Find out straight from CZ about how many Binance Coins are being burned for the recently concluded quarter and his thoughts on the current market.
For the sixth iteration of the burning of Binance Coin, we at Binance are burning 1,623,818 BNB. This recent burn corresponds to the period between October 1 and December 31, 2018. This figure is quite close to the 1,643,986 BNB amount we previously burned in our fifth BNB burn.
Even with the similar coin burn figures, it is worth noting that the final quarter of 2018 brought significant changes in the cryptocurrency landscape. For instance, the dollar value of our sixth BNB burn is about $9.4 million, compared with $17 million during the previous period.
With the Bitcoin price drop last November, most other coins, including BNB, dropped with it. I’d like to point out that we earned roughly the same amount in BNB (or even BTC) terms across the two recent quarters.
I am not much worried about this market-driven movement. Markets always overreact. Around this time last year, the market overreacted too much on the positive side. I am hoping that this year, the market overreacted too much on the negative side, but you never know. I do know that, in the long run, the BUIDLers win. People who consistently work hard to create value, day in and day out, during both bull markets and bear markets, will eventually win. That’s our focus, it’s long term.
Regardless of market overreactions, during the peak of last year, we did not over hire. Even during the recent bear markets, Binance never had any layoffs. We have been steadily growing in headcount. We are hiring.
And we do have a lot of things we’re BUIDLing. I am super excited to add more fiat on-ramps, especially in big markets like Europe and Asia. We believe the easier we make it for people to convert from fiat to crypto, the faster our industry will develop and grow. Kudos to our teams and partners that make these on-ramps possible across different areas around the world.
Speaking of BUIDL, another thing that I’m excited about is Binance Chain and Binance DEX, which will launch soon. From a tech standpoint, it is a major development for the Binance ecosystem. From an earnings standpoint, Binance DEX will not directly increase profitability for Binance, but it will certainly increase the utility of BNB in a big way. That should be good for BNB holders. Binance is also a larger holder of BNB, so we benefit the same way as all BNB holders. The more people using Binance Chain, the more value is created, or the more successful we all become.
Those are just some of the things I’m excited about to start 2019. See you at Binance Blockchain Week this weekend!