• Crypto
    • Bitcoin News
    • Ethereum
    • Altcoin
    • Blockchain
    • Blockchain Companies
    • Cryptocurrency Exchanges
    • DeFi
    • Regulation
    • Press Release
    • ICO News
      • ICOs Review
      • Upcoming ICOs
      • Scam
  • Education
    • CryptoTicker Starter Kit
    • Blockchain For Dummies
    • Crypto entrepreneurs
    • Free Resources
    • Events
    • Events Review
  • Prices
  • Exchange Comparison
  • Newsletter subscribe

  • News

    • Bitcoin News
    • Altcoin
    • Regulation
    • Blockchain Companies
    • Blockchain
    • Cryptocurrency Exchanges
  • News

    • Ethereum
    • Events Review
    • ICO News
    • Press Release
  • Education

    • CryptoTicker Starter Kit
    • Education
    • Blockchain For Dummies
    • Crypto entrepreneurs
    • Free Resources
    • Events
  • Cryptoticker

    • About us
    • Advertise
    • Media Kit
    • Submit your Press Release
    • Contact
    • Membership Login
  • Social Media

    Facebook
    Twitter
    Telegram
    Youtube
    • Newsletter
  • Crypto
    • Bitcoin News
    • Ethereum
    • Altcoin
    • Blockchain
    • Blockchain Companies
    • Cryptocurrency Exchanges
    • DeFi
    • Regulation
    • Press Release
    • ICO News
      • ICOs Review
      • Upcoming ICOs
      • Scam
  • Education
    • CryptoTicker Starter Kit
    • Blockchain For Dummies
    • Crypto entrepreneurs
    • Free Resources
    • Events
    • Events Review
  • Prices
  • Exchange Comparison
Starter Kit Membership Search
English
English Deutsch
Menu
Search


Binance Blockchain

Binance Update: 13th Quarterly Burn And Binance Smart Chain

Posted On October 18, 2020 Taha Zafar 0

  • share 
  • share 
  • share 
  • tweet 
  • share 
  • share 

Leading cryptocurrency exchange Binance announced on Oct 17 that it has completed the 13th quarterly BNB token burn, which was also the largest ever in the exchange’s history so far, in terms of approximate USD value, however not in terms of BNB tokens. The team burned over 2.25M BNB tokens, representing 1.27% of the total supply and currently worth over $68M.

Binance 13th Quarterly Burn - Binance Official Infographic
Binance 13th Quarterly Burn – Binance Official Infographic

For comparison, the last Binance 12th quarterly burn, removed 3.4M tokens from the supply, worth over $60.5M at that time and totaling over 1.74% of the total supply. As of Oct 17, the available supply of BNB tokens is 144M, out of total 179M tokens.

Binance Executes 12th Quarterly Burn, Here’s Why The BNB Price Might Not Rise

Binance Mechanism Of Burn

Binance does the quarterly burn every quarter or three months, but the methodology of the burn remains unclear and unknown. It should be released in the public domain, for transparency and demonstration of good faith.

Twitter

By loading the tweet, you agree to Twitter’s privacy policy.
Learn more

Load tweet

Why does it matter? It’s important, because the purpose of the token burn is to reduce available supply and thus have a positive effect on the BNB token’s price. So, users need to be able to establish if the burn would have a positive effect on the token’s price.

Twitter

By loading the tweet, you agree to Twitter’s privacy policy.
Learn more

Load tweet

In the first case, a BNB buyback from the exchange using the company profits would allow the users to sell tokens to the Binance and earn profit in the ensuing buying spree. It would also reduce the circulating supply.

BNB Price Analysis: Binance Launches Staking, Binance Coin Price rises by 8%

Second case and one which is suspected, Binance burns tokens from the already held token reserves, not yet in circulation and hence the burn doesn’t have any positive impact on the token’s price, at least in the short and medium term.

Binance Smart Chain

In Q3 2020, Binance also launched the Binance Smart Chain – a new high performance and low fees blockchain platform with ability to implement smart contracts and bridged interoperability with Ethereum Virtual Machine (EVM).

What is Binance Smart Chain?

