Find out how much Binance Coin (BNB) will be burned for Quarter 5, plus a message from CZ for the recently concluded quarter.
Fellow Binancians,
For this quarter, the first one after a full year of operations, we will burn 1,643,985.16 BNB, or roughly US$17,000,000.
We have seen lower trading volumes in Q5 compared to the previous quarter, in line to the overall cryptocurrency market activity for the period. This has resulted in fewer profits than previous quarters. In addition, BNB generally held its price during the latest quarter, contributing to the lower burn amount.
In addition, we would like to emphasize that we recently adjusted our quarter periods to natural quarters. This means that Q5 ended September 30, therefore excluding the trading volumes between October 1 and 15 from the computation of profits and BNB burn. During the first half of October, the two weeks excluded from our profit and coin burn calculations, the market saw increased volatility and trading volume.
Overall, the cryptocurrency market has been extremely stable during most of the latest quarter. This stability translates to less price volatility, which then results to lower trading volumes. Regardless of the market conditions, we at Binance continue to work hard and focus on building better blockchain solutions.
For a fast and simple explanation of coin burns (we also wrote about it in a previous update), check out this simple video from Binance Academy:
As Binance Academy shows, Binance is more than a cryptocurrency exchange. Our mission of spreading the freedom of money drives our many activities across the Binance ecosystem, from supporting BUIDLers through Binance Labs to spreading blockchain knowledge through platforms such as Academy and Binance Info. We have even entered into partnerships and M&A opportunities, like acquiring Trust Wallet as the official crypto wallet of Binance and investing in TravelbyBit to make crypto like BNB usable in all the airports in the world.
This overall mission also informed our decision to change our listing fee policy — making all listing fees transparent and donating all listing fees to charity. We are strongly supporting the use of blockchain for social good, through the Blockchain Charity Foundation (BCF), which has already done great work building partnerships with Malta President Marie-Louise Coleiro Preca and the United Nations Development Programme.
For those of you who are concerned about the impact of this listing fee update to future BNB burns, I would say that it will not have a large impact on our profits, as trading volumes play a bigger factor in our revenues. Regardless, we believe that in the long run, the increased adoption led by our social impact efforts will be positive for all of us Binancians.
— CZ