Bubblemaps: 75% of BitMEX Token Allocation Never Circulated On-Chain

Odaily Planet Daily reported that blockchain data analysis platform Bubblemaps stated that after BitMEX announced its closure, the price of its platform token BMEX plummeted, currently down about 95% from its previous level. However, according to the tokenomics publicly disclosed by BitMEX, approximately 75% of the total BMEX supply was originally intended for employee incentives, ecosystem development, and long-term reserves, but these tokens were never allocated on-chain. Data shows that in 2021, about 92% of the BMEX supply was locked in vesting contracts, while the remaining 8% was allocated upon token launch, including 5% for airdrops and 3% for product and liquidity support.

On November 2, 2022, the product and liquidity address claimed approximately 63.75 million BMEX, while addresses for employee incentives, ecosystem growth, and long-term reserves did not claim any tokens. Bubblemaps stated that this does not necessarily indicate a problem, as the project may have subsequently adjusted its tokenomics, contracts, or allocation plans, which were not reflected on-chain.