Binance Just Burned 2,061,888 BNB, CZ Reflects on Q3 2019

Binance just completed the 9th BNB burn. The 2,061,888 BNB coins burned is worth approximately $36.7 million, which means that Q3 2019 was the second most profitable quarter in Binance's history, as can be seen in the table below:

Binance - BNB Burn Table - Oct 2019.jpg

So, Changpeng Zhao (aka "CZ"), Co-Founder and CEO of Binance, took this opportunity to share his thoughts with the Binance community. Below, we highlight some of the most interesting comments made by CZ in his blog post:

  • The number of BNB coins burned in Q3 2019, i.e. the 9th burn, is 2,061,888, which "represents significant growth." (The amount of BNB burned in Q2 2019, i.e. the 8th burn, was 808,888.)
  • CZ believes this growth is due to introduction of new features/services such as margin trading, futures trading, and new fiat on-ramps.
  • Binance plans to keep the promise (made in the Binance whitepaper) of continuing to burn the BNB in its possession until there is only 100 million BNB left. (This means Binance still has to burn 85,475,866 BNB.)
  • Binance Futures has been a huge success, having "already recorded higher volumes than the Binance spot market." CZ says that, according to blockchain analytics firm Skew, as of yesterday (October 16), Binance had the second-highest 24-hour trading volume among crypto futures exchanges:
  • CZ also notes that Binance Futures has "the lowest fees of any futures platform in the market, with just 1 bps in taker fees."
  • Binance plans to add more Binance USD (BUSD) pairs on Binance.com, Margin, Futures, and Binance DEX. Interestingly, CZ says that BUSD, which was only announced on September 5, is one of the USD-backed stablecoins accepted by the Government of Bermuda for "payment of government taxes, fees, and services" (just like its competitor USDC).
  • The BNB ecosystem has grown significantly:

BNB Usage in Oct 2019.jpg

  •  To CZ, it does not make "much sense" that the BNB price has "declined from its ATH near the beginning of the quarter." However, he is not discouraged by this, and believes that the key to Binance's continued success is continuing to BUIDL "furiously":

We still very much strive to be the financial infrastructure provider for tomorrow, and work hard to bring the freedom of money to the masses. We will continue to hunker down, and BUIDL. I know for a fact that the long-term winners are the people who build products that other people use, and we intend to continue to do that furiously.

  

All Images Courtesy of Binance