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BitMax Transaction Mining & Reverse-Mining Rules

Evgenij Tkachuk

BitMax.io is introducing Transaction Mining model to encourage users to trade on the BitMax.io platform as part of overall liquidity strategy. There will be multiple trading modes available through Transaction Mining Model, including further incentive structure for market maker trades.

The limit of 10 billion BTMX utility tokens is strictly imposed without any further increase. 49% (4.9 billion) of total issuance, pre-distribution part, will be unlocked along the transaction mining; while 51% (5.1 billion) will be gradually released and distributed to incentivize users for daily participation in transaction mining.

Section 1. Key Terms & Conditions
  • Taker- When user places an order that is immediately filled fully or partially (for example a market or stop order) before getting on the order book, the user for that order is defined a “taker,” taking liquidity away. The trade (full or partial) is Taker trade.
  • Maker- When user places an order that doesn’t fill immediately partially or fully (like a limit order) and sits on the order book waiting to be matched, the user for that order is defined as a “maker,” providing liquidity to the market. The trade (full or partial) is Maker trade.
  • Regular Trading– User can opt for NOT participating in either Mining or Reverse-Mining and pay transaction fee at certain level.
  • Mining– User can participate in "mining" on BitMax.io by using the platform for trading, the process of paying transaction fee at certain level and receiving certain amount of BTMX as reward for trading on the platform.
  • Reverse-Mining – Separate incentive structure for the Maker trades includes the process of (1) User getting rebates by executing Maker trades (2) The equivalent market value of BTMX token being deducted from user account. (3) the BTMX tokens being subject to permanent lock-up.
For example: in the Reverse-Mining mode, the user executes the Maker trade of buying 10,000 ETH. The following table illustrates the asset change:

Section 2. Taker vs. Maker Trading Mode Setup and Fee Schedule
  • User can make selection and subsequent adjustment any time to any of those three trading modes – Mining, Reverse-mining and Regular Trading in the Account page for Maker and Taker trades.
  1. For all Taker trades, user can only select one of the following two trading modes – Mining or Regular Trading.
  2. For all Maker trades, use can only select one of the following three trading modes – Mining, Reverse-Mining or Regular Trading.
  • The following transaction fee schedule is applied at trade / transaction level based upon the selection of trading mode:

Note*: please see Section 3 for
Fee Variable

Section 3. Fee Variable
  • Fee variable is used to adjust the ratio of transaction fees eligible for mining and reverse-mining trading modes, hence adjusting the quantity of BTMX from mining and the quantity of BTMX that the platform deducts from users as part of reverse-mining.
  • The range of Fee Variable is between 0 and 1.
  • It will set every ten-minute based on the actual mining rate in the past 24 hours and target mining rate.
  • It will be published at the start of every ten-minute for the current variable.

Section 4. Transaction Mining and Reverse-Mining Rules

  • Quantity of BTMX from Mining = Transaction fee user paid/ BTMX Last Trade Price
  • Transaction fee user paid= transaction volume * 0.1%* Fee Variable
  • Quantity of BTMX from Reverse-Mining = Transaction Rebate user get/ BTMX Last Trade Price
  • Transaction Rebate user get= transaction volume * 0.04%* Fee Variable
  • Buy and sell order of BTMX are excluded from participation in the Mining and Reverse-Mining modes. Regular trading transaction fee is applied.
  • Only for transactions of Trading pairs of main chain assets, user can participate in all three trading modes– Mining, Reverse-Mining, and Regular Trading. For transactions of ERC20 token trading pairs user can only participate in two trading modes – Reverse Mining and Regular Trading.
  • The following table summarized the detail trading pairs:

Section 5. Distribution Rules of Platform Data Usage Fee

BitMax.io will distribute back 80% of the net platform transaction fee to those token holders who have signed up “BTMX Token Terms and Conditions” and agreed to share their token transaction information.

Distribution Methodology

Stabilization mechanism will be introduced by setting up a Data Usage Fee Pool (“the Pool”) in order to adjust daily distribution rate of platform data usage fee. Every day, the platform will set aside 80% of net transaction fee revenue for the Pool and distribute back to token holders 1/180 of the Data Usage Fee Pool balance.
  • Daily Deposit into the Pool= Daily Net Transaction Fee * 80%
  • Daily Distribution of the Pool= Daily Data Usage Fee Pool Balance / 180
  • Individual Share of Platform Data Usage Distribution= Daily Distribution of the Pool * (24HR Weighted Average BTMX position / Aggregation of Total User Effective BTMX Position)

  • Only the BTMX tokens held in the accounts of BitMax.io are eligible for the calculation.
  • Only those token holders who have reviewed and accepted the “BTMX Token Terms and Conditions” are eligible for the participation.
  • BitMax.io will pay for the platform token (“BTMX”) usage data collected from the users, including mining, execution price, and other token circulation information.
  • The Scope of Distribution is summarized as below:

Section 6. BTMX Large-Sell Order Lock-up Rules

Post the launch of Transaction Mining model, BitMax.io will impose mandatory lock-up for large-sell order in order to better balance the trading activities of BTMX on the secondary market and help supporting the sustainability of BTMX token value.
  • The limit for Daily Net Sale of BTMX (EXCLUDING the return of BTMX from Reserve Mining trading mode) is set at 300,000 BTMX tokens. The sell of every single BTMX token above the limit will result in three BTMX tokens being lock-up for 30 days. During the 30-day lock-up period, 1/30 of the lock-up amount will be released on daily basis.
  • The hard cap of Daily Net Sale of BTMX (excluding the return of BTMX from Reserve Mining trading mode.) is set at 600,000 BTMX.
  • Any account transfer-out of BTMX and any open sell order of BTMX will all be factored in the Daily Net Sale of BTMX.
For example: if the user has daily net sell of 303,000 BTMX, then 9,000 BTMX in the user’s account to be subject to 30 day lock-up, with daily release of 300 BTMX.

NetSellQuantity = ExecutedSellOrderSize + OpenSellOrderSize + WithdrawQuantity - ExecutedBuyOrderSize – DepositQuantity

Section 7. Timing of Distribution

  • Mined BTMX will be distributed and posted to user’s Account on hourly basis according to the individual mining activities.
  • For Maker trades under Reverse-Mining mode, the platform will pay the user transaction fee in return of the equivalent market value of BTMX from the account on the real-time basis.
  • Daily settlement for data usage fee distribution will start at UTC 00:00 (Beijing Time 8:00 am)based off the previous 24-hour distribution amount, and will be booked and reflected in individual account on BitMax.io by the end of the day.
  • Distribution of platform transaction fee will be settled in the currency form of the transaction. BitMax.io provides One-click for BTMX Conversion” service to allow users to convert their small assets to platform token BTMX. Please check “One-Click Conversion for BTMX” announcement released earlier for details.
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