BlockBeats report, July 24: On-chain visualization analytics platform Bubblemaps noted that following BitMEX’s official shutdown in September, its platform token BMEX plunged approximately 95% today. However, according to the tokenomics model disclosed in 2021, 92% of BMEX tokens are locked in vesting contracts, with only 8% allocated at launch—5% for airdrops and 3% for product and liquidity purposes.
On-chain data shows that the only claim occurred on November 2, 2022, when the product and liquidity addresses claimed 63.75 million BMEX tokens. Approximately 75% of the tokens originally allocated for employee incentives, ecosystem growth, and long-term reserves have never been claimed and have never entered circulation.
Bubblemaps added display; this is not necessarily a violation, but according to the publicly disclosed allocation plan, these large portions have never actually been realized.
BlockBeats previously reported, it is noteworthy that the official handling of the BMEX token is currently very limited, with no additional compensation or special arrangements. The only clearly stated action in today’s official BitMEX shutdown announcement is that the platform has immediately unstaked all BMEX tokens and returned them directly to holders’ accounts. According to BitMEX’s earlier announcement, BMEX is a purely utility token and not equity, debt, or any asset with promised returns. The official disclaimer states that BMEX is solely intended for use on the BitMEX platform to access fee discounts, staking rewards, and other functions; it does not constitute an investment and carries no obligation for refunds or redemptions.