On November 13th, BinaryX (BNX) officially became available on HotsCoin. BinaryX (BNX) is a GameFi development platform driven by CyberDragon and CyberArena. CyberDragon is a metaverse blockchain game that combines elements of DeFi, NFTs, and the crypto economy, while CyberArena is a free card battle game. Currently, BNX is open for trading on HotsCoin.
- Token Information:
Circulating Supply: 350,569,488.524 BNX
Total Supply: 542,451,222.6 BNX
Circulating Market Cap: $98,779,194.208
Fully Diluted Market Cap: $591,712,384.07
HotsCoin notes that BinaryX's tokens are based on the Binance Smart Chain and Ethereum, utilizing an improved Automated Market Maker (AMM) model for decentralized derivatives contracts.
- Operating Mechanism:
Options Trading: HotsCoin observes that BinaryX provides a straightforward binary options trading solution, allowing users to become Automated Market Makers (AMMs) by locking their assets into options contracts.
Automated Market Maker: AMM provides liquidity and maintains balanced returns among option buyers, call option buyers, and put option buyers. AMM users receive BNX token rewards equivalent to 50% of total profits and receive corresponding BNX token compensation in case of losses.
Locking and Dividends: HotsCoin notes that users holding and locking BNX tokens can receive dividends from the BinaryX network's profits, with dividends determined based on real-time earnings and the number of locked tokens.
III. Why Choose BinaryX?
BinaryX offers a user-friendly binary options solution, providing an exciting trading experience. Through DAO voting, the BNX token serves as the community governance token for BinaryX DAO, allowing the core team to reallocate funds to support project development.
- Project Development Plans:
Funds Allocation:
Marketing Fund (25%): Used for business partnerships, advertising, KOL marketing, and market development to achieve effective user growth and retention.
Development Costs (20%): Allocated for technical research and development, new game development, mobile application development, and the purchase of professional game engines to enhance project technology.
Product Operating Costs (20%): Mainly used for game maintenance, user feedback adjustments, and product optimization to ensure the continuous user-friendliness of the Cyber platform.
Staking (15%): Utilized for staking rewards on platforms that support BNX staking, encouraging long-term holders.
Leaderboard Rewards (10%): Used to incentivize CyberDragon players and reward long-term players who contribute and level up.
Network Incubation Fund (8%): Employed to support GameFi startups through revenue return mechanisms like BNX buybacks, community airdrops, and incentive programs.
Bug Bounty (2%): Allocated to enhance global technical community collaboration, incentivizing the community to solve and improve game mechanics and security.
- Conclusion:
BinaryX, as a GameFi platform, offers innovative solutions in the field of binary options trading. Through community governance of the BNX token and reasonable fund allocation, the project has the potential for long-term success in the GameFi space. Investors should exercise caution and seek professional advice when necessary.
Disclaimer: This report is for reference only and does not constitute investment advice. Investors should exercise caution and seek professional advice when making any decisions. HotsCoin will continue to monitor the project's ecosystem. (Report written in November 2023.)
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