Binance – the world’s leading digital currency exchange announced on Apr 18 that it has completed the 11th quarterly BNB token burn, which was also the largest ever in the exchange’s history, in terms of BNB burned and FIAT volume. The team burned over 3,373,988 BNB tokens, representing 1.69% of the supply and currently worth over $52M (around $52,466,000). The high burn is indicative of Binance growing business in the Q1 2020, since the exchange uses its profits to burn tokens. The token burn is carried out to increase the value of existing tokens, since the deflationary activity removes the tokens in circulation.
11th $BNB Burn | First Quarter Highlights and Notes from @cz_binance
For our 11th quarterly BNB Burn, #Binance burned 3,373,988 #BNB, equivalent to 52.4 million $USD.
This is the biggest BNB burn ever recorded, in terms of both BNB and fiat volume. https://t.co/dDHk54J8Mp pic.twitter.com/GMw3oV3SDW— Binance (@binance) April 18, 2020
Binance was the second highest earning protocol in 2019. In the Q1 2020, it has since launched Binance Cloud (exchange creation service for third parties), Binance P2P (peer to peer FIAT-crypto conversion, expanded its broker program and integrated broker support for Binance Futures, introduced Binance widget, established $50M blockchain fund for India in collaboration with WazirX and invested in BxB and Numbers protocol. The Binance Futures also rose to the No. 1 spot in both trading volume and market share. Despite the economic slowdown, crypto trading volume at the exchanges as well as investments have actually risen, which explains the high profits and the resultant largest BNB burn for this quarter.
Binance Smart Contracts Platform – Binance Smart Chain
Binance has also announced the launch of a parallel blockchain Binance Smart Chain on Apr 17, alongside the existing Binance Chain and Binance DEX. The new blockchain would have the ability to implement programmable smart contracts. The press release also reveals that it would have interoperability with Ethereum and other characteristics of the Ethereum Virtual Machine (EVM).
The Binance Smart Chain will be a sovereign, cross compatible, low fees and high performance blockchain. It will feature on-chain governance via staking feature, relying on 21 validators providing transaction validation and decentralization. It will provide another use case for the native BNB tokens and reduce its circulating supply, since people will lock it for the staking mechanism. The BNB tokens are set to gain further value, going by the advancements in the Binance ecosystem.
#Binance Chain (@binance_dex) Community Releases Whitepaper for Enabling Smart Contracts
🔸 Smart Contracts
🔸 $BNB Staking
🔸 Open Source
🔸 EVM Compatible
🔸 Fast Block Times
🔸 Low Transaction Costs
Read the full Binance Smart Chain whitepaper here:
➡️https://t.co/UAB2XpFRTG pic.twitter.com/3qLZXSeqwD— Binance (@binance) April 17, 2020