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BlockBeats: BitMarts Buyback Mechanism Results in BMX Destruction

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On October 28th, BitMart announced that they destroyed 1,401,981 BMX tokens on October 22nd. This was done in accordance with the “Buyback Mechanism” in the BitMart white paper. According to this mechanism, 20% of BitMart’s platform fee income in the third quarter of 2024 will be used for monthly buyback and destruction of BMX tokens.

This process will continue until 500 million BMX tokens are destroyed, ensuring a permanent reduction in the total amount of BMX tokens in circulation.

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