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Binance Destroys $26 Million Worth of Its Team’s BNB Tokens

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Binance, the world’s top exchange by trading volume, says it has completed the eight quarterly “burn” of Binance coin (BNB) tokens.

The exchange posted Friday that the burn – the industry term for destroying tokens – comes in accordance with its white paper and involved 808,888 BNB previously allocated to the Binance team.

The amount was worth around $23.8 million, Binance said, though CoinDesk found the total higher at $26.4 million at time of writing. At press time, BNB was worth almost $32, up 5.95 percent over 24 hours, according to CoinMarketCap.

The burn transaction can be seen here and in the image below.

“Starting with this burn, Binance will relinquish the BNB tokens allocated to the Binance team and contribute this BNB towards our commitment to burning a total of 100 million BNB,” said the exchange.

Binance indicated that the team’s 80,000,000 BNB allocated tokens make up 40 percent of the total BNB supply.

In a blog post on the burn, the firm said the tokens had been allocated to “reward to the work they have put into building the Binance ecosystem.”

“The eventual total supply of BNB will still be 100,000,000 BNB. The current total supply of BNB is 189,000,000 BNB, which means that 89,000,000 BNB still need to be burned,” said the firm, adding:

“The team will burn off the 80,000,000 BNB team allocation first, and the remaining 9,000,000 BNB will be burned by Binance.com exchange.”

CoinDesk reached out to ask if the team will in some way compensated for relinquishing the millions in BNB.

Binance CEO Changpeng “CZ” Zhao said:

“Binance still earns revenues and is a profitable organization. They get paid in BNB, little by little.”

source:coindesk

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Binance Announces Support for XLM Staking To Distribute 9.5 Million Stellar Lumens Earned

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One of the largest crypto exchanges in the world, Binance Exchange, has announced that it has unintentionally earned reward from staking the stellar tokens and now the company has discovered the amount accumulating 9,500,000 XLM being credited to Binance.com.

According to the official blog by the company indicates that it has earned XLM worth about USD 775000 at press time.

Following an advice by the Stellar team back in August 2018, on how to earn staking rewards via changing different parameters on the exchange’s hot (online) crypto wallets and cold storage (offline) wallets.

The Binance team followed the advice from Stellar team and managed to earn $775,000 worth of XLM tokens (at current market prices). The blog said:

“Back in August 2018, the Binance team heeded the Stellar team’s recommendations to change some parameters on both cold and hot wallets. This change has allowed us to unknowingly earn staking rewards starting August 31, 2018. Fast forward to this week, when we looked into the staking of Stellar for Binance.com, we discovered that we had already earned 9,500,000 XLM ($775,000 USD) worth of extra XLM tokens.”

Following the discovery, the Binance team is now planning to add staking support for XLM on its platform, and the leading exchange will also share the 9.5 million XLM it earned through staking.

curently, Binance’s platform distributes NeoGas for NEO stakeholders, Ontology Gas tokens for Ontology investors, BitTorrent tokens for TRON investors, and VTHO (“VeThor”) tokens for VeChain holders. Binance stated:

“When we discovered this, we made two decisions: to immediately add staking support for XLM and to share the XLM rewards we gained to the entire community, the blog reads”

The program will come into effect on July 20, when Binance will start recording daily snapshots of users’ XLM balances. The minimum holding requirement to be eligible is 10 XLM, which is less than $1 at current prices. The staking rewards will be distributed to users on a monthly basis.

This might be one of the biggest deals for all XLM holders and for XLM token itself, this is because XLM coin at press time began surging its trading volume. At the time of writing, the value of XLM had shot up by about 14 percent over the past 24 hours.

Nevertheless, the token is currently trading at $0.088 against US Dollar and market cap at $1,732,801,168 by standing on the 10th largest spot on the Coinmarketcap.

With Binance jumping on board, it’s likely that its competitors will also soon allow XLM holders to benefit from the inflation rewards.

What do you think of Binance’s support of Stellar? Let us know your opinion about the developments in the comments section.

Source:bitcoinexchangeguide

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The Inaugural Binance Stablecoin Completes Quantstamp Audit

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The first Binance stablecoin is coming, and the token just got a clean bill of health from smart contract security startup Quantstamp.

