Gamefi platform BinaryX accomplished the cut up of its native BNX token on Feb. 23.
Following the announcement, the outdated BNX token surged as much as 9500% — whereas the brand new BNX trades at $1.27, based on CryptoSlate information.
BNX 1:100 token cut up
Token cut up is carried out to extend the entire provide of a token by fractionalizing the asset. Within the case of BNX, the token cut up was carried out on a 1:100 ratio — that means that 1 outdated BNX might be exchanged for 100 new BNX.
Previous to the token cut up, BNX’s maximum supply was capped at 21 million BNX — whereas its market cap was roughly $386 million.
Following the token cut up on Feb. 23, BNX’s most provide has elevated to 2.1 billion, with a circulating provide of two.8 million BNX.
The BinaryX group expressed optimism that the token cut up will assist enhance BNX’s financial mannequin and enhance new customers’ acceptance of the token.
Previous to the token cut up occasion, the outdated BNX token was buying and selling at roughly $100. Nonetheless, the outdated BNX has surged as much as 9590% and presently buying and selling at $134.4, based on CryptoSlate information.
In the meantime, the brand new BNX token traded at a excessive of $1.46 following the token cut up. As of press time, it has declined by roughly 9% to commerce at $1.27.
In gentle of the value deviations, centralized exchanges like Binance have ceased buying and selling help for the outdated BNX however permit buying and selling of the brand new token.