Binance Review, Month 45: Record Burn

During Binance’s Month 45 (March 15 to April 15, 2021), $593 million worth of BNB has been burned, Binance launched stock tokens, while BNB Smart Chain recorded 5 million daily transactions, as the overall crypto market rises to $2 trillion.

The Big Story: Record Burns and New Stock Tokens

Between March 15 and April 15, the crypto market soldiered on top new record highs. The market capitalization of the entire cryptocurrency market breached $2 trillion, just a few months after it recorded its first trillion. Bitcoin was getting close to $65,000, while Ethereum briefly breached $2,500 and BNB went on another tear from sub-$300 levels to as high as $600.

During its 45th month, Binance also made records of its own. For its 15th quarterly BNB Burn (January to March 2021), a total of 1,099,888 BNB, equivalent to $595,314,380 worth of tokens, have been burned — the highest burn amount in fiat terms ever. Read about Binance CEO CZ’s thoughts on the rise of BNB Smart Chain (BSC), the crypto bull run, and more on this article.

Speaking of BSC, the native blockchain of BNB reached as much as 5 million daily transactions, 4x the transaction count of Ethereum. The BSC landscape continues to grow by leaps and bounds, with several of the DeFi projects using BSC notching records of their own.

Shortly after the burn, Binance introduced Stock Tokens. Now, you can access both cryptocurrency and traditional stock markets, all from the comfort of your Binance account. The first stock token on Binance is Tesla Inc. (TSLA), which has a minimum trade size of one-hundredth of a stock token, representing the same fraction of a Tesla share. 

Amid all the growth within and outside the Binance ecosystem, we have renewed our commitment to Customer Service upgrades. In a recent personal letter addressed to our community, Binance CEO CZ addresses our ongoing efforts in meeting growing customer service requests and how we are scaling efforts to improve our user experience. 

In Other News

Week 1 Highlights

- Add Liquidity to Binance Liquid Swap’s Stable Pools, Earn BNB Rewards. Now, you can lock your BNB asset in any stable liquidity pool of Binance Liquid Swap during the activity period to earn triple rewards, including interest earnings, trading fee rebates, and BNB yield farming rewards with one single action.

- Binance Convert: Making Crypto Transactions Quick and Easy for All. We recently launched Binance Convert, a new service where you can transform the cryptocurrency you hold into another cryptocurrency, in a matter of seconds. Binance Convert also powers the Convert function of the Binance app and is the main option for buying crypto on the app’s Binance Lite mode.

- Brave (BAT) joins the BSC ecosystem to accelerate DeFi adoption. Currently, Brave’s browser wallet supports Ethereum and BSC through a configuration change in the wallet, but Brave is now planning to preconfigure support for BNB Smart Chain later this year. This will allow users to access BSC without having to download additional apps, create new wallets, and update configurations in the Brave wallet.

Week 2 Highlights

- Welcoming our New Compliance and Regulatory Advisors: Two Former FATF Executives. Rick McDonell and Josée Nadeau will provide high-level guidance on Binance’s global compliance and regulatory strategies. 

- Binance and CapBridge Financial sign MoU to Build Strategic STO Partnership. “By joining forces with CapBridge, Binance will be able to work with a fully licensed firm to broaden services securing compliance with local regulations,” said Binance CEO Changpeng Zhao (CZ). “We are looking forward to building a long-term partnership with CapBridge to diversify our offerings for users.”

- Binance Launches Online Chat V5.0. To enhance our customer support user experience we have completed an upgrade to the Binance customer service system and launched Online Chat V5.0.

Week 3 Highlights 

- Introducing the Tokocrypto (TKO) Token Sale on Binance Launchpad. During the token offering of 19th project on Binance Launchpad, a total of 201,406 participants committed more than 10.5 million BNB during the subscription period, representing an oversubscription of 567x.

- Binance Labs Leads $6M Strategic Round of Funding for the Moonbeam Network. This round of funding will be used to hire development resources, build additional integrations and developer tools, perform third-party security audits, and establish a market presence in Asia. These activities will position the team for the successful launch of the Moonbeam network in 2021.

Week 4 Highlights 

- Introducing the Binance Widget Broker Rewards System. We invite platform owners to become Binance widget brokers to share various benefits, such as additional revenue streams, exclusive perks, and more.

- Binance Charity donates $1 Million in crypto to UNICEF. Binance Charity has announced the world’s first crypto donation to UNICEF’s role in the global COVID-19 vaccine rollout—the largest vaccine procurement and supply operation ever undertaken.

Week 5 Highlights 

- BUIDL Reward Program Updates. In March, a total of 69 smart contracts received equivalent to 3% of gas paid by triggering their registered contracts. The sum of rewards this month is 1660.612294 BNB, which is about $1 million. 

- Building a new NFT platform with Media Publishares and VIDY. Binance will power the underlying technology for a new NFT platform catering to the fashion, arts, and music industries, in partnership with Media Publishares, publisher of Vogue, Esquire, Robb Report, and Buro in Singapore, and VIDY, a blockchain-powered digital advertising company.

- Binance Labs leads a $1.6 million investment round for MOUND. The investment in MOUND, the innovative team behind Pancake Bunny, is part of Binance Labs' ongoing initiative to promote DeFi and blockchain infrastructure and to support startup innovation.

Updated on July 27, 2022.