Following its decentralized autonomous organization (DAO) vote, where 99.5% agreed on splitting the BNX token, the GameFi and initial game offering (IGO) platform BinaryX has finally executed the proposal. A direct impact of this decision has seen the old BNX token surge 9,500% in the last 24 hours, hitting a new record high of $167.
New BNX Also Seeing Growth
While the old BNX has stolen the headlines, the split tokens have kept pace with their older counterpart. At press time, the new BNX token is trading at $1.58, indicating an uptrend of 30% in the last 24 hours.
The digital asset previously slumped, dipping to $1.07 in the early hours of the day. However, the old and new BNX tokens’ performance starkly contrasts the broader crypto market, which has dipped 3.09% and settled at $1.06 trillion.
Given that the new BNX token is still in its early stages, its long-term performance is noticeably poor. The digital asset is down by 99% in the last week, with its one-year performance also down by 93.48%.
BNX Splits to Expand Token Adoption
Making its debut in 2019, BinaryX is a blockchain game and IGO platform. The platform enables the creation of non-fungible token (NFT) powered games.
Some of its successful products include CyberChess, CyberArena, and CyberDragon. Its IGO platform is popular for enabling users to invest in third-party games.
Looking to drive adoption across its ecosystem, the anonymous developers proposed a further expansion of its tokenomics. Initially, the BNX token supply was set at a hard-cap limit of 21 million tokens, similar to Bitcoin. However, the token split has so far allowed the blockchain game manufacturing platform to expand its tokenomics ten times more than before.
Update on Token Split
Highly Anticipated BNX Conversion goes LIVE!
Get your new BNX: https://t.co/YYAJlpsDgU
— BinaryX (@binary_x) February 23, 2023
In making the token split, one old BNX token was fractionalized for 100 new tokens putting the swap at a 1:100 ratio. Before the split, the BNX market cap was set at roughly $385 million, but this new token could potentially increase the market valuation of the new digital asset.
According to the BinaryX anonymous team, the initiative is geared towards boosting the digital asset’s economic model while increasing the cryptocurrency’s adoption.
Update on Token Split
With more CEXs to come
❌DO NOT deposit old $BNX to Binance for the time being
On-Chain Conversion will be LIVE tmrw at 8AM UTC 23 Feb
Conversion link: https://t.co/YYAJlpsDgU
— BinaryX (@binary_x) February 22, 2023
Following this remarkable event, the world’s largest cryptocurrency exchange by trading volume, Binance, has since delisted the older asset and listed the new one.
BinaryX Makes SecondLive Debut
The metaverse and NFT landscapes are two of the most exciting concepts in the crypto space. So far, a growing number of projections have put both sub-sectors in a positive light, with a recent Statista’s Metaverse Report fixing the market cap at half a trillion dollars by 2030.
In this segment, a growing number of virtual ideations have been launched. One such is SecondLive which enables a create-to-earn open metaverse where creators can properly monetize their blockchain services. SecondLive is famously used by smart contract giants like Binance Labs and the BNB Chain.
BinaryX has recently joined this illustrious group, pointing to the growing popularity of the blockchain gaming platform. This news was shared in a Twitter post where SecondLive announced that BinaryX had joined 45 other metaverse-facing projects to tap into the potential of the SecondLive metaverse.
Fam~ We’re happy to share that 45 projects have opened their Brand Space, and 20 projects have issued exclusive brand uniforms in SecondLive Metaverse so far.
— SecondLive (@SecondLiveReal) February 16, 2023
The project is said to access SecondLive’s Brand Spaces, essentially virtual office spaces operating in the metaverse.
While blockchain gaming has been growing in leaps and bounds, healthy lifestyles and EV solutions are also seeing increased interest in the blockchain space. Two such projects are Fight Out and C+Charge.
With Fight Out, users are able to own soulbound NFT avatars that reflect their real-time lifestyle performance. The project enables users to complete challenges, exercises, and workouts while exercising with professional athletes and their colleagues.
C+Charge focuses on providing a peer-to-peer (P2P) payment network that allows users to charge their EVs using blockchain. Users can also earn carbon credits and directly access charging infrastructure worldwide.
Fight Out - Next Big Train-to-Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
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- Real-World Community, Gym Chain