Binance Burns 1M+ BNB, CEO CZ Reveals What's Driving The Price Of The Token

Binance Burns 1M+ BNB, CEO CZ Reveals What's Driving The Price Of The Token

April 16, 2021

Binance exchange has given its native token holders another reason to celebrate holding BNB. In its latest quarterly BNB burn, the exchange has set a record with a total of 1,099,888 BNB wiped out from the total supply.

Binance Coin (BNB) has been one of the best performing altcoins in the market. Earlier this week, the now third-ranked coin reached an all-time high of $638. Unable to sustain gains, the coin has since slipped below $600. Bulls will be confident that following the record BNB burn registered a few hours ago, the altcoin will retest this high in the coming days.

The latest BNB to be burnt is significantly smaller than the last 6 periodic burns. But due to the rise in BNB prices, its US- dollar equivalent is a record $595,314,380, making it the highest ever.

With crypto adoption skyrocketing in the first quarter of the year, both Binance and BNB saw significant growth. In the last 3 months, BNB price climbed from $38 to a high of $638. Binance exchange recorded a 260% growth in traded volume and 346% in user registrations.

Binance Smart Chain gives another reason to hold BNB  

Binance Smart Chain – the exchange’s blockchain network – has seen tremendous growth in the past year. Seeing it as a viable Ethereum rival has continued to attract new projects and users. BNB token has gained from this growth as it’s the native token of the platform.

As Binance CEO Changpeng Zhao has been sharing in a blog post, BNB’s rise has been hugely fueled by Binance Smart Chain. The network has significantly gained from DeFi with the market leader Ethereum struggling to scale and keep transaction fees low. 

PancakeSwap, the leading DEX on Binance Smart Chain, has been part of this journey gaining more than 11,286.93% in the last 5 months. The chain’s dominance has been evident in every avenue starting with the daily transaction. BSC has recorded 4.9 million daily transactions, an incredible 300% more than Ethereum’s all-time record.

New unique addresses in the last eight months reached 64 million. Ethereum currently has 148 million addresses, proof that BSC is growing at an unprecedented speed. In the same period, the chain has hosted over 450 projects.

The CEO also highlighted the significant role that the chain had played in the growing number of dApp wallets. Across all platforms, there was a +639%. BSC had an average of 105,000 daily active wallets. Across the entire market, daily active wallets stood at 458,000.

CZ Binance celebrates notable innovations

Although BSC has been the most successful product, Zhao also celebrated other innovations that have contributed to the rise of the company. Some of these include Binance Pay, a service that allows for borderless peer-to-peer payments and merchant-based transactions and supports over 30 currencies.

Equally innovative is the launch of the Binance card which allows customers to pay for goods and services directly in more than 60 million outlets. The CEO also celebrated the launch of Binance Lite, which is a simpler version of the trading platform. This has made it easier for new users to buy, sell and deposit cryptocurrencies.

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