Binance lowers its fee structure as BNB price surges ๐จ This article is 5 years old...
Binance lowers its fee structure as BNB price surges
2 min read
Updated: Nov. 7, 2019 at 6:01 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
After a steady increase in the market valuation of Binance Coin, Binance DEX announced it would lower its fee structure.
#Binance Chain Mainnet Lowering Fee Structurehttps://t.co/xnEfGiO8We pic.twitter.com/n4xnbngyS5
— Binance DEX (@Binance_DEX) June 12, 2019
Success leads to lower fees
Since the low of Dec. 7, 2018, when Binance Coin was trading at $4.12, it has experienced a massive bull rally that has taken its market valuation up 760 percent to reach a high of $35.50 on May 25, 2019.
The optimism surrounding Binance, one of the biggest cryptocurrency exchanges by trading volume, stems from its ability to continue adding value to the industry despite the 2018 cryptocurrency market downturn.
In early January, the firm announced Binance Launchpad, which is an exclusive token launch platform to help entrepreneurs raise funds for new crypto projects with the support of its user base.
#Binance Launchpad Will Feature New Projects in 2019https://t.co/vso8jm6iOf pic.twitter.com/YWqNILxsV9
— Binance (@binance) January 3, 2019
Shortly after the announcement, on Jan. 28, Binance Launchpad conducted its first initial exchange offering (IEO) of 59.8 billion BitTorrent tokens (BTT), worth roughly $7.2 million. The offering sold out in a matter of minutes, validating the success of the platform.
Changpeng Zhao, CEO and founder of Binance, suggested the sale could have ended in just seconds if it were not for technical issues caused by the โuser agreement confirmationโ button in Launchpad.
Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical.
— CZ Binance (@cz_binance) January 28, 2019
Binance also made headlines at the end of April when it launched its own mainnet, Binance Chain. As a result, it went on to execute a swap of Binance Coin off the Ethereum blockchain while also introducing a decentralized exchange, Binance DEX.
.@Binance Chain launches its mainnet and plans to execute Mainnet Swap on Apr 23, 2019.
Please see the below link for further details on the actions that will occur along with the planned timings for them to do so. ???https://t.co/32hjBwkUcX pic.twitter.com/X9qAoXxYmc
— Binance DEX (@Binance_DEX) April 18, 2019
Even though the cryptocurrency exchanged experienced a security breach on May 7 involving 7,000 BTC valued at around $40 million, the transparency it has maintained with its users allowed it to receive a vote of confidence by investorsโwhich is still reflected in the price of Binance Coin.
Not the best of days, but we will stay transparent. Thank you for your support!https://t.co/Y1CQOatEpi
— CZ Binance (@cz_binance) May 7, 2019
Now, due to the significant market valuation increase that BNB has experienced in the last couple of months, the chain validators approved to lower the fee structure on Binance Chain by 50 percent. The update can be observed on the proposal transaction and will include: cancel, order expire, IOC, transfer, multi-send, issue asset, burn asset, freeze and unfreeze asset, mint asset, proposal, add deposit, and list fees.
Following the announcement, Binance Coin surged approximately 6.50 percent from $31.80 to $33.90. BNB has outperformed the majority of the top cryptocurrencies in the market and is only $2 away from reaching an all-time high, at the time of writing. As Bob Loukas, a technical analyst, pointed out it tends to move higher every time it consolidates.
#Binance – An uptrend of beauty. Hard to bet against that.
Each time it consolidated, the bands tightened and the next move higher began.
Well done @cz_binance pic.twitter.com/x3zwiK1U2e
— Bob Loukas (@BobLoukas) June 12, 2019
BNB Market Data
At the time of press 6:01 am UTC on Nov. 7, 2019, BNB is ranked #7 by market cap and the price is up 5.13% over the past 24 hours. BNB has a market capitalization of $4.89 billion with a 24-hour trading volume of $535.2 million. Learn more about BNB ›
Crypto Market Summary
At the time of press 6:01 am UTC on Nov. 7, 2019, the total crypto market is valued at at $261.95 billion with a 24-hour volume of $66.79 billion. Bitcoin dominance is currently at 55.14%. Learn more about the crypto market ›
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BitTorrent
$0.00069
Founded with a leading peer-to-peer sharing technology standard in 2004, BitTorrent, Inc.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.