Deep Dive
1. Spot Fee System Upgrade (30 Nov 2023)
Overview: BitMart overhauled its fee structure to reward BMX holders and high-volume traders with reduced rates.
The update introduced dynamic fee tiers based on three criteria: BMX holdings (including staked assets), total USD-equivalent assets, and 30-day trading volume. Users automatically qualify for the highest applicable tier, with BMX deductions offering an additional 25% discount. Class-A trading pairs initially had zero maker fees to boost liquidity.
What this means: This is bullish for BMX because it incentivizes holding the token for fee savings, potentially reducing sell pressure. The tiered system also encourages higher trading activity, which could increase platform revenue and subsequent BMX burns.
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2. Security Protocol Response (9 July 2025)
Overview: BMX Classic perpetual trading was paused preemptively after a third-party protocol exploit (GMX v1) to protect liquidity.
The team collaborated with GMX to isolate risks, keeping user funds secure. Redemptions remained available, but new positions were blocked until the threat was resolved.
What this means: This is neutral for BMX. While the swift action demonstrates robust risk management, the dependency on external protocols highlights systemic vulnerabilities in DeFi integrations.
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3. System Maintenance (13 Aug 2025)
Overview: BitMart suspended BMX/USDT spot and futures trading during a 3-hour upgrade to optimize performance.
The maintenance temporarily affected order placement, deposits/withdrawals, and asset transfers but excluded futures markets. Regular burns and fee mechanisms resumed post-upgrade.
What this means: This is neutral for BMX. Routine maintenance suggests ongoing platform improvements but caused short-term trading disruptions.
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Conclusion
BMX’s recent updates focus on incentivizing token utility (fee discounts) and operational resilience, though no major codebase changes have been disclosed since late 2023. How will BitMart balance protocol upgrades with expanding its exchange-centric tokenomics in a competitive market?