Islamic law. However, as with all cryptocurrencies, individual due diligence is advised to ensure ongoing compliance.