Bibox Token (BIX) Announces Fifth Quarterly Token Burn
The up and coming exchange follows the practice of distributing trading gains through the mechanism of a quarterly token burn.
Bibox Exchange has announced the upcoming token burn for the first quarter of 2019. The exchange plans to burn 1,509,044 Bibox Tokens (BIX) before May 1, the exchange announced in a statement to Cryptovest.
The amount is slightly higher compared to the token burn in the last quarter of 2018, where the exchange burned 1,506,206 tokens. The biggest token burn of BIX saw more than 2 million tokens repurchased to be taken out of circulation. The Bibox Exchange uses 25% of its quarterly net profits for the repurchase and token burn program.
Currently, BIX has a circulation of 122,971,747 tokens and a total supply of 262,971,747 BIX, with more than 8.5 million tokens burned in the past quarters. The Bibox Exchange returns 30% of the transaction fees as trading incentives per week when trading the BIX token. BIX also includes token-based rewards, which accumulatively exceed the equivalent of around $13 million. The Bibox token burns recall the approach of Binance, which decreases the total supply of its native asset, Binance Coin (BNB) based on quarterly performance.
The Bibox exchange carried volumes above $672 million this Monday, based on CoinMarketCap data. The exchange carries 183 trading pairs. The positive developments in the crypto market in the first quarter of 2019 led to improved performance among exchanges, with both leading and niche market operators. Bibox has made a bid of lining up among the more active exchanges, with BIX instrumental to its success.
The Bibox exchange also completed a recent round of Initial Exchange Offerings, limited token sales of pre-screened, selected startups. During the subscription period of Bibox Orbit token sale, up to 56,000 participants were counted.
“Bibox Orbit aims to dig out the rarely known budding projects and assist them with ecological construction and long-term development, which would surely contribute to a robust blockchain and cryptocurrency market,” announced the exchange team in a recent blog posting.
Recently, Bibox listed one of the more prominent up-and-coming projects, Cosmos Network (ATOM).
The ATOM asset was one of the top gainers in the past days, following a Binance listing. Bibox aims to boost the popularity of ATOM by opening a trading competition.