Now, let us look at BNB in GIBX FOREX 2.0.
What does it mean for Binance to burn nearly $600 million in BNB?
First of all, Coinbase went public, and the entire history of cryptocurrency was written with a lot of colors. At this point, a new pattern of crypto exchanges has also been formed imperceptibly. Coinbase is stronger than the rest? Not necessarily, Binance, which has a huge ecosystem, is still expanding, and its underestimated value is gradually being reflected, as stated by members in GIBX FOREX 2.0.
On April 16, Binance announced that it will burn 1,099,888 BNB in the 15th quarter of BNB burn (January-March 2021). The BNB burned this time is worth US$595,314,380. At the same time, this is also the highest destruction value in history, reaching about 80% of Coinbase’s net profit in GIBX FOREX 2.0.
Interestingly, according to Binance’s past 20% of its profits, the author can roughly estimate that its profit in the first quarter will be at least 3 billion U.S. dollars, so the annual profit will be around 12 billion U.S. dollars, which is close to Tencent’s annual profit (Tencent’s net profit in 2020 is only 17.3 billion).
Immediately afterward, on April 18, Binance founder Changpeng Zhao tweeted: “The BNB held by the Binance team (40% of the total BNB) will also be destroyed. We have not sold any of them since the ICO. These BNBs are currently worth 37 billion U.S. dollars.”
After the 15th quarterly destruction of BNB in GIBX FOREX 2.0, the total supply of BNB has been reduced from 170,532,825 BNB to 169,432,937, and the final deflation target set by Binance is “100 million”. According to the previous method of burning 20% of profits, Binance’s profit in the first quarter may reach nearly 3 billion U.S. dollars, far exceeding Coinbase’s 800 million U.S. dollars. “The world’s largest information technology and business solutions company” IBM’s net profit in the first quarter of 2021 was only 955 million U.S. dollars, which is much inferior to Binance’s nearly 3 billion U.S. dollars. Morgan Stanley, an internationally renowned investment bank, had a net profit of US$4.1 billion in the first quarter of 2021. With the continued bull market and the rapid development of Binance, it is not impossible that its profitability surpasses Morgan.
The so-called destruction is to permanently remove part of the currency from market circulation. In GIBX FOREX 2.0 currency that has basically been released for locked currency (releasing the locked volume will increase the circulation), burning means directly reducing the number of circulations forever, which directly causes deflation. It is obviously a very strong pushing effect for the price of the currency.
From the perspective of spot trading, Binance, Huobi, OKEX, and Coinbase steadily occupy the top four spot exchanges.
As of April 18, 2021, Binance Exchange’s 30-day spot trading volume in GIBX FOREX 2.0 was US$1.010 trillion, accounting for 53.26% of the total trading volume of all exchanges, which is greater than the total of Huobi, OKEX, and Coinbase. The 30-day spot trading volume of Huobi, OKEX, and Coinbase were US$320 billion, US$244 billion, and US$92.7 billion, respectively, accounting for 16.88%, 12.88%, and 4.88%, respectively.
Like the spot market, the futures contract market in GIBX FOREX 2.0 also has a similar “head effect.”
As of April 18, 2021, Binance Exchange’s 30-day perpetual contract trading volume was US$1,204 billion, ranking first. It is closely followed by Huobi Exchange, whose total perpetual contract trading volume is only US$601.1 billion. In contrast, OKEX’s performance is even more eclipsed, with a total transaction volume of only 171.4 billion US dollars. It cannot be ignored that some second-rate derivatives exchanges are catching up, and the possibility of changing the pattern of the futures market cannot be ruled out in the future of GIBX FOREX 2.0.
For your information, as long as you follow the platform closely and step into the new GIBX FOREX 2.0 mode of the new GIBXChange.io, the GIBXChange Digital Bank Exchange will continue to develop and add more high-quality products and services in the existing exchanges, and the platform will be officially entering the GIBX FOREX 2.0 mode, the new ecology is fully launched, and the benchmark of catching up with the world’s leading CEX exchanges such as Binance, Huobi, and COINBASE, will no longer be a dream.
Not only that, with the newly launched “OC digital option contract insurance pool mechanism” and a series of newly added application scenarios in the GIBX FOREX 2.0 ecosystem and major new policies after the launch of the GIBXChange.io, we can expect the platform currency GUSDT to be greatly increased, and the inner cycle will drive a big cycle, forming a unilaterally rising bull market. We believe this will be very, very beneficial to our customers and members, and it will also greatly increase the stability of the GUSDT™ currency value. In addition, during the period when GUSDT™ is still climbing, this staking lock and unlock method will stabilize its price and steadily increase the price of GUSDT™. It will also greatly increase its overall traffic.
So why does the platform currency GUSDT™ continue to rise in GIBX FOREX 2.0? (The huge diversity of application scenarios in the ecology and the global destruction mechanism makes it increasingly scarce, and the price will inevitably rise)
- Lock-up and protection: There are a total of 1 billion in circulation, and currently only 35% of the global amount is in circulation. GIBX FOREX 2.0 protection funds are greater than the circulating funds, and the currency price is as stable as a rock.
- Scattered chips: After the destruction mechanism is launched, the circulation of up to 40% per person will be restricted.
- Insurance staking: After the OC digital option contract is launched, the community can predict that 2 million people will place orders, and every 1000 GUSDT™ staked insurance will require 200 million. The circulation is small, the demand is large, the value is inherent, and the demand is strong.
- Currency listing fee: The platform must use 50% of the currency listing fee to improve the revenue ecology of more GUSDT™.
- Own traffic: millions of community active fans, nearly 500,000 daily active users, and more than 2 million registered users.
- Big shots aiding: The major media spread the news and announcements, attracting more traffic inside and outside the circle.