On July 18th, the Y Combinator-backed auditors announced they had finished reviewing the code of the pound sterling stablecoin, dubbed Binance GBP (BGBP) by the powerhouse Malta-based cryptocurrency exchange.

As part of the audit, Quantstamp’s experts checked the token’s code against the ERC20 token standard and combed for security flaws and any other problematic issues. The team’s work led to Binance updating their ERC20 libraries through OpenZeppelin and removing other miscellaneous “low risk issues.”

A Dual Issue Digital Sterling

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Binance, nimble navigators of global regulatory arbitrage, are pushing ahead on the stablecoin against the almost poetic backdrop of Facebook blockchain head David Marcus having faced calls for a Libra development moratorium in U.S. congressional oversight hearings this week.

Of course, BGBP will simply be pegged 1:1 with the pound, whereas Libra is being more ambitiously devised like a Big Tech-backed non-sovereign central bank currency. (Note: Binance has considered attempting to join the Libra Association, per company chief strategy officer Gin Chao).

The BGBP won’t be too simple though, as the token is set to be released both on Ethereum and the exchange’s in-house blockchcain, Binance Chain, Binance chief executive officer Changpeng Zhao said on the news:

“The Quantstamp team is thorough and efficient when it comes to ensuring the security of ERC20 tokens, and we are appreciative of their audit of our first stablecoin, BGBP. As a dual issue token, BGBP is created on both Ethereum as an ERC20 token and on Binance Chain as a BEP2 token. We will eventually enable the two versions of BGBP to be converted freely and traded on Binance Jersey and Binance DEX.”

The stablecoin comes after CEO Zhao confirmed during a YouTube “Ask Me Anything” back in May that the exchange was exploring launching its own stablecoins.

The Cryptoeconomy’s Auditors of Choice

Quantstamp CEO Richard Ma hailed the BGBP audit as just the latest sign of the startup’s rising prominence in the cryptoeconomy:

“At Quantstamp, we are building the standard for blockchain security. Companies approach us because we help them innovate securely.”

In recent months, the fledgling play has made a name for itself in reviewing the smart contracts of high-profile industry stakeholders like eToro and Prysmatic Labs, and in doing so has “secured over a billion dollars of digital asset value,” the company has said.

In June, the startup launched the Quantstamp Security Network V2 on the Ethereum mainnet. With the activation, users can leverage the network scan and store smart contract vulnerability reports on the Ethereum blockchain. The update also made it possible for community members to run a Quantstamp node to earn the network’s native token, QSP.

Binance Has One Speed: Grind

The Malta-based exchange is taking a blitzkrieg approach to asserting itself as the cryptoeconomy’s leading service provider.

This month alone, Binance has burned $24 million worth of its BNB tokens, opened up a margin trading platform, announced plans for a cryptocurrency futures service, and turned two years old.

On the margin trading launch, CEO Zhao noted the company was gunning to become the most useful exchange brand for cryptocurrency users of all stripes:

“This is another step in providing an inclusive cryptocurrency trading platform catering to the needs of both advanced institutional traders and retail traders under the same roof. We are providing a new tool in the financial services and cryptocurrency markets to help amplify trading results of successful trades.”

Notably, the exchange also recently confirmed that it was looking to open up a new America-based operation, Binance US.

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Binance to share $775,000 of Stellar after accidently staking for 11 months

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Binance have announced that the exchange will be distributing Stellar coins (XLM) after mistakenly staking the coins for nearly one year. 

The announcement also states that Binance will now be supporting XLM staking on the exchange following the discovery of over 9.5 million XLM in cold and hot wallets. 

The discovery of the XLM comes after Binance decided against upgrading their wallets last year August, stating “the Binance team heeded the Stellar team’s recommendations to change some parameters on both cold and hot wallets. This change has allowed us to unknowingly earn staking rewards starting August 31, 2018.”

Binance will now distribute the $755,000 worth XLM to users on the exchange that held XLM with specific snapshots being taken back to work out distribution amounts. The exchange has now also implemented staking of XLM on the exchange. 

Source:chepicap

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