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Binance Weekly Report: Record BNB Burn at $68M


In this weekly report (October 16 to 23, 2020): We burned $68 million worth of BNB in our 13th BNB burn and launched a new token on Launchpool.

Crypto Market Overview

Bitcoin hits $13K while the rest of the market follows. 

Bitcoin traded sideways around $11,500 last weekend. The most volatile period for BTC immediately followed its rise to $13,147 on Wednesday. Since then, it has been trading steadily above $12,900 on Friday. This sudden spike might have been caused by multiple events, notably PayPal’s decision to provide cryptocurrency services. 

Ethereum (ETH) wasn’t left behind. After moving sideways for the first few days of the week, ETH followed BTC’s uptrend, reaching $419 on Wednesday before dropping back to $409 on Friday. Meanwhile, BNB consolidated and kept a stable price, fluctuating around $30. The weekly low of $28.55 didn’t last too long, and BNB closed the week on Friday at $30.40. 

The total market capitalization of the cryptocurrency industry started the week at $354 billion, with steady growth throughout the week, before reaching $393 billion on Friday.

For more crypto-related news and updates, head over to the Binance News service. We now move to updates from the Binance ecosystem and beyond.

Binance Exchange Updates

1. 13th BNB Burn | Quarterly Highlights and Insights from CZ. For our 13th quarterly BNB Burn (July to September 2020), a total of 2,253,888 BNB, equivalent to $68 million USD worth of tokens, was burned. Binance CEO CZ also shared his thoughts on BNB Smart Chain and the emergence of DeFi.

2. Binance Launchpool Unveils CertiK (CTK). Users will be able to stake their BNB, BUSD and CTK tokens into separate pools to farm CTK tokens over 12-16 days using the new Launchpool format. Farming starts on October 23.


- Oct. 23: EasyFi (EASY) in the Innovation Zone

- Oct. 23: Audius (AUDIO)

- Oct. 21: Aergo (AERGO) and Injective Protocol (INJ)

- Oct. 20: FILUP & FILDOWN Binance Leveraged Tokens

4. Binance Pool Launches 13th Phase of Dual Savings Products

5. With Binance Savings, earn up to 88% APY on DOT or 12% APY on FIL

6. Binance Earn launches DOT High-Yield Products (share 50,000 DOT) and ADA High-Yield Products (share 1,000,000 ADA).

7. Binance Loans adds LINK, UNI & FLM as borrowable assets

8. Binance Staking launches TRX, XTZ & ATOM super rewards with up to 20.58% APY. Also, staking rewards for September have been distributed.

9. Binance opens BEP2 & BEP20 deposits and withdrawals For INJ, PAX, SXP, & USDC

10. Binance Has Distributed September Staking Rewards on October 23.

11. Binance Margin now supports isolated margin trading for AAVE and DATA, as well as cross margin trading for FIL.

12. Binance Liquid Swap adds GBP support and opens GBP/USDT liquidity pool

13. Trading pair removals: BTS/BUSD, MCO/BTC, MCO/USDT, NEBL/BNB, REP/BUSD. 

Binance Futures and Margin Updates

14. 100x leverage for ETH futures. We increased the maximum leverage for ETH USDT-Margined and Coin-Margined perpetual contracts to 100x.

15. NEW Coin-Margined Contract: FIL/USD, with up to 50x leverage.

16. NEW USDT-Margined Contracts (all with up to 50x leverage):

- Oct. 21: MATIC/USDT 

- Oct. 19: RSR/USDT and LRC/USDT

17. Backtest Your Trading Strategy With Binance Futures Historical Data. If you're looking for historical data on Bitcoin Futures, you can use the Binance Futures Historical Data service to find your need.

18. Binance Futures Launches Trader Vs Trader Battles. Binance has launched a new online battle function. The first trading pair launched as part of the battle will be the BTCUSD perpetual contract. Users can participate in the battle via web or mobile web pages.

