BinaryX token surges over 9000% following BNX split BinaryX token surges over 9000% following BNX split
BinaryX completed a 1:100 token split to increase its BNX maximum supply from 21 million to 2.1 billion tokens.
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Updated: Feb. 24, 2023 at 4:14 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Gamefi platform BinaryX completed the split of its native BNX token on Feb. 23.
Following the announcement, the old BNX token surged up to 9500% — while the new BNX trades at $1.27, according to CryptoSlate data.
BNX 1:100 token split
Token split is carried out to increase the total supply of a token by fractionalizing the asset. In the case of BNX, the token split was carried out on a 1:100 ratio — meaning that 1 old BNX can be exchanged for 100 new BNX.
Prior to the token split, BNX’s maximum supply was capped at 21 million BNX — while its market cap was roughly $386 million.
Following the token split on Feb. 23, BNX’s maximum supply has increased to 2.1 billion, with a circulating supply of 2.8 million BNX.
The BinaryX team expressed optimism that the token split will help increase BNX’s economic model and increase new users’ acceptance of the token.
Price deviation
Prior to the token split event, the old BNX token was trading at roughly $100. However, the old BNX has surged up to 9590% and currently trading at $134.4, according to CryptoSlate data.
Meanwhile, the new BNX token traded at a high of $1.46 following the token split. As of press time, it has declined by roughly 9% to trade at $1.27.
In light of the price deviations, centralized exchanges like Binance have ceased trading support for the old BNX but allow trading of the new token.
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Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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BinaryX ($BNX) is the platform cryptocurrency for the BinaryX ecosystem, which includes the DAO and all products & games utilizing $BNX.
