Major cryptocurrency exchange Binance plans to launch a token airdrop as part of the company’s acquisition of JEX, a crypto-asset trading platform.
In a Sept. 5 announcement, Binance again revealed the acquisition of JEX, which will now operate under the name Binance JEX as an independent team within the Binance ecosystem. Following the acquisition, Binance is going to convert ERC-20 JEX tokens into native Binance Chain-based BNB (BEP2) ones.
Distribution of 200 million tokens
Binance will then distribute all 200 million unlocked JEX team tokens to all BNB holders on Binance.com. The official announcement reads:
“Starting from 2019/10/06, Binance JEX will conduct a monthly airdrop of JEX tokens to BNB holders equivalent to 30% of the profit generated by Binance JEX in each respective month. […] Binance will record all users’ lowest BNB balance each day between 2019/09/06 0:00 AM (UTC) to 2019/10/06 0:00 AM (UTC) and calculate a total BNB holding ratio for each user at the end of the total holding period.”
Binance launched its mainnet Binance Chain in late April. At the time, Binance said it would be releasing more BEP2 coins as more users convert their ERC-20 BNB to its native BEP2 BNB, while the proportional amounts of ERC20 BNB will be burned while “keeping the total supply across both networks constant.”
According to the exchange’s announcement later in June, BEP2 token will be traded on Binance and will also be available on its decentralized counterpart Binance DEX. This asset is one of a series of cryptocurrency-pegged tokens which the company intends to launch on Binance Chain.
In September, Binance is planning to launch a futures trading platform. Binance CEO, Changpeng Zhao indicated at the time that while there is yet no exact launch date for the new “Binance Futures” trading platform, a simulation test version was expected to launch within a few weeks.