Not long ago one of the decentralized exchanges announced that they had 0 fees on their platform for a limited time; that promotion made for an increase in their trading volume and it was great. I mean who wouldn't want a fee-free platform? Especially for market makers. However, as I mentioned it was a limited time promotion. Imagine if that was an actual model of the exchange. that would've been something.

On November 18th this year an exchange called Bitmax launched something similar. They launched a model called Trans-fee mining. The Trans-fee mining allowed traders to get back the fees they pay on the exchange in form of Bitmax tokens. Notice I mentioned mining? that is because users mine them with transactions. The more transactions you make the more tokens you will make. With holding Bitmax tokens you will be eligible to join in the revenue obtained by Bitmax. 80% of Bitmax's transactions fees are set for what is called Data Usage Fee Pool and 180th of which will be distributed to Bitmax users based on their hodling amount of tokens.





This is not the only model Bitmax has; it has also introduced what is called reverse-mining at around the same time as the trans-fee release. The reverse mining allows the platform to return Bitmax tokens to the platform from makers for permanent lock-up reducing the total supply.

Based on the numbers Bitmax published on the 15th of this month the total number of mined BTMX tokens exceeded 141 million tokens and more than 16 million tokens permanently locked up. The distributed tokens to users valued 15371 USDT.





About a week later the website shows that the permanently locked up tokens exceeded 21 million (with more than 4 million increase than the number published on the 15th). The distributed reward of tokens to users exceeded 16371 USDT (with around a 1k USDT increase from last week; the number published on the 15th).

These two models have put Bitmax on the map and have been attracting quite the interest. I recall around 3 months ago Bitmax was not in any listing site. Now it can be found in CoinMarketCap (CMC). Their volume has jumped from around a million to around 80 mil as of the day of writing. Their mostly traded coin is the stable coin USDC. According to CMC there are around 42 listed coins with a volume above 0. With a recent announcement to list COVA a rising star in the privacy field. COVA will be trading under three pairs; USDT, BTC and ETH. To celebrate the listing there is an ongoing airdrop; starting with 1000 COVA for creating and verifying your account.

Bitmax also has an ongoing referral program where users can get up to 15% reward of the transaction fee of the invitee. The percentage varies based on the mode of trading used by the invitee. If the invited trader opt for reverse-mining for example then the person who referred him would get 10% of the transaction fee. You can get more details on the process through the link I will be sharing below.

Bitmax has also managed to land several investors during its journey; 13 of which are mentioned on the website of which is FBG Capital and Bitmain. They also have a 24/7 support and a Telegram account. They also have an API which allows for automation of trades.



Here is a list of resources you can use to learn more and interact with Bitmax:

BitMax Official Website: https://bitmax.io

Twitter: https://twitter.com/BitMax_Official

Reddit: https://www.reddit.com/r/BitMax

Telegram English Official: https://t.me/BitMaxioEnglishOfficial

Telegram Official Announcement Channel: https://t.me/BitMaxOfficialAnnouncement

