BitMax.io is introducing Transaction Mining model to encourage users to trade on the BitMax.io platform as part of overall liquidity strategy. There will be multiple trading modes available through Transaction Mining Model, including further incentive structure for market maker trades.
The limit of 10 billion BTMX utility tokens is strictly imposed without any further increase. 49% (4.9 billion) of total issuance has been pre-distributed, and 51% (5.1 billion) will be gradually released and distributed to incentivize users for daily participation in transaction mining.
Section 1. Key Terms & Conditions
- Mining– User can participate in "mining" on BitMax.io through using the platform for trading, the process of paying transaction fee at a certain level and receiving certain amount of BTMX as reward for trading on the platform.
- Reverse-Mining– Separate incentive structure for the Maker trades includes the process of the platform paying transaction fee at certain rate in return for equivalent market value of BTMX that the user holds in the account. The BTMX that the user returns as part of Reverse-Mining will be subject to permanent lock-up.
- Regular Trading– User can opt for not participating in either Mining or Reverse-Mining.
- Taker- When user places an order that is immediately filled fully or partially (for example a market or stop order) before getting on the order book, the user for that order is defined a “taker,” taking liquidity away. The trade (full or partial) is Taker trade.
- Maker- When user places an order that doesn’t fill immediately partially or fully (like a limit order) and sits on the order book waiting to be matched, the user for that order is defined as a “maker,” providing liquidity and adding depth to the market. The trade (full or partial) is Maker trade.
- Selling of BTMX is excluded from participation in the Mining and Reverse-Mining modes. Regular trading transaction fee is applied.
Section 2. Taker vs. Maker Trading Mode Setup and Supporting Fee Schedule
- For all Taker trades, user can only select one of the following two trading modes – Mining or Regular Trading.
- For all Maker trades, use can only select one of the following three trading modes – Mining, Reverse-Mining or Regular Trading.
For Reverse-mining, if user has insufficient BTMX balance in the account, he or she can select to automatically switch to one of the following modes – Mining or Regular Trading.
- User can make selection and subsequent adjustment any time to any of those trading modes in the Account page for Maker and Taker trades.
- The following transaction fee schedule is applied at trade / transaction level based upon the selection of trading mode:
0.1%* Transaction Fee Reference Variable
0.1% * Transaction Fee Reference Variable
(0.04%* Transaction Fee Reference Variable)
Note*: please see Section 4 for Transaction Fee Reference Variable
Section 3. Mining Output and Reverse-Mining Quantity
- BTMX Mining Output = Transaction fee collected from users / The last price of BTMX at the second
- Transaction fee collected from users = transaction volume * 0.1%* Transaction Fee Reference Variable
- Reverse-Mining Quantity = Transaction fee paid to user / The last price of BTMX at the second
- Transaction fee paid to users = transaction volume * 0.04%* Transaction Fee Reference Variable
Section 4. Transaction Fee Reference Variable
- Transaction reference variable is used to adjust the ratio of transaction fees eligible for mining and reverse-mining trading modes, hence adjusting total platform output of mined BTMX.
- It will set every ten-minute based on the actual mining rate in the past 24 hours and target mining rate.
- It will be published every ten-minute for the current variable.
- The range of Transaction Fee Reference Variable is between 0 and 1.
Section 5. Referral Reward Program
The platform will provide the following two types of Referral Reward Program to encourage users to invite others to trade on BitMax.io:
- Referral Reward for Mining/Reverse-Mining: when the invitees participate in Mining trading mode, the user who invite them will receive 20% of BTMX that the invitees mine out as referral reward, except for Exception Scenarios as below.
- Referral Reward for Regular Trading: when the invitees participate in Regular Trading mode, the user who provides the referral and invite them will receive 20% of their transaction fee as referral reward.
- Exception Scenarios:
- When invitees select Reverse-Mining mode, the users who invite them will NOT receive any referral award for invitees’ Maker trades.
- When the invitees select Mining mode, the user who invite them will receive 20% of certain amount of BTMX that the invitees mine out per following Adjustment Factor as referral reward for invitees’ Taker trades
Adjustment Factor = (Total Platform Mining Output from Taker Trades of Previous Hour – Total Platform Reverse-Mining Output from Maker Trades of Previous Hour) / Total Platform Mining Output from Taker Trades of Previous Hour
Case Example: Assuming a trade of 10,000 ETH with hypothetic exchange ratio of ETH/BTMX being 1:1, the following chart illustrates the payout structure for the referral program for those two exception scenarios from the user’s perspective:
Scenario 1 - Maker Trade / Reverse Mining
Pay 4 BTMX
Receive 4 ETH
Scenario 1 for User
Scenario 2 - Taker Trade / Mining
Pay 10 ETH
Receive 10 BTMX
Scenario 2 for User
Will receive the amount of BTMX = 10BTMX*a*20%=
a = Adjustment Factor
Note: The Referral Reward Program will also be applied to all the previous referrals listed under Referral History page.
Section 6. Timing of Distribution
- Mined BTMX will be distributed and posted to user’s Account on hourly basis according to the individual mining activities.
- For Maker trades under Reverse-Mining mode, on the real-time basis, the platform will pay the user transaction fee in return of the equivalent market value of BTMX from the account.
- Referral rewards will be distributed and posted to the user’s Account on hourly basis.