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CoinEx Surpasses Binance as World’s Top Crypto Exchange by Trade Volume

Being the world’s top crypto exchange by trade volume is no mean feat in this ever expanding industry. That accolade has been held by Binance for some time now however there could be a shift at the top as a newcomer has entered the fray.

According to coinmarketcap.com Binance is no longer at the top spot. It has been overtaken recently by OKEx as the two exchange giants battle it out but a third and relatively unknown exchange has now taken the crown. CoinEx is currently handling a daily trade volume of $1.46 billion, or 230,180 BTC, according to CMC stats. This puts it above Binance which is trading $1.25 billion per day.

Rounding out the top five at the time of writing is OKEx in third with a daily volume of $880 million, Huobi in fourth with $465 million and another obscure exchange, ZB.COM in fifth with $410 million. Maybe CMC has adjusted the way it ranks crypto exchanges explaining how two obscure platforms have just shot into the top five global exchanges.

USDT is the crypto of choice on CoinEx with over 92% of the total trade on the exchange being made using Tether. The top pairs traded using the stablecoin are Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. CoinEx however does support a further 36 cryptocurrencies.

According to the blurb on its website CoinEx was;

“Founded in December 2017 with Bitmain-led investment, CoinEx is a subsidiary brand of the world’s No.1 BCH mining pool ViaBTC, a global and professional digital coin exchange service provider.”

It has over 50 employees with offices in Shenzhen, Hong Kong and Singapore. So, on the surface a minnow compared to Binance, OKEx and Huobi. Like the other exchanges, CoinEX also has its own token, CET, which is based on the ERC20 protocol and has a maximum supply of 10 billion. The token however is not yet listed on CMC but Livecoinwatch reports it as trading at $0.073 and pumping at the moment.

CoinEx recently announced the first CET coin burn of 37.8 million tokens which is may have affected total volume figures:

The latest monthly report also highlights updates from the exchange and plans for the coming quarter which includes an OTC trading option and the addition of more languages.

The crypto exchange market is an increasingly crowded one so it stands to reason that new players will be vying for the top spot. Things will get even more interesting when decentralized exchanges (DEXs) start to gain momentum and the true potential of crypto is unleashed.

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TRON Will Burn 50M USD Worth of TRX to Celebrate Independence

Justin Sun is familiar with major announcements, and when it comes to his blockchain, he never has enough. A few hours ago, on the official Tron Foundation blog, Mr. Sun disclosed a series of events they were preparing to commemorate Tron’s Independence Day.

Perhaps the most important of all is that of a coin burn of 10 Million Tronix, which would be equivalent to approximately 50 million dollars according to current figures.

Typically when a coin burn happens, the effect on the market is bullish. The decrease in available tokens increases the value of each unit in the market, and thus the currency is revalued.

According to the Tron Foundation, “This may set the record for the most amount of money destroyed in human history in celebration of a historic moment.”

Previously, Justin Sun had made other important announcements to promote his crypto after moving from ERC-20 tokens running on Ethereum’s blockchain to units within an autonomous blockchain.

Of all, the most important and famous were the famous airdrops. Events in which tokens were delivered to users without the need for them to have traded or mined them.

Another important point they mentioned was that after the burn,Tron Foundation would continue to maintain a significant number of “locked” tokens. This avoids an inflationary process for the currency and protects the value of each Tronix unit to some extent:

The amount of TRX at the beginning of mainnet launch will be reduced to 99,000,000,000,000TRX, and the remaining 33,251,807,524 TRX held by TRON foundation will stay locked until January 1th, 2020.

To ensure the transparency of the process, he explained that Tron’s mainnet launch process would consist of 4 essential phases:

  1. Preparation: A preliminary stage that would last from June 18th to June 23rd in which the necessary arrangements for the launch would be made. Of these, one of the most significant is the election of the Tron’s Genesis Representatives who would participate in the mainnet launch.
  2. Guardian Phase: Phase that would last a full day, scheduled for June 24th
  3. Genesis Phase: A phase that would begin on June 25th and last as long as necessary to create the genesis block and reach an agreement to replace the 27 Genesis Representatives with Super Representatives
  4. Constitutional Phase: In which the independent mainnet of Tron would be launched with an official migration of the ERC20 tokens.

This would be the culmination of all the work of research, development, promotion, and implementation that the team of developers and users of Tron carried out since Tron’s inception.

“TRON will officially become a free, autonomous, and self-governed decentralized protocol with robust community consensus.”

Another significant event for those in the San Francisco area will be the TRON Independence Day Party, where users and developers can meet and share their experiences and expectations.

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Binance Completes Binance (BNB) Coin Burn Worth $30 Million

Yesterday, April 15th, the development team at Binance completed the third quarterly scheduled coin burn of 2,220,314 BNB valued at a staggering $30 Million at the time of the event. This puts the total supply at 194,972,068 and the circulating supply at 114,041,290 BNB tokens.

Every quarter, the Binance team use 20% of the platform’s profits to buy back BNB and destroy them. Their target is to buy back a total of 100 Million tokens for destruction. This means there is another 94,972,068 BNB tokens left for them to achieve this goal.

In anticipation of the coin-burn, the price of BNB had skyrocketed to levels of $13.76 by April 14th, only to drop to the current levels of $12.39. The rise in value of the token is an observable pattern that was also seen back in January 15th when a similar coin burn of 1,821,586 BNB happened. During that period, BNB shook the markets and peaked at $22.95 only to drop to $11.14 two days later.

According to the BNB whitepaper, the total token allocation was at 200 Million. The funding team and angel investors were allocated 40% and 10% of this amount respectively. The other 100 Million was scheduled for the ICO phase that was open to the public. During the three phases of the public sale, one Ethereum would buy you 2,700 BNB in the first phase; 2,500 BNB in the second; and 2,300 BNB in the last. Also, the development team of the exchange has encouraged using BNB as the preferred token for trading on the platform using discount rates in a 5 year plan.

In the first year, exchange fees, withdrawal fees, listing fees and any other fees would be discounted at a rate of 50%. The 2nd year, this discount would reduce by half to 25%. Same thing would happen in the third with the discount dropping to 12.5%. The fourth year would be the final year of discounts at a rate of 6.75%: also half the rate of the previous year.

The Binance exchange has enjoyed dominance in the cryptocurrency markets and is ranked first with respect to daily trade volume and according to coinmarketcap.com. The exchange is currently doing $1.5 Billion in trades at the moment of writing this. This is impressive for an exchange that only completed its ICO in July 2017. However, the exchange was forced to move its servers and headquarters out of China and into Japan in September 2018. This was in anticipation of the Chinese government’s increased stance against cryptocurrencies in its territories.