Bitfex Update: BFX tokenswap
Dearest investors and community members of Bitfex, as previously indicated, we have created a new smart contract for BFX, which can be viewed here.
We are facilitating a tokenswap to ensure that all legitimate BFX holders receive their new tokens. The upcoming tokenswap event will take place after we take a snapshot of all the BFX holders addresses at 1 PM GMT, Tuesday, November 10, 2020, based on the list of token holder addresses on etherscan for the older contract. Post the snapshot, the new BFX tokens will be transferred to all legitimate addresses within 3–5 working days in a 1:1 ratio of old BFX tokens to new BFX tokens.
Please note, that the exchanges Probit and VinDax, on which BFX is currently trading are not supporting the upcoming tokenswap event. Thus, please ensure that all BFX tokens have been withdrawn from Probit to personal and secure ERC-20 wallet addresses before the snapshot is taken. Failure to do so will result in no new tokens being sent since we will have no record of the individual holder’s addresses (all ProBit and VinDax token addresses are being excluded from the tokenswap event).
Why this swap?
We have significantly evolved as a project and as mentioned in our Exchange Launch Update, we are committed to ensure the maximum value accrual and benefits for you, our token holding community members.
To ensure the benefits of the Bitfex ecosystem, a new outlook regarding token distribution and usage was required, enshrining the principles of DeFi and community building that the Bitfex team believes in. Hence the updated smart contract.
Furthermore, the hacking of VinDax that resulted in loss of BFX for token holders was also a deciding factor for the upcoming tokenswap. As a project, we will try to ensure that even though VinDax users lost tokens due to no actions of Bitfex itself, we will ensure they receive their fair due.
Updated Tokenomics
Below is the distribution of BFX tokens as per the previous contract:
- Team Tokens: 200,000,000 BFX
- Advisor Tokens: 25,000,000 BFX
- Foundation Tokens: 100,000,000 BFX
- Public Tokens: 550,000,000 BFX
- Bounty Tokens: 25,000,000 BFX
- Employee Pool Tokens: 50,000,000 BFX
- Liquidity Pool Tokens: 50,000,000 BFX
The updated tokenomics as per the new smart contract are as follows:
- Team & Employee Tokens: 118,750,000 BFX* (68.75 mil+ 50 mil)
- Seed Investor Tokens: 60,000,000 BFX**
- Public Tokens: 146,250,000 BFX***
- Trade Mining Pool: 350,000,000 BFX
- AMM Distribution Pool: 75,000,000 BFX
- Insurance Pool: 75,000,000 BFX
- Treasury Tokens: 125,000,000 BFX
- Liquidity Pool: 50,000,000 BFX
As evident, the team has reduced their share by 65.625% (from 200 million BFX to 68.75 million BFX) in the updated token distribution, alongside massive upgrades to the rewards in the form of various pools that will be used for the reward payouts, thus increasing the public participation and use of the exchange.
The upcoming tokenswap is a significant step forward towards realising the complete vision of the Bitfex ecosystem. Once the tokeswap event is complete, creation of AMM pools on Balancer and Uniswap will be undertaken. Moreover, details of the staking program will also be released.
So mark your calendars, withdraw your BFX to ERC-20 wallets and get ready to reap the benefits of the updated BFX token!
*: Team & Employee tokens are locked for 4 years; 12.5% unlocking every 6 months
**: Seed Investor tokens are locked for 2 years; 12.5% unlocking every 3 months
***: Public tokens include tokens to be distributed for Token Sale + Bounty Tokens+ Air Drop Distribution Tokens
