BinaryX

What is BinaryX (BNX)?

BinaryX is a dynamic GameFi platform with multiple successful blockchain-based titles under its belt.

Already well-known in the industry thanks to the success of CyberDragon and CyberArena, BinaryX has evolved from a developer to a full-development platform.

BinaryX began as a decentralized derivatives platform but has evolved with the times. Thanks to the burgeoning interest in Web3, Metaverse, and GameFi, BinaryX pivoted into on-chain game development.

While DeFi boomed in 2020, it was GameFi’s turn in 2021. One of the main principles of GameFi projects like BinaryX is that players store in-game assets as NFTs. This principle and the technology behind it allow full player ownership of these digital assets.

Now, BinaryX is broadening its horizons even further. With its innovative IGO (Initial Game Offering) and crowdfunding platforms, BNX aims to spur the growth of the GameFi industry as a whole.

When Was BinaryX Launched?

BinaryX first launched as a decentralized derivatives protocol based on Binance Smart Chain and Ethereum in May 2021.

This early iteration of BinaryX launched when DeFi (Decentralized Finance) was the talk of the cryptocurrency town. According to an early Ask me Anything (AMA) with the community, team members claimed that the BNX token would have a fair launch with no IDO (Initial DEX Offering) presale. They also revealed that an NFT Auction product was on their roadmap.

In July 2021, just two months after launching as a DeFi platform, BinaryX announced the upcoming launch of a play-to-earn MMORPG Metaverse game on BSC. This project was CyberDragon, which launched in August of that year.

In September 2021, BinaryX announced a strategic partnership with Binance JEX. This would include a token swap and additions to BNX/BUSD liquidity on the PancakeSwap DEX by the BinanceX team.

Early in 2022, BinaryX DAO went live. It became one of the first GameFi projects to incorporate the DAO governance mechanism.

Who are the Founders of BinaryX?

BinaryX’s developers are anonymous. Aside from their claims that they’re a diverse team with significant blockchain experience, little is known about them.

How Does BinaryX Work?

The traditional game industry is mature, and game developers have access to tools, freedom, and infrastructure at all stages of the process.

According to the BinaryX whitepaper, Unreal and Unity are examples of dev tools. Steam and Epic provide platforms for publicity and sales, and AWS and Google Cloud provide hardware support for online games.

Taking it a step further, WCG and ESL are tournament and exhibition platforms. By bringing all these elements together, game developers can focus on creativity and game design. BinaryX posits that devs in the Metaverse and GameFi areas still need to take care of all of these other elements themselves.

This is the core problem that BinaryX, in its evolved state, attempts to solve. By providing game developers with a comprehensive GameFi layout, they can focus on building great games.

With this vision, BinaryX has already put several of the pieces together. The ecosystem features a GameFi asset trading platform, with these assets coming in the form of non-fungible tokens (NFTs) that players own outright.

BinaryX also has its own high-speed sidechain optimized for GameFi use cases, allowing players to make lightning-fast transactions with minimum fees.

Then, there’s the game development platform for other GameFi teams to develop and optimize their projects and an IGO platform to help them launch.

What Makes BinaryX Unique?

BinaryX is one of several major projects in the GameFi and play-to-earn (P2E) space and is already building out a thriving ecosystem.

The team behind BinaryX has shown its agility in pivoting and expanding the bounds of the project to suit the needs of the market. Rather than just developing games, it is a platform builder and incubator as well.

The BinaryX IGO platform is one of the most exciting elements of the project. BinaryX users can use the BinaryX launchpad or launchpool to invest in and help exciting new third-party games get off the ground.

With the launchpad, BNX token holders can vote to decide on whether a game gets listed. Participants in the voting receive rewards, including (but not limited to) game tokens and NFT airdrops.

NFTs are a huge part of GameFi since they allow players to truly take ownership of in-game assets. This is something that many publishers seem resistant to, but adoption of the idea appears to be growing.

BinaryX has a foot very much in the door with its GameFi asset trading platform or NFT market. This allows gamers to trade GameFi assets of third-party as well as BinaryX’s own games. However, there is plenty of competition in this domain from the likes of Enjin, ImmutableX, and even leading retailer GameStop’s NFT marketplace, all of which are bustling with business.

Even with BinaryX’s shifting focus toward developing the industry as a whole, it remains an active developer of games as well. In September 2022, they announced the launch of CyberChess, a GameFi take on one of history’s most beloved pastimes.

How is the BinaryX Network Secured?

