Binance has burned 1,099,888 Binance Coin (BNB) tokens in the last few hours. This is a record for the highest burn in its dollar equivalent, as it translates to a settlement of $ 595,314,380. Token burning has continued to be one of the events that have set BNB apart and fueled investor interest in the deflationary currency.
BNB was already enjoying one of its best quarters. In 3 months, the altcoin has soared from $ 38 to an all-time high of $ 638 reached earlier in the week. Since its launch four years ago for just under $ 0.01, the altcoin has gained about 529%. The token has benefited greatly from the high interest in cryptocurrencies which has not only fueled its demand as an investment option, but also made it popular for trading on Binance. Primarily, the digital token was designed for transactions, helping Binance customers to get discounts and incur lower transaction costs, but it has since evolved to represent different projects and purposes.
As confirmed by Changpeng Zhao, commonly known as CZ, much of this success is due to the dominance of Binance Smart Chain (BSC) in the blockchain industry. BSC has thrived as a competitor to Ethereum in the decentralized financial market. A quick look at the largest DeFi platform on BSC and the Ethereum network, BSC has come out on top with a higher total value locked. BSC has taken advantage of Ethereum's failure to solve scalability and high gas fees to attract new developers and investors.
The growth of BSC has driven the price of BNB
In addition, it has made it easier to attract established participants in other Defi projects through innovative new features. However, the chain has received some criticism that much of the total blocked funds is concentrated in some projects such as PancakeSwap, which has almost $ 9 billion according to data provided by DeBank.
CZ has been discussing in a blog post all the achievements that Binance has made in the last quarter. After confirming the burning of BNB, the CEO spoke extensively about the achievements made through BSC in the last quarter.
CZ confirmed that BSC reached up to 4.9 million daily transactions. Compared to Ethereum's all-time high, BSC had surpassed it by 300%. Again, in the last 8 months, when the market saw extremely high adoption, BSC recorded approximately 64 million unique addresses. This is almost half of Ethereum's total of 148 million. In addition, CZ stated that to date more than 450 projects have been created in the chain. DApp wallets have also exploded in recent months and while still dominated by the Ethereum blockchain, BSC saw an average of 105,000 active wallets daily in the first quarter.
Will Binance go public?
Other notable products that have impressed include Binance Lite, Binance Card, and Binance Pay. These products have been launched primarily to drive the purchase, sale, and transactions of cryptocurrencies around the world.
Since Coinbase, one of the largest exchanges by volume traded and institutional interest, went public, some have asked Binance to do the same. However, CZ has maintained that it has no immediate plans to list. The Binance exchange in the first quarter saw its users grow by 346%, while the volume traded increased by 240%.