The number of quarterly burned tokens Binance Coin decreased by 2 times
This Tuesday Binance Exchange reported the successful completion of the operation to incinerate its BNB tokens — the seventh since the company was founded.
This time, 829,888 BNBs were incinerated, which is approximately 2 times less than in the previous quarter.
- “Given the fact that the BNB rate has more than tripled over these 3 months, the equivalent in USD turned out to be significantly higher than in the previous quarter,” points out Binance CEO Changpeng Zhao. - It is necessary to take into account a few points. First, as the BNB price rises, the consumption of burned tokens becomes lower if other variables do not change. Secondly, the price of BNB began to rise even before the Bitcoin trend began to unfold a couple of months ago. This means that our users spent less BNB on paying commissions, which resulted in lower BNB revenues, while profits in USD grew over this time. Thirdly, with the latest rise in the price of Bitcoin, the company's profit in USD also began to grow.”
Next, Zhao recalls the company's success in the last quarter, including the Binance Launchpad campaigns, the launch of a decentralized exchange in a test network, the opening of new crypto-fiat sites, and a charity program in support of Uganda’s children.
BNB this Tuesday lost about 3%, remaining in positive territory by about 6% in a weekly dimension.