Gamefi platform BinaryX completed the split of its native BNX token on February 23rd.
After the announcement, the old BNX token surged to 9500%, while the new BNX is trading at $1.27, according to CryptoSlate data.
BNX 1:100 Token Split
Token splitting is performed to increase the total supply of tokens by subdividing assets. For BNX, tokenization was performed at a ratio of 1:100. This means that 1 old BNX can be exchanged for 100 new BNX.
BNX before tokenization Maximum supply The market cap was around $386 million, while BNX was capped at 21 million.
After the token split on February 23rd, the maximum supply of BNX will be 2.1 billion, Circulating supply of 2.8 million BNX.
The BinaryX team expressed optimism that the token split would improve BNX’s economic model and help increase acceptance of the token for new users.
price deviation
Prior to the token split event, the old BNX token was trading around $100. However, according to CryptoSlate data, old BNX has risen to 9590% and is currently trading at $134.4.
Meanwhile, the new BNX token traded as high as $1.46 after the token split. At the time of writing, he is trading at $1.27, down about 9%.
In light of the price deviation, centralized exchanges like Binance have stopped trading support for the old BNX, but are allowing trading of the new token.
