Just a few days ago, Binance celebrated its third anniversary in style by organizing an online event known as „Off The Charts“. Several of the world’s leading crypto figures participated, including Justin Sun, Charlie Shrem and Changpeng Zhao himself. Now, and after the 12th BNB burn in history, Changpeng Zhao gives his assessment of the last 3 years of Binance.
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The twelfth BNB burn
Thus, Changpeng Zhao opens his post on the Binance blog, celebrating the achievement of the twelfth BNB burn in history. This is the biggest burn ever made of the cryptomoney since its launch, taking the equivalent of $60,500,000 out of circulation. Eight million more than the previous burn when only $52,466,000 was withdrawn.
The burning of crypto-currencies is an activity carried out in some Blockchains, with the aim of limiting the supply of virtual currency in circulation, and therefore, guaranteeing the value of the crypto-currency to users. Avoiding, therefore, that an excess in the monetary issue depreciates it and generates inflation.
This would be a method used mainly by cryptomonies that do not have an automatic mechanism for limiting the money supply, as if it exists in currencies such as Bitcoin through the Halvings. Therefore, burning becomes the only alternative to avoid an inflationary phenomenon. The enormous size of the BNB burn is an indicator of the increasing use of the Binance currency.
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Changpeng Zhao talks about Binance
But the most interesting part of the post written by Changpeng Zhao, is his assessment of the current situation of Binance. Listing the many achievements that the exchange has made since its birth. Including the future contracts, the market for fiat money, the stablecoin BUSD, the purchase of CoinMarketCap and Swipe, and of course the alliances with BitTorrent, Brave Browser, and BitPay.
In this way we will briefly tell the history of Binance, in an attempt to show how the culture and the attempt to decentralize as much as possible by the company, has been maintained since its founding with an Initial Coin Offering (ICO) in 2017.
Going through great challenges such as its transition to remote work, after China banned the exchange of crypto currencies in September of the same year. When Binance had to use 40% of its funds (6 million dollars at that time), just to protect its users from losses.
A move that, although risky from a financial point of view, gave Binance a strong reputation boost, with thousands of users migrating to the exchange. As a result, at the peak of Bitcoin’s price in December 2017, Binance was already the world’s leading exchange in terms of transaction volume.
An ongoing effort
Binance’s work to build a solid financial infrastructure did not stop even during the cryptic winter after the 2017 rally. Well, the exchange and its team took advantage of this period of time to travel the world promoting cryptomoney. Pushing for the adoption of modern regulations for the crypto market during the financial uncertainty of 2018
An effort that had its counterpart on the technical level, where the exchange’s performance continued to improve. What could not avoid the 2019 attack, in which 42 million dollars were lost by users, which had to be covered by the Binance fund.
However, as Changpeng Zhao says, this setback could not prevent the company from continuing to develop. Launching a series of new products in 2019, with Binance Chain at the center, and preparing what has been a veritable bombardment of novelties so far in 2020.
Until the present moment, when decentralization and the motto „put users first and do the right thing“, has led Binance to become the leading crypto company in the world.