Breaking News
0

Binance Completes Quarterly Token Burn, Opens New Community Coin Round

Cryptocurrency NewsJul 19, 2018 01:41AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
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.


This article appeared first on Cryptovest
Binance Completes Quarterly Token Burn, Opens New Community Coin Round
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email