Binance Burns Biggest Volume of BNB Supply After Registering Highest Quarterly Volume
Binance, one of the largest and most popular crypto exchanges in the world has revealed that the first quarter of 2020 brought in the highest volume that the exchange has recorded since its inception.
— CZ Binance 🔶🔶🔶 (@cz_binance) April 18, 2020
Binance also went through its quarterly exercise of burning a portion of the BNB supply which has been a regular task as mentioned in their white paper. However, there was a slight change in the burning process where instead of 20% of the total profit, the amount of BNB is now decided with respect to the trading volume.
Binance burnt a total of 3,373,988 BNB, worth $52.4 million in its 11th quarter which is the highest amount of BNB burned to date and represented 1.69% of the total supply. For comparison, it burned 2.2M BNB worth $38M for its 10th BNB Burn. Binance has now burned 20.12 million BNB in total for 11 quarters which is estimated to be worth $298 million or 10.1% of its total supply of 200 million.
Binance Has Been Dominating All Sectors of Crypto Verse
Binance has grown in leaps and bounds and that has been possible mainly because of its dominance in almost any sector it sets its foot into. The crypto exchange has grown to become the number one player in the futures market in terms of trading volume with 24 perpetual contracts. The exchange is also leading the spot trading market with over 600 trading pairs.
The platform has added fiat-to-crypto gateway for over 42 fiat currencies thus making it easier for traders of these countries to directly trade crypto using their native fiat. The platform has also developed a great acquisition model where a significant portion of their profit is dedicated to the acquisition of new ventures.
Binance Ecosystem is Growing
The coronavirus pandemic has crippled most of the financial institutions and has started to show its effect on the crypto ecosystem as well, where many firms have resorted to cost-cutting and staff layoffs. However, Binance, on the other hand, has made several significant acquisitions in the past couple of months including one of the prominent crypto data provider CoinMarketCap.
Prior to that Binance managed to fulfill its dream of opening a physical office in China where the educational subsidiary Binance Academy partnered with Blockchain Technology and Industry Research Institute (Lingang Research Institute) with Lingang Group. The exchange also launched its Binance smart chain which would run on top of Ethereum blockchain and offer a truly decentralized experience
The exchange also launched a global peer-to-peer.platform with 12 fiat currencies making it easier for anyone to buy or sell crypto.