Fellow Binancians,
Binance has completed the acquisition of JEX, a crypto-asset trading platform offering spot and derivatives trading services. JEX has renamed to Binance JEX and will operate as an independent team within the Binance ecosystem.
Below summarizes the treatment of JEX tokens and future profits generated by Binance JEX:
- JEX tokens will first migrate from an ERC20-standard token to a BEP2-standard token on the Binance Chain. Binance JEX will assist all users in completing this swap. Once the swap is complete, JEX will submit an application to list on Binance DEX.
- BNB will have the same benefits as JEX tokens on the Binance JEX platform, including being used as fee discounts and providing eligibility for early futures product testers, among other related discounts.
- Binance will first distribute all 200,000,000 unlocked JEX team tokens to all BNB holders on Binance.com. Binance will record all usersâ 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 (detailed formula below). Users will need to hold at least 10 BNB at all times each day during the holding period to be eligible for this airdrop.
- 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. The distribution of this airdrop will be calculated by recording the lowest BNB balance in all user accounts each day from 0:00 AM (UTC) on the 6th day of the month to 0:00 AM (UTC) on the 6th day of the next month and calculating a total BNB holding ratio for each user at the end of each month (detailed formula below). Users will also need to hold at least 10 BNB at all times each day to be eligible for this airdrop. This monthly airdrop will initially run for one full year and may be adjusted in the second year based on future conditions.
Detailed Distribution Formula
JEX received by each user = Total JEX tokens to be distributed * User BNB holdings ratio.
User BNB holdings ratio = Lowest user BNB holding amount each day / Total of all lowest user BNB holding amounts each day.
Please note:
- Each userâs lowest BNB balance each day includes BNB in their spot trading accounts, sub-accounts, Binance Lending accounts, but does NOT include BNB in margin accounts.
- BNB balances below 10 BNB (including those in trade orders) will not be included into the daily BNB holding calculations.
- BNB holdings are calculated daily with JEX distributed monthly. Distributions will be completed within 2 weeks of each holding period.
Thanks for your support!
Binance Team
2019/09/05
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