The number of Binance Coin tokens burned on a quarterly basis decreased by 2 times
Cryptocurrency exchange Binance this Tuesday announced the successful completion of an operation to burn its BNB tokens – the seventh since the company was founded..
This time, 829 888 BNB were incinerated, which is approximately 2 times less than in the previous quarter.
“Considering the fact that the BNB rate has more than tripled over these 3 months, the USD equivalent was significantly higher than in the previous quarter,” notes Binance CEO Changpeng Zhao. – There are several points to consider. First, as the price of BNB rises, the consumption of the tokens burned becomes lower if other variables do not change. Secondly, the BNB price started to rise even before the Bitcoin trend began to reverse a couple of months ago. This means that our users spent less BNB on paying fees, which resulted in lower BNB earnings, while USD earnings were growing over this time frame. Third, with the latest rise in the price of bitcoin, the company’s USD-denominated profits have also started to rise. “.
Zhao goes on to highlight the firm’s recent quarterly successes, including campaigning on Binance Launchpad, launching a decentralized exchange on the testnet, opening new crypto-fiat markets, and running a charity program to support Ugandan children..
BNB lost about 3% this Tuesday, staying in positive territory by about 6% on a weekly basis.
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