Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of Mars Finance
Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of Mars Finance.
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Wen | Zhao Qiru
Mars Finance APP (WeChat: hxcj24h)According to frontline reports, the eighth destruction of Coin On Coin (BNB) has been carried out, and the team's BNB share has been added to the destruction plan.
According to the official news of Coin An, starting from the eighth quarter of destruction of Coin An Coin (BNB), this plan will be slightly adjusted. Zhao Changpeng, CEO of Coin An, stated that the Coin An team will give up their BNB share and add it to the quarterly destruction plan until 100 million BNBs are destroyed.
The following is the original text of Zhao Changpeng's blog:
Dear users of Coin An,
On behalf of the entire Coin Security team, today I announce that the Coin Security team will abandon their BNB share and add it to the BNB quarterly destruction plan until 100 million BNBs are destroyed. This commitment has been implemented since the destruction of this quarter, with a total of 808888 BNBs (current value) destroyed in today's quarter$22,838,000USD) destruction completed.
This action means:
According to the Coin Safety White Paper, 40% of the total supply of BNBs (80 million BNBs, currently worth $2.4 billion) is allocated to the Coin Safety team to reward their contributions to building the Coin Safety ecosystem. However, now we have decided to give up our team share and add it to the quarterly destruction plan. Driven by the mission of 'trading changes the world', we have made double efforts to take practical actions to promote the world towards the free flow of value.
The previous seven quarters of destruction were related to market conditions, using profits to repurchase BNB and then destroy it. Starting from this destruction, the team's BNB share will be destroyed first. BNB with a total value of $2.4 billion!
The final supply of BNB remains unchanged at 100 million units. At present, the total supply of BNBs is 189 million, which means we will continue to destroy 89 million BNBs. The Coin Security team will first destroy 80 million BNBs of their team share, and the other 9 million BNBs will be destroyed by the Coin Security Exchange.
The BNB destruction schedule and frequency remain unchanged. BNB's eighth quarterly destruction is as follows:
In summary, this is equivalent to the allocation of 0 BNBs by the Coin Security team from the initial BNB supply. The BNB of the Coin Security team is either earned through providing services or purchased on their own.
Nevertheless, some members of the Coin Security team may continue to be one of the largest holders of BNB. Because most of Coin An's income is BNB, employees also accept BNB as their salary income. These BNBs are earned by us through providing services, not allocated through 1CO (Initial Token Issuance).
Coin An raised $15 million in digital currency equivalent through 1CO as operating costs. The BNB corresponding to $15 million two years ago has a current market value of $4.2 billion. Moreover, the Coin Security team has provided BNB worth an equivalent of $2.4 billion. These BNBs will be destroyed to reduce the total supply of BNBs.
Coin An's actions prove that we are not a team driven by money. I am glad that Coin An has a team with a mission that must be achieved. Let's work together to promote the free flow of value.
-Zhao Changpeng, CEO of Coin An
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