BIS releases cryptocurrency exchange platform currency report! Explain the factors affecting BNB price

This site (120btC.coM): The Bank for International Settlements (BIS) released a report on cryptocurrency exchange tokens, saying that exchange tokens are the main source of funding for cryptocurrency exchanges and are also the main source of funds for cryptocurrency exchanges. One of the core of the industry. This article quotes some information from the report and takes the Binance exchange token BNB as an example to try to explain the factors that affect the price of BNB.

The total market value of crypto exchange tokens is tens of millions of dollars

Cryptocurrency exchange tokens are blockchain-based assets issued by cryptocurrency exchanges. These tokens may promise holders discounts on trading fees and access to certain platform services. They are the main source of funding for cryptocurrency exchanges. Their current total market value is approximately US$100 billion, accounting for 10% of Bitcoin's market value, which shows their importance in the cryptocurrency field.

New and old versions of the white paper

Can buyback really push up the currency price?

In the traditional stock market, repurchasing a company's shares means that there are fewer outstanding shares, which usually pushes up the stock price. Can the buyback promised by Binance become people’s investment expectations for BNB?

According to previous reports, The Block’s research director Larry Cermak once said that Binance’s destruction is not that important.

What Binance destroyed was not the BNB bought back from the market, but the uncirculated BNB in ​​the token treasury. Although it was still a token in the total circulation, it had never been circulated.

According to Binance’s website, Binance has destroyed 56.06 million BNB, accounting for 28% of the total, and there are still about 146 million BNB tokens in circulation.

Binance Launchpool successfully pushed up the price of BNB

BNB reached a historical high of 690.93 in the late DeFi Summer, during the NFT and GameFi boom (May 2021), and began to correct in November of the same year. In the long period from mid-2022 to early 2024, although the industry faced many major events, BNB has always maintained a stable level of 200~300 US dollars, becoming one of the most stable cryptocurrencies in the performance market.

Binance will strongly promote the new currency mining Launchpool activity in 2024. Customers can pledge BNB and the stable currency FDUSD to obtain new currencies listed on Binance, and the staking activity is mainly BNB (80% matching ratio ). Each event attracted 14-15 million BNB to participate.

And BNB also began to officially take off at the end of February 2024, and broke through the all-time high in June, reaching $721.

In addition, Binance has also recently launched the HODLer airdrop plan. As long as users hold BNB and subscribe for regular or current products on the Binance Earning Platform, they can allocate airdrops based on the snapshot data of their holdings. It also rewards customers for long-term holding of BNB.

It can be seen that in addition to the promotion of transaction fee reduction and repurchase of platform coins, the credibility of the exchange itself, launch activities and publicity are also the main factors that affect the currency price. Binance platform currency BNB, as the earliest and still the most successful exchange platform currency, has experienced several times of market admiration and doubt. It seems that it has once again established its value and consolidated its market leadership this year.

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