BinaryX (BNX), the gaming-focused token of the eponymous platform, has entered the top 100 cryptocurrencies with the highest market capitalization. It is the digital asset of a gaming project play-to-earn (play to earn) that allows participants to earn rewards in that ecosystem.
The BNX token has been showing good performance during September, managing to reach a market capitalization of $530 million.
In the last 7 days, the digital asset went from $1.40 to $1.48, an increase of more than 24%. In this way, leads the weekly rise in cryptocurrencies (within the top 100 with the highest market capitalization).
At the time of publication of this note, its price is 1.47 dollars.
BinaryX operates on the Binance Smart Chain (BSC), a peer-to-peer (P2P) platform designed to run games, smart contracts, and transactions efficiently and economically, as explained in Criptopedia (educational section of CriptoNoticias).
The BNX token is the currency of Web3 games such as Ai Hero, Pancake Mayor, and Cyber Dragon. It is used to make transactions within that environment, allowing participants to buy and sell non-fungible tokens (NFTs) such as characters, equipment, and lands.
Additionally, asset holders have the right to vote on decisions on the platform such as changes to the game rules or the development of new features.
On July 17, 2024, the BinaryX development team proposed a vote among members of your community to Reduce the BNX supply limit from 2.1 billion to 580 millionwith the aim of improving the sustainability of the project. “This decision will increase the scarcity and market value of BNX, ensuring the attractiveness and long-term sustainability of our project,” he said. reported after the initiative was approved.
By reducing the amount of unminted tokens, assets that have not been created or released to the market, the number of assets that could be available is limited. By the law of supply and demand, A lower amount of BNX in circulation can lead to an increase in its price.
The development team also plans to redistribute 240,226,239 tokens to strengthen the growth of the project and reward users.