BinaryX & BNX: Igniting the GameFi Revolution
BinaryX is a GameFi project that applies blockchain technology in gaming contexts. The ecosystem of BinaryX includes an NFT marketplace and a high-speed sidechain, which are underpinned by BNX, a governance token. Check BinaryX’s insights into the ongoing changes within the GameFi field.
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BinaryX is one of the most notable GameFi projects that has assembled a massive blockchain ecosystem for running crypto games. The project skillfully operates the growing GameFi and Web3 hype to facilitate transactions and interaction between players by delivering the opportunity to buy in-game equipment and epic-level items.
A superior achievement system, daily rewards, and thrilling games will hardly leave fans of the new GameFi era indifferent.
Today, BinaryX (BNX) is a versatile blockchain blend:
- Powerful NFT marketplace
- A high-speed sidechain tailored for GameFi business projects
- Development environment for a myriad of GameFi teams seeking to optimize their projects
- Initial Game Offering (IGO) platform that promotes new play projects by boosting awareness and growing brand traffic.
BinaryX is actively designing its own gaming products and outstanding metaverses, including its Tier-1 game story, CyberDragon.
BNX Coin Utility
BinaryX took care to create a full-fledged governance token, BNX. The coin has several use cases. First, BNX allows token holders to vote and manage development initiatives. Secondly, in-game tokens can be used to buy upgraded heroes, generate epic equipment, pass CyberDragon battles, etc.
BNX key indicators as of May 28, 2023:
- Ticker: BNX
- BNX price: $0.5155
- Technology: BNB Smart Chain (BEP20)
- Fully diluted market cap: $1,052,695,391
- Market cap: $145,104,953
- Volume (24h): $458,259
- Total supply: 621,276,200 BNX
- Max supply: 2,100,000,000 BNX
- Circulating supply: 289,119,100 BNX
- All-time low (May 09, 2023): $0.4574
- All-time high (February 24, 2023): $1.17
The latest tokenomics updates from BinaryX in early 2023 indicate that the company has settled on splitting BNX. According to the developers, such a move will enhance the previously assumed economic business model and popularize the GameFi project among gamers. In addition, from a practical standpoint, the split would lower the barrier to entry into the BinaryX ecosystem.
A similar decision was made due to a DAO vote, where 99.5% of voters supported this idea. Subsequently, the split decision was implemented at the end of February 2023.
BinaryX Origins
The in-game marketplace was launched in May 2021. It is considered a GameFi pioneer for embracing the DAO governance model. DAO voting among ecosystem participants is one of the critical aspects that allows BNX holders to impact the warm-up of new features, dividend percentages, and even airdrop ratios.
Although the project has passed due diligence by Binance Labs, the development team remains anonymous. However, in an interview with Binance, Oleg Kurchenko, the project's founder, noted that the engineering team comprises world-class specialists with impressive experience and expertise in blockchain undertakings.
How Does BinaryX Work?
The GameFi hub includes 4 full-fledged play-to-earn gaming products: CyberChess, CyberDragon, CyberLand, and Mathew (a space-themed simulation game in beta test).
Here are a few details worthy of your attention:
- Cyber Chess is a Web 3.0 fast-paced PvP & P2E game-based auto battler from BinaryX. Pick one of 8 heroes from a random pool and grow your ranking by fighting other players for impressive rewards.
- CyberDragon. Users can choose one of two characters (rogue or warrior) and complete tasks to level up and mine the game's GOLD currency.
- CyberLand is an impressive open-world MMORPG where users can participate in ferocious battles, upgrade their skills, and defeat epic monsters for valuable resources.
Today, BinaryX is an innovative GameFi marketplace that has successfully merged the DAO model with the best practices of the blockchain gaming drive.
BinaryX Funding
According to the official line, Binaryx secured investment funding totaling $350K in one round. The only Angel round was held on December 1, 2022, and thoroughly covered the project's needs for further development.
BinaryX Roadmap
The planned development milestones are focused on deploying new gaming products and further technical development of the GameFi platform. Here are the key landmarks of the BinaryX roadmap that the company officially announced:
- Q4 2022: Cyber series CyberLand Launch
- Q3 2022: CyberChess Launch
- Q2 2022: CyberArena game Launch
- February 2022: New economic model Launch | Release of the CyberArena
- January 2022: BinaryX DAO Launch
- November 2021: PvP system Launch | Start of the first PvP season
- September 2021: Release of CyberDragon Dungeon battle mode
- August 2021: CyberDragon went live
- September 2021: Release of CyberDragon Dungeon battle mode
- November 2021: PvP System Launch and the start of the first PvP season
Despite reaching the planned stages, BinaryX has ambitious pursuits to design the platform and promote blockchain games. Project architects actively support the DAO voting model and complement existing gaming products with extra features to benefit ecosystem participants.
BinaryX Tokenomics Details
Currently, the tokenomics of the GameFi marketplace is based on three tokens, including CRYSTAL, GOLD, and BNX. Notably, BNX, as a governance token, is also minted as an in-game reward. At the time of the full-fledged GameFi platform launch, the project formed the token allocation as follows:
- Bug Bounty (2%)
- Cyber Incubation Fund (8%)
- Leaderboard Rewards (10%)
- Staking (15%)
- Product Operation Cost (20%)
- Research & Development Cost (20%)
- Marketing Fund (25%)
Crystal and Gold are in-game currencies used to craft equipment, purchase extra loot boxes, and upgrade NFTs. Every in-game token within BinaryX possesses an unlimited supply, accompanied by minting and burning mechanisms specifically designed to support the project's future game projects within a stable ecosystem.
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