Binance brought in $78 million in profits in Q1, up 66% quarter-on-quarter

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Based on The Block’s calculations, Binance brought in a total of $78 million in profits in Q1 2019. In Q4 2018, Binance generated approximately $47 million in net profit meaning that profit in Q1 is up 66% quarter-on-quarter.

While Binance doesn’t disclose its financials, the profits can be deduced fairly easily by looking at the quarterly burns. Binance announced today that it burned nearly 830,000 BNB, which represents 20% of its net profits in Q1.

So far, Binance has had seven quarterly BNB burns, in which it destroyed a little over 11.6 million BNB. In total, Binance has brought in approximately $733 million in seven quarters of its short existence.

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Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
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Aug 11, 2021, 5:18PM UTC
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