BitMEX delays listing platform token due to "poor market conditions," Multicoin founder: "This is garbage"

The former Bitcoin futures market leader BitMEX announced the launch of its platform token "BMEX" at the end of last year, but due to unfavorable market conditions, decided to postpone the listing of BMEX on the spot market. However, the co-founder of Multicoin holds the opposite opinion, believing that such a decision and idea are very poor.

Platform Token BMEX

According to information released when the token was launched at the end of last year, it includes:

• Trading mining
• Official quarterly buyback
• Trading fee discounts
• Used as referral code rewards

In fact, BitMEX has begun implementing trading mining in the past few months, and users have also received BMEX tokens. However, despite appearances, the official decision is to halt the process.

BMEX Spot Delayed Listing

BitMEX announced:

We have decided to delay the listing of BMEX in the spot trading market. The reason is simple; although we were ready to list, the current market conditions are not ideal. We want to list the token in an environment that maximizes rewards for you. Given the significance of issuing platform tokens, timing and other potential factors are equally important.

In short, BitMEX claims that even if the token were listed on time, the current bear market would not give BMEX a high valuation. Instead, users are encouraged to continue accumulating platform tokens through mining trading activities. The token will be listed once the market improves, providing users with higher rewards upon redemption.

Venture Capital Recommendation: Issuing Tokens During Bear Markets

Crypto OGs do not agree with BitMEX's approach. Kyle Samani, co-founder of Multicoin, stated:

Whether you are building a CEX or Web3 native protocol, the idea of delaying token issuance due to "market conditions" is absolute garbage. Solana listed immediately after Black Thursday in March 2020.

Note: On 3/12/2020, global stock markets experienced their largest single-day drop since Black Monday in 1987; the crypto market also set many records that day. Solana was listed around April of the same year at around $0.95.

In response to concerns that projects may struggle to secure funding during a bear market, Kyle Samani believes that projects should still launch tokens early to extend the time horizon.

dForce founder Mindao Yang also concurred:

Agreed, do not set a specific time for token issuance; it is better to issue tokens during a low FDV period, making it easier to build a community. Some of the top ten projects by market value, although no longer active, still exist because they have been through several time-weighted cycles.