“Honored,” was the reply from Binance CEO Changpeng Zhao – better known by his acronym CZ – as he replied to a tweet sent out by one Twitter user who has calculated that BNB is now the only top 50 cryptocurrency whose performance in calendar year 2018 to date has been positive.
Wow, honored. Don’t worry, I think the cycle should be complete soon, given the mainstream news coverage of events. Understand blockchain and crypto is not going away, other than the non-believer speculators that was shaken out (they will come back), adoption is increasing. https://t.co/lI3BkMRbt9
— CZ (not giving crypto away) (@cz_binance) August 23, 2018
Since January 7th 2018, the date of its historic high, the combined market cap of all crypto assets – as defined by CoinMarketCap – has fallen from approximately $820bn to a little over $210bn at the time of writing, a fall just shy of 75%.
The statistic will come as particularly good news for Binance employees, 90% of whom – astonishingly – have chosen to accept salary payments in the platform’s native BNB coin.
Binance’s business model incorporates a buy-back mechanism in which 20% of the platform’s profits are used to purchase and then subsequently burn BNB token at the end of each quarter, meaning that its supply has continued to dwindle since the platform first went live in July 2017.
The platform is currently expanding its services to incorporate an ICO and blockchain start-up incubator – Binance Labs – which, its founders hope, will help to promote better governance within the industry.