Twitter is on fire with the latest coin burn by Binance.
As it promised on its white paper the young exchange will use 20% of its profits to buy back its’s coin BNB and destroy it.
The plan is to buy 50% of all the BNB (100MM) back.
All buy-back transactions will be announced on the blockchain. The end game is to destroy 100MM BNB, leaving 100MM BNB remaining.
The detail is that Binance was probably not expecting to turn a profit of around 200 million within its first 6 months of its existence, approximately 10 million last month. The strange is bold and smart, less BNB there is, the more expensive is Binance’s coin.
Yet Binance’s white paper is not very clear about the exact time in which their profits will be shared with the investors.