The burn subjected over two million (2,061,888) Binance Coins, which amounts to over thirty-six million dollars ($36.7M). It is reported that the company had made around one hundred and eighty-six million dollars ($186M) in Q3.
Over fourteen million (14.5mil) BNB tokens have already been burned out of the two hundred million (200mil) that were initially printed. The exchange has plans of burning half of the BNB tokens.
Huobi’s previous burn from Q2, had over fourteen million (14M) Huobi Tokens, with a value of fifty-three million dollars ($53M). While Binance burned over eight thousand tokens, which were valued at over twenty-three million dollars ($23.8M).
Binance vs Huobi: The saga continues
Livio Weng, the Chief Executive Officer of Huobi Global, has claimed that their token is obligatory for the Huobi ecosystem.
While the development of the token burns shows how the community is actively participating in providing the clientele with better services, lower charges, and a more safe and secure trading platform. Well, it appears the Binance vs. Huobi token war has benefits for users so far.
The new platforms of Huobi have exceeded the twenty-four-hour (24H) trading volume for big competitors, while the exchange has launched the following three:
- All-Star VIP Fee Structure
- Prime Products
These will make people participate more actively in the Huobi Token. Huobi has gone through around four hundred and sixty-five million dollars ($465) after two burns. While Binance may come around a little short of three hundred million dollars ($300mil).
Livio Weng has claimed that Huobi had outperformed its rivals, especially with its speed and quality of the services provided.
Changpeng Zhao, the founder and the Chief Executive Officer (CEO) of Binance, has emphasized on Binance token’s utility. The CEO explained that Binance does not spend on buying BNB burn, while pure burns depict a healthier and transparent exchange.
Binance has recently found its competitor, which means a healthier future and the ecosystem.