Binance and its affiliates have had a stellar quarter with the launch of several new developments that were lauded by the community. Keeping with the script, Changpeng Zhao, the CEO of Binance recently tweeted that the company will be decreasing the total supply of Binance Coin [BNB].
This move was in conjunction with the proposed BNB airdrop where 800 BNB tokens and 30.8 million ERD tokens amounting to $220,000 were transferred. Following CZ’s tweet, Tommy Mustache, a popular cryptocurrency proponent tweeted:
“The trading volume in Q2 2019 should be a lot more than Q1 due to the run up in bitcoin price and a handful of other major alt coins. Where does the BNB gas money go from all the tokens on the BEP2 chain that are being transacted such as the DEX gas fees? The node operators?”
Binance’s performance has been so noteworthy that the company recently went through the best month ever. Larry Cermak, the Director of Research of The Block also commented on BInance’s performance, stating:
“Binance has so far burned ~11.7M of BNB in seven burn events, which represents less than 6% of the total supply of 200M. In Q1 2019, Binance brought in approximately $78M in profits. In total, the exchange had made $733M in less than two years of its existence.”
According to analysis, BNB has outperformed and on June 22 the price hit an all-time high of $39.5 which was a 60 percent increase since January 2019. Along with the coin burn, Binance will also distribute 16 million unfrozen BNB tokens to its team, a value transfer amounting to $539 million.
Despite the latest records, the following months are speculated to negatively impact Binance because of the company’s September 12 deadline. Binance had earlier announced that from the proposed date, the cryptocurrency exchange will stop accepting users from the United States. To include residents from the US, Binance will be launching its own subsidiary dubbed ‘Binance US’. Binance’s official blog had informed:
“Binance is unable to provide services to any U.S. person. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”