After record Q1, Binance has cumulatively burned 10% of BNB's supply
April 18, 2020, 2:23AM EDT
1 min read
Crypto exchange Binance has today completed the 11th quarterly burn of its BNB tokens.
Binance has burned $52.5 million worth of BNB in Q1 of 2020, a 35.2% increase from $38.8 million in Q4 of 2019.
The Q1 BNB burn is the largest burn Binance has ever made - both in terms of BNB and USD. Binance has so far burned a total of 20.12 million BNB (an equivalent of $298 million) in 11 burn events, which represent about 10.1% of the total supply of 200 million.
Notably, Binance no longer burns BNB based on its profit but does so based on its self-reported volumes.
Historically, Binance’s revenue has been mainly transactional, meaning that it has relied on spot trading volume. According to The Block Research, Binance has recorded its second-best quarter yet in terms of spot trading. Its spot volume has grown by nearly 91% in Q1 to over $150 billion as compared to $80 billion in Q4. The futures volume has also seen sustained grown month-to-month and grew by nearly 190% in Q1.
Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency.
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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The securities regulator for Alabama issued a show-cause order on Thursday to crypto lender Celsius, seeking an explanation for why its offerings don't constitute the sale of securities under state law.