The Binance exchange has completed its 11th quarterly burn today. Accordingly, Binance burned 3,373,988 BNB (roughly $ 52,466,000 equivalent), which is a 35.2% increase from $ 38.8 million in Q4.
?#Binance Chain Turns 1! ?
?80,000,000 block height
?77,000,000 transactions executed
?480,000 addresses
?110 tokens listed on @Binance_DEX
?135 trading pairs ( $BNB, $BTCB, Stablecoin & alternative trading markets)
?800,000,000 USD trading volumehttps://t.co/Oky62yKgY9— Binance (@binance) April 18, 2020
Binance has cumulatively burned 10% of BNB supply
The 11th quarterly burn is the most significant burn Binance has ever made – both in BNB and USD. So far, Binance has burned 20.12 million BNB (equivalent to $ 298 mln) in 11 burn events, accounting for about 10.1% of the total supply of 200 million.
Binance posted its announcement of the event. The statement says that the 11th burn represented business activity from the first quarter of 2020. During this quarter, Binance Futures became the largest crypto futures exchange in the world by volume, with a total of 24 perpetual contracts.
Binance also managed to maintain its position when it comes to spot trading. The exchange points out that it offers more than 600 trading pairs. At the same time, Binance made plenty of innovations, such as the introduction of multiple fiat-to-crypto channels.
Binance’s significant progress in Q1 2020
At this time, Binance offers 42 major fiat currencies, which users can deposit via direct bank deposits, credit cards, and more.
Binance then provided a list of all of its other achievements in Q1 2020. Some of these achievements include the launch of Binance Cloud, the global launch of Binance P2P, and the expansion of its Binance Broker Program. Also, the exchange introduced Binance Widget, it brought innovations to the Binance Futures platform, and it acquired CoinMarketCap.
It also invested in South Korean BxB and Numbers, and it established a $50 million fund called Blockchain for India. Lastly, its charity arm launched a Crypto Against COVID project.
Historically, Binance only earned revenue from spot trading, but thanks to futures trading, lending, and P2P trading, the exchange started seeing more significant revenue. All of this allowed it to increase the amount of burned tokens in the 11th token burn.
According to SimilarWeb, Binance has recorded 66.6 million visits, marking an increase of 28% increase to Q4. In terms of spot trading, Binance recorded the second-best quarter. The spot volume has grown by nearly 91% from the last quarter — from $80 billion to more than $150 billion. The futures volume has seen sustained grown month-to-month and grew by nearly 190% in Q1.
Read more:
- Binance Will Be Adding Support For TomoChain (TOMO) Staking Starting From April 18
- CoinGecko Released Its 2020 Q1 Cryptocurrency Report, Found That Binance Now Dominates Almost Every Metric Available