BinaryX is a GameFi platform that develops and hosts blockchain-based games, integrating principles of decentralised finance (DeFi). It functions both as a developer of blockchain games and as an Initial Game Offering (IGO) launchpad for other game developers. The platform aims to combine gaming with DeFi elements to create an engaging ecosystem for users.
BinaryX operates on the Binance Smart Chain, utilising a Proof of Staked Authority (PoSA) consensus mechanism to select validators for transaction security and network efficiency. The platform leverages smart contracts to manage game logic, token distribution, and the creation and management of NFTs. BNX tokens serve multiple roles within the platform, including in-game transactions, DAO governance, and community rewards.
The BNX token can be used for several purposes, such as:
BinaryX was established in May 2021, originally as a decentralised derivatives contract platform. It shifted focus to GameFi, launching notable games like CyberDragon and CyberArena. Major milestones include the launch of BinaryX DAO, and significant updates to its economic model and tokenomics. The BNX token underwent a split in February 2023 following a DAO vote. The platform has built a strong market presence, backed by significant partnerships like those with Binance Labs.