Binance Completes Quarterly Token Burn, Opens New Community Coin Round
Cryptovest
Published Jul 19, 2018 01:36AM ET
Binance Completes Quarterly Token Burn, Opens New Community Coin Round
Binance distributed quarterly earnings through completing another burn of Binance Coin (BNB). This is the biggest quarterly token burn on record, in effect distributing $30 million to BNB holders:
https://twitter.com/binance/status/1019580314077749249
WIth the latest token burn, the supply of BNB falls to around 114 million. After the news, the price of BNB slid a bit to $12.95, as the markets turned to the red again. BNB has appreciated significantly in times of Bitcoin price drops, as it was used as a risk hedge or a safe haven.
The active trading on Binance elevated the yearly gain to the equivalent of $500 million in trading fees, which are incurred in Bitcoin or other assets, but there are lower fees for using BNB pairings.
Binance continues to be one of the important hubs in the cryptocurrency space, especially as Tether (USDT) gains importance. The presence of the largest USDT wallet on Binance has helped lift the share of Tether trading to 20% of all crypto deals.
Binance also helps popularize up and coming digital assets. The price of Ardor (ARDR) still soars after the listing, boosted possibly by bot trades aiming to make use of the initial enthusiasm. ARDR is back up to $0.22, gaining more than 19% net overnight. Binance now trades 20% of ARDR assets, but the high volumes may be an anomaly that will not repeat after the listing gets older.
https://twitter.com/binance/status/1019556969940594689
Binance may also increase its list of coins with new propositions for a community coin - a listing based on voting, not requiring a fee. Community coin rounds allow assets that are older a listing on Binance, where there is a large community, but no large fundraising through an ICO.
Owning BNB gives more weight to votes, and may sway the direction of the community vote. For now, there is no list of candidates for the next round.
Binance remains the top exchange by volumes, with trading reaching above $1.8 billion according to data from CoinMarketCap. Accusations for fake volumes have been set against Binance. However, its consistent presence at the top is not like that of up and coming exchanges, who only see a rise to higher positions on separate days, sinking again to very low activity.
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