What is BNX? Here’s what you need to know about BinaryX’s platform token
$BNX is the platform cryptocurrency token of BinaryX, a GameFi and Initial Game Offering (IGO) platform dedicated to the development of games in the Metaverse. As a platform token, $BNX powers all activity on the platform, serving a key function within the games, funding for distribution, DAO, and the development of IGOs hosted by the team and the community.
History of BinaryX
BinaryX began as a decentralized derivative trading system. Recognizing the burgeoning popularity of GameFi and budding interest in the Metaverse, the team gradually evolved into developing decentralized games.
Now, BinaryX has transitioned into a GameFi platform offering IGO services to bridge Web2 developers to Web3.
$BNX Token Split
In early 2023, the BinaryX team decided to split the BNX token to better promote the business’ economic model and product offerings. This move was expected to lower the barrier to entry to the BinaryX ecosystem, consequently increasing the adoption of BNX in a broader crowd.
The team held a DAO vote to authorise the split, during which an overwhelming 99.5% of the community supported the decision.
The split was officially carried out in late February 2023.
For more information on the split, please refer to our article about the Token Split.
What are the use cases of $BNX?
$BNX as an in-game token
$BNX is the native in-game currency that powers all the games on the BinaryX ecosystem, including CyberDragon, CyberChess and CyberLand. $BNX may also be used as an in-game token for some of our future IGO projects as well.
$BNX for funding game development
The BinaryX community also uses $BNX to bring new creative projects to life. On 14 Dec 2022, BinaryX announced the launch of our Cyber Incubation Fund, which is a community-driven fund that invests in gaming projects with high projected ROI potential. Returns from games launched under the fund will be further re-invested in different ways — the investments may go to funding other projects under the program.
Aside from the Cyber Incubation Fund, $BNX holders can also support the projects launching via BinaryX’s IGO platform at any stage of development. Holders can choose to stake their $BNX on projects to provide liquidity and earn rewards, or swap $BNX and be the first to get access to tokens for new games at launch.
$BNX for empowering BinaryX’s community
The team provides highly rewarding incentives to active contributors of the community with $BNX. To thank contributors for their support and active participation in BinaryX’s activities, our team has come up with a reward system exclusively reserved for the community’s most loyal fanbase.
This includes the creation of a community token known as BinaryX Commemorative NFT (CNFT) which is used as participation credentials. CNFT is a non-transferable soulbound token that can be exchanged with $BNX. As a community token, $BNX holders can exchange for CNFT and get exclusive airdrops of tokens based on the amount of CNFT they hold within a specific period.
To check the latest exchange ratio: CNFT / BNX & BNXC Exchange Rate Table
The team also values the opinions of community contributors who are holders of CNFT. The more CNFTs, the more voting power in off-chain or off-website DAO proposal voting.
$BNX for DAO governance
BNX is the governance token of BinaryX. Upholding the spirit of democracy, BNX holders can participate in community governance and vote on major decisions.
Some key operations of the game require consuming BNX tokens, such as creating heroes, forging rare equipment, challenging bosses in Boss Raid and buying new characters and skills for combat in CyberChess.
Aside from $BNX, $GOLD is one of the primary currencies that can be used to purchase heroes, skills, participate in in-game matches, and more.
$BNX for further expansion of the ecosystem
To ensure the longevity of the ecosystem and to give back to supporters of BinaryX, the team frequently organizes airdrops and prize pool activities on social media and community channels to attract and retain users.
BinaryX also has a local community cooperation program on Telegram dedicated to localised outreach. Anyone who has a local community of more than 1000 people or a substantial social media presence can sign up for BinaryX’s Local Community Cooperation Program to obtain rewards.
Sign up: https://forms.gle/c5ggWDSkqyx3Exnf7
Where can I buy $BNX?
You can buy $BNX on the current platforms and more:
- MEXC Global
Popular trading pairs for BinaryX include BNX/USDT, BNX/USD, BNX/CAD, BNX/AUD, BNX/GBP, BNX/INR, and BNX/PHP.
BinaryX is the GameFi platform behind play-to-earn games CyberDragon and CyberChess, both of which run on the BNB chain.
BinaryX began as a decentralised derivative trading system. The team gradually evolved into developing decentralised video games, and is now transitioning to becoming a GameFi platform offering IGO services to bridge Web2 developers to Web3.
As one of the top 10 projects on the BNB Chain, BinaryX has a vast community of more than 100k coin holders and 30K monthly active wallets. It is also one of the largest metaverse projects by trading volume on the BNB chain, with more than 200 million in market cap. BinaryX also has a token, $BNX, that has consistently demonstrated strong performance despite the bear market.
For more details and information about BinaryX, please visit www.binaryx.pro
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