BNX is a BEP-20 token on the BNB Smart Chain. This means that BNX token balances and transactions are not secured by their own blockchain but by that of Binance.

The Binance Smart Chain uses a consensus mechanism called proof-of-staked authority (PoSA). As a variation of proof-of-stake (PoS), PoSA allows for very short block times and low costs by limiting the number of validators on the network.

BSC has 21 validators vetted by Binance. These are the 21 top stakers of BNB tokens on the network, meaning that they have a lot to lose if they misbehave. On the other hand, they also have rich rewards in BNB to gain if they perform well as validators.

Meanwhile, the BinaryX sidechain also uses PoS consensus but with BNX as a native token. BNX stakers and node operators are incentivized with more favorable gas fees on the sidechain and incentives from the BNX treasury.

The BinaryX sidechain is two-way interoperable with the BNB Smart Chain, with users being able to transfer assets between the two quickly and easily.

BinaryX was also audited by CertiK, earning a Skynet Trust Score of 92 out of 100. The auditing firm highlighted the project’s longevity and its relative decentralization.

What is the Use of BNX?

BinaryX deploys an innovative multi-token model, but BNX is of prime importance because of its role in securing and governing sidechains. BNX is also used as the settlement unit in all BinaryX games and applications.

Stakers of BNX on its sidechain also tend to view BNX as a source of passive income. This is because they are rewarded by the BNX treasury for their contribution toward network governance and security.

The Gold token is also used in BinaryX’s applications for hero upgrades, treasure chest purchases, and so on. Crystal tokens are also used as an in-game currency for different means, with both tokens’ economics based on how they are used by BinaryX’s growing stable of games.

Who Controls BinaryX?

BinaryX has established the BinaryX Decentralized Autonomous Organization, the membership of which is defined by BNX token holdings. BNX holders that form part of the DAO participate in ballots and platform governance, decide on dividends and airdrop ratios, and much more.

This gives the BinaryX community and token holders a seat at the table when it comes to the developmental direction of the platform. However, the BinaryX DAO’s powers seem to be limited, with overall control remaining in the hands of the BinaryX team.

How Much BNX Is In Circulation?

BinaryX provides very little information on its “tokenomics,” but according to public sources, the project has a maximum supply of 21 million BNX tokens.

BinaryX also has a treasury, which is funded by contributions from the team, game income, sidechain income, IGO platform income, and profit from strategic investments. These treasury tokens are allocated for different purposes, including staking rewards by the BinaryX DAO.

How Do You Buy BNX?

You can buy BNX on several centralized exchanges and some decentralized exchanges on the BSC blockchain. PancakeSwap is one of the best DEXs for BNX, with significant liquidity available on the BNX/BUSD trading pair.

You can also buy BNX with other currencies depending on the platform, with the Binance cryptocurrency exchange offering a variety of pairs, including BNB, BTC, and USDT.

Is It Possible to Buy BNX Instantly?

You can buy BNX almost instantly using PancakeSwap, with the added benefit of taking immediate settlement since DEXs work on-chain. You can also buy BNX immediately when you use a centralized exchange like Binance or KuCoin.

How Do You Store BNX?

You could store BNX on your account at a centralized exchange, but then you’re missing out on actually using the token. BNX can be staked on BinaryX and used in governance, but you’ll have to use a hot wallet like Metamask or Trust Wallet for that.

To use BNX within BinaryX’s applications and games, you will also need to store your BNX tokens in a wallet of your own.

BinaryX Energy Consumption

It can’t be said that BinaryX incurs any sort of significant energy consumption since its main network infrastructure is composed simply of a sidechain. In the interest of speed and scalability, most sidechains are proof-of-stake, which also means low power draw.

BNX is a BSC-based token, but this, too, isn’t a big consumer of power. In fact, BSC has such a limited number of validators that any criticism it faces tends to be regarding centralization, not anything else.

Is BNX a Good Investment?

BinaryX is an exciting project for many because the team behind it has proved that they can pivot fast and take advantage of trends. The ambition of the project is also apparent, as it shifts gears swiftly from derivatives to game development and now to ecosystem mainstay. The apparent support of an industry titan in Binance also goes a long way.

However, there are also significant risks when it comes to investing in BNX. First and foremost, transparency doesn’t always appear to be the project’s strong suit. From the fact that the team is relatively anonymous to the fact that tokenomics aren’t clear and that there’s very little information about vesting and circulation, BinaryX seems to be relatively opaque.

To investors that can stomach this sort of risk, BinaryX could certainly be a worthwhile punt. The BinaryX team’s several launches of working products very much speak for themselves.