This article is to clarify the recent token split: what it entails and why we chose to initiate it. Additionally, we will supply some useful materials for individuals wishing to exchange their existing BNX for the new BNX.
This article will be updated regularly with more relevant questions from the community, with the last update being on 23 February at 5PM (UTC+8).
1. What is a token split?
A token split involves dividing up existing tokens into smaller parts to create a larger total supply.
For example, the BNX team is doing a 1:100 ratio split. This means that someone who owned one BNX prior to the split will now have 100 after it is completed (1 multiplied by 100). One BNX priced at $100 before the separation will be valued at $1 afterwards. Either way, the overall value of their BNX in USD will not change due to the division; any price movements are caused by regular market fluctuations.
2. Why did BNX decide to split the tokens?
The BinaryX team came to the conclusion that it would be beneficial to divide the token due to a considerable rise in user growth across multiple areas.
This was done in order to facilitate the forthcoming growth of our services and welcome new users, which would lower the cost of BNX per unit. This will make it easier for people from all walks of life to access the BinaryX ecosystem, resulting in an upsurge in BNX adoption.
In January 2023, a DAO vote was held regarding this subject and 99.5% of those who voted approved of the split – indicating that their opinion was shared by both community members and team members alike, ultimately leading them to go ahead with their decision.
3. How do I convert my tokens?
4. Why did the price plummet 99%?
The value of a BNX token before the split is equivalent to that of 100 tokens after the split. Despite some user interfaces indicating a 99% price reduction following the split, your total holdings remain unchanged (with regular market variations).
We are in contact with data aggregators such as CoinMarketCap and CoinGecko to ensure they present accurate post-split information. We are thankful for your perseverance during this procedure.
5. CEX Conversion Timeline: Which exchanges have already conducted the split?
Binance — Conversion completed. Trading open on February 23, 2023, 8AM UTC / 4PM UTC +8
Gate.io — Conversion Completed. Trading open on February 23, 2023, 9 AM UTC / 5PM UTC +8