19. Binance Options Adds Vol Option Function on the Mobile App. Binance Options has added Vol Option Function on the Binance Mobile App. In order to have access to the Vol Option, please ensure you have updated to the latest version of Binance app. 

20. Update to the Binance USDT-Margined Futures Contract API.

Binance Ecosystem Updates

21. Binance Labs Leads $1.25 Million Extension Round for Audius. Binance Lab has made a strategic investment in Audius - a decentralized streaming protocol giving everyone the freedom to distribute, monetize, and stream any audio content. Binance Labs led an extension round for Audius worth $1.25 million. 

22. Binance P2P Supports Cash-in-Person Transactions as a Payment Method. Binance P2P has now added support for cash-in-person transactions as a payment method for peer to peer (P2P) trading. This allows users to directly buy and sell cryptocurrencies through their selected offer, and then give or receive cash for those transactions offline in person. 

23. Increase Your Bitcoin Mining Profit Bitcoin’s price and hashrates are reaching new heights. Make the most out of it. Learn how you can increase your Bitcoin profits by more than 2 BTC in just three months by joining Binance Pool with our latest blog article. 

24. Binance Launchpad Announces Injective Protocol Sale Results. In this session, all 9,000,000 INJ tokens were sold to Launchpad participants who drew and claimed winning lottery tickets.

25. Binance Academy’s newest articles:

- Understanding the Different Order Types

- Connecting MetaMask to BNB Smart Chain

- Impermanent Loss Explained

26. Binance Research’s newest reports: EasyFi (EASY) CertiK (CTK)

Binance Fiat/Stablecoin/BNB Updates

27. Spend BNB and BUSD at Shopify Merchants via Alchemy Pay. You can now use your BNB and BUSD to make payments at Shopify merchants as a result of our collaboration with Alchemy Pay and its partnership with QFPay.

28. Binance Adds LINK/EUR & ONE/BUSD Trading Pairs

29. New BUSD Trading Pairs Enabled on Binance Margin Trading. Enjoy Cross Margin Trading with new pairs XLM/BUSD, UNI/BUSD, NEO/BUSD and Isolated Margin Trading with RSR/BUSD, YFI/BUSD.

From the Binance Team

30. Everything You Missed During The #MyCryptoLife Webinar. For the recent #MyCryptoLife Webinar, we turned the spotlight on everyday Binance users who used crypto to power their financial goals.

31. Crypto Against COVID Official Results: $4 Million Raised, 20+ Countries Helped. Binance Charity has made a major contribution and impact worldwide through its Crypto Against COVID campaign.

32. Build for Bharat - House of Workshops feat. Google, Marlin, Band, and ANKR. Build for Bharat is back with our House of Workshops - a day of technical workshops hosted by Google, Marlin, Band, and ANKR to help cryptopreneurs understand the main pillars of the DeFi space. 

33. Binance Review, Month 39: BNB Smart Chain Growth in Full Swing. We spearheaded several initiatives to help fuel the growth of BNB Smart Chain, while burning a record amount of BNB in light of the overall growth of the BNB ecosystem.

Promos and Community

34. ONGOING: Chromia (CHR) Trading Competition - $50,000 to be Won!  Promo runs until October 27.

35. ONGOING:  17,000 ZAR P2P Video Tutorial Promo. Teach your peers to trade crypto with ZAR on Binance P2P and share a total prize pool of R17,000 in BTC.

36. UPCOMING: The Return of SEA Olympics: The SEA Trading Competition. The first round starts on October 30. Register today for a chance to represent your country.

37. COMPLETED: #INJLottery - Share Your Lucky Numbers!

38. COMPLETED: Week 9 of the 12-week SXP token airdrop to BNB holders on Binance.

39. COMPLETED: 1st Round of BEL Airdrop Distribution

That’s a wrap for the past week. Follow us on Twitter, Instagram, Facebook, and YouTube, and join our official Binance Telegram group to talk more with our community. 

Updated on July 27, 2022