Binance News

Binance completes 17th quarterly burn

TL; DR Breakdown

  • The Binance team announced the 17th burn of 1335888 BNB tokens worth $639 million on October 18.
  • According to research from The Block and other sources, Binance saw an increase in the category position from 69.6% to 70.3%.

The Binance team announced the 17th burn of 1335888 BNB tokens worth $639 million on October 18. This is a 62% increase from their Quarter two burn, which saw them burn 1296728 tokens. Yet, it is also higher than Quarter one, which saw tokens worth $595 million destroyed. From the figures, it is evident that its quarter three profit was almost $3.15 billion.

Part of the its Statement read,

“The Binance team successfully burned 1,318,049 BNB (roughly $639 million) as part of the latest periodic burn. The 17th Quarter saw an additional 17 839 tokens that were effectively destroyed by our Pioneers.”

What the BNB token burn means

Every Quarter, Binance burns 100 million coins to reduce the circulating supply and make room for new coins. The burn targets 100 million BNB quarterly until 50% is discarded from flowing. The Binance team is a small, close-knit group that has not sold or used its tokens. The 40% allotted to them remains entirely intact and will be burned at the end of every Quarter as planned.

Binance is always looking for innovative ways to improve its service. The BNB Pioneer Burn Program will allow users who have lost their assets in isolated incidents an opportunity at recouping some value. For transparency’s sake, you can now see how many tokens were burned by this initiative every Quarter.

Binance is growing its position

The coin market has been growing steadily over the past three months. Based on a study from The Block and other sources, Binance saw a rise in the level rank from 69.6% to 70.3%.

As it turns out, the 70% is an underestimation when considering only legitimate exchanges.

Elsewhere, the firm’s research shows that the big exchanges have a higher ranking in their dataset than other sources do. So, it lowers estimates to around 50%. Nevertheless, the corresponding proportion is still very close.

Binance centers on the growth of the industry. They believe that the growth of the industry has notable implications on their growth as an organization. For that reason, they don’t view other industry players as competitors.

Binance prides itself as the industry leader in protecting the users’ security. They have worked hard over four years building trust with clients. This has seen the clients at the core of actions and resolutions that affect its operations. This means that they create great products for everyone and keep them safe from harm.

This post was last modified on October 19, 2021 7:07 pm

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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