Exchange cryptocurrency Binance reported the successful third quarterly burning Binance private token Coin.
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Binance 3rd Quarterly $BNB Token Burn https://support.binance.com/hc/en-us/articles/360002684252 …
16: 08 - 15 APR. Two thousand eighteen
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The destruction was 2 220 314 BNB for a total of about $ 30 million, representing 20% of the company's revenue for the last quarter.
As CEO Binance changpeng Zhao notes, in dollar terms, the amount was less significant than in the previous quarter, in Binance Coin – more. He explained this by the fact that trading volumes in the cryptocurrency market, including Binance, have recently decreased, which is why the exchange has collected fewer commissions in Fiat. However, the price of Binance Coin also decreased.
"This is an established property of the economy of our token. The lower the price, the faster destroyed BNB " - writes Zhao.
As in previous cases, after the official confirmation of the burning of coins, traders pursuing a short-term benefit, hurried to get rid of the asset, along with its price went down.
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At the same time, Zhao notes that relative to other cryptocurrencies, the price of Binance Coin has been holding pretty well all this time, which is why many market participants began to consider the exchange's own token as a tool for protecting assets during the period of increased volatility.
CEO Binance also reported that the competition Binance Dexathon take part more than 20 teams that are working to create a decentralized exchange. Currently, Binance Coin is an ERC20 token on the Ethereum blockchain, however, with the release of Binance Chain BNB, it will become a cryptocurrency on its own blockchain.