Leading cryptocurrency exchange, Binance has revealed that it will airdrop 200 Million JEX Token as part of the company’s acquisition of JEX, a crypto-asset trading platform.
Binance made the announcement on Sept. 5, revealing that JEX will operate independently in the Binance ecosystem under the name Binance JEX.
Following the acquisition, Binance will convert the ERC-20 JEX tokens into Binance Chain-based BNB (BEP2) ones. Binance will then distribute all 200 million unlocked JEX team tokens to all BNB holders on Binance.com.
Summary of the official announcement reads:
“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. [...] Binance will record all users’ 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.”
Binance launched its mainnet Binance Chain in late April. At the time, Binance said it would be releasing more BEP2 coins as more users convert their ERC-20 BNB to its native BEP2 BNB, while the proportional amounts of ERC20 BNB will be burned while “keeping the total supply across both networks constant.”