The following are the other main attributes of Binance Smart Chain :

  • Proof of Stake (POS) consensus: A variation of Proof of Stake. Yes, this means BNB will be used for staking soon!
  • Cross-Chain Transfer
  • Cross-Chain Contract Event (Trade, Transfer)
  • Block time ~5 seconds

BNB tokens have found additional use cases on the newly launched Binance Smart Chain. It’s used for executing transactions, paying for transaction charges, proposing and voting on new trading pairs, staking for governance on the chain etc.

Other developments carried out by Binance are:

  1. Creation of $100M USD accelerator fund for the chain, to bridge centralized and decentralized finance. There are six initial projects receiving funding.
  2. Also, the token canal project to support the issuance and usage of more assets on Binance Chain and Binance Smart Chain.
  3. The Panama project to allow users to bridge their cross-chain assets from wallets to Binance Smart Chain.
  4. Provision of $10M in liquidity support for BSC-ecosystem based projects and $5M to BSC-BUIDL rewards program to reward developers on the new chain.
  5. An initiative to help users who have mistakenly sent funds to smart contracts, they are refunded by the Binance team via “Pioneer Burn Program” and the tokens added to the next quarterly burn.

Follow CryptoTicker on Twitter and Telegram for daily crypto news and price analyses!

  • share 
  • share 
  • share 
  • tweet 
  • share 
  • share 

It is super easy to buy Bitcoin. Just take a look at our exchange comparison!

 

 

Follow us on Social Media and subscribe to our free crypto newsletter!

@Telegram
@Instagram
@Twitter 
@TikTok
@Facebook

Diskutiere mit uns!

About Trading @CT Trader
About Crypto in general @CT Inside

This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)

Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.

Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future. 

#binance 13th quarterly burn#Binance smart chain#BNB token



You might also like

Altcoin Crypto Cryptocurrency Exchanges

Racist Coin uses BSC – Will Binance become the next Ripple?
February 28, 2021
Binance Blockchain Crypto Ethereum

Binance Smart Chain Topped Up Ethereum’s Transaction – But Did It?
February 21, 2021
Crypto Cryptocurrency Exchanges DeFi DEX

DeFi On Binance Smart Chain: What is BurgerSwap?
September 17, 2020

More from Binance

Top 5 Performing Cryptocurrencies of the Week -(Week 30)
Posted On February 21, 2021 Prasanna 0

The crypto market is displaying a crazy drive at the moment. This post is all about top 5 cryptocurrencies that …

Binance Coin Hits New All-Time-High, What Lies Ahead
Posted On February 15, 2021 Santiago Burelli 0

If you have been following the market since December 2020, you would have seen dramatic positive gains in the cryptocurrency …

Bitcoin Surpasses $20K: Three Coins to Watch in the Coming Months!
Posted On December 19, 2020 Santiago Burelli 0

As Bitcoin surged past an all-time high of $20,000 on Wednesday, the sixteenth of December, 2020, many in the marketplace …

In order to support and motivate the CryptoTicker team, especially in times of Corona, to continue to deliver good content, we would like to ask you to donate a small amount. Independent journalism can only survive if we stick together as a society. Thank you


  • Top Broker

    Bybit
    bybit
    Review · Visit
    Plus500
    Plus500
    Review · Visit
    Skilling
    Skilling
    Visit
    PrimeXBT
    Prime XBT
    Visit
    FTX
    FTX
    Visit

    Top Exchanges

    Kraken
    Kraken
    Visit
    Coinbase
    Coinbase
    Review · Visit
  • Newsletter subscription




  • News

    • Bitcoin News
    • Altcoin
    • Regulation
    • Blockchain Companies
    • Blockchain
    • Cryptocurrency Exchanges
  • News

    • Ethereum
    • Events Review
    • ICO News
    • Press Release
  • Education

    • CryptoTicker Starter Kit
    • Education
    • Blockchain For Dummies
    • Crypto entrepreneurs
    • Free Resources
    • Events
  • Cryptoticker

    • About us
    • Advertise
    • Media Kit
    • Submit your Press Release
    • Contact
    • Membership Login
  • Social Media















    Newsletter


  • Imprint
  • Privacy Policy
  • Non-liability Disclaimer
©2021 CryptoTicker

Share

Share stories you like to your friends