BFX Q4 Updates: Distribution, Listings and Trading Competition
By: Bitfex Exchange
Tags: Trading, Bitcoin, Erc20, Announcements, Cryptocurrency

BFX, the ERC-20 token that fuels the Bitfex Exchange ecosystem, listed on ProBit on September 30th at 08:00 GMT. Trading began against BTC, alongside the commencement of the BFX Trading Contest. Traders can now not only trade BFX but can also earn more tokens by participating in the trading contest!

BFX Trading Contest

The competition will be live until 14 October 14:00 GMT, with a total of 166,663 BFX up for grabs as prizes. The top 10 traders with the best BFX/BTC trading volume stand to win BFX proportional to the volume they traded. To enter the contest, all you need to do is sign up on ProBit and complete level 2 KYC. You’ll be able to check traders’ rankings on the leaderboard, displayed alongside their respective traded volumes for the BFX/BTC pair.

The total transactions of purchased or sold BFX during the event duration will be used to determine the rankings. Transactions on both ProBit Korea as well as ProBit Global will be reflected in the rankings. Rewards will be sent to ProBit Global wallets following the conclusion of the Trading Competition. In the case of a tie, PROB holding amount will be used to determine the winner.

If you are more of a HODLer than a trader, there’s another opportunity besides the trading competition for you! You can earn rewards by holding BFX in your ProBit exchange wallet. 100,000 BFX will be distributed to the top 20 accounts proportional to their BFX holding on ProBit exchange, once the trading competition concludes. More details about the trading contest and HODLing rewards are available on ProBit exchange.

BFX Distribution

In the week before BFX listing on ProBit, the first batch of distribution to investors was completed. Investors had the option to receive their BFX in their personal wallet or keep them on the Bitfex exchange. They could also choose whether to withdraw all their BFX or stake the minimum threshold of BFX, as per their user profile, on the exchange to avail their zero-fee trading benefits. Those who did not submit a receiving address can drop us a mail at investment@idap.io to receive BFX when the next batch of distribution begins. As distribution progressed, we were delighted by some of the patterns exhibited by the choices investors made.

First and foremost, most of the investors opted for keeping BFX on Bitfex exchange. In our communications with the token holders, it was communicated to us almost unanimously that investors would prefer to stake BFX on Bitfex and wait for the platform to go live. Many also intimated that BFX listing on ProBit was a good milestone, however, they are looking forward to HODLing BFX as the business growth of Bitfex exchange continues. Amongst those who wished to receive BFX in their personal wallets, a majority opted-in for zero-free trading by staking the threshold of 20,000/30,000/40,000 BFX on Bitfex exchange. We are thrilled by the belief shown by our token holders in our long-term growth.

Of the total fixed BFX supply, a good chunk entered into circulation with the first listing on ProBit.On October 8th 08:00 GMT, BFX will get listed on VinDAX, one of the top 30 exchanges on CoinMarketCap. At the same time, HODLer mindset of BFX holders is a positive indicator of the vision of the community supporting the Bitfex exchange. We are blessed to have the community stand strongly with us and they are in for a treat with Bitfex ready to go live by November this year.

About BFX

BFX is the ERC-20 utility token powering the Bitfex Ecosystem. Integral to the exchange, the BFX demand is fuelled by the various utilities it provides to its holders and its diminishing circulating supply.

Utility & Benefits

For Retail Traders: HODL a minimum number of BFX and get rewarded with Zero-Fee Trading

a minimum number of BFX and get rewarded with For Institutional Clients: HODL BFX and get rewarded with Free Master Account

BFX and get rewarded with Disinflationary token supply: BFX equivalent to 20% of revenue will be burnt till supply reaches 500 mn BFX

till supply reaches 500 mn BFX HODL BFX and get early access to various exchange events, referral programs and more

BFX and get to various exchange events, referral programs and more USE BFX to pay trading fees and get 50% discount

BFX to pay trading fees and get Minimum price of $0.03 to be used for calculating discounted fees in BFX on Bitfex Exchange

to be used for calculating discounted fees in BFX on Bitfex Exchange Stake BFX on Bitfex exchange to unlock exclusive benefits and rewards

About Bitfex

Bitfex is the first complete crypto derivatives exchange. Built by veteran traders of CME & ICE and technocrats from premier institutes like IITs and Harvard, Bitfex is bringing to the crypto space an innovative trading interface and diverse trading instruments, including brand new low-risk trading products: Exchange Quoted Spread.

With a team of experts coming from diverse professional backgrounds and having a cumulative experience of many years in domains of Investment Banking, Finance, Economics, Information Technology, Blockchain Technology, and Business Administration, Bitfex stands solid, upon the shoulders of innovative, hardworking and dynamic professionals. The exchange is supported by a diverse community of VCs, traders, and investors from both traditional and crypto space.