BNB Chain Q3 Revenue Takes A Hit: Fees Plummet By 40%

In a recent report by Messari, the analysis sheds light on the developments and challenges faced by Binance Chain (BNB), the blockchain created by Binance, the world's largest cryptocurrency exchange regarding trading volume. The report highlights the separation of BNB Chain from Binance and various events and allegations that have impacted Binance and its associated entities throughout the third quarter of 2023.

Timeline of Bnb

Binance, one of the world's leading cryptocurrency exchanges, has successfully completed its 25th quarterly burn of BNB (Binance Coin). This burn represents a key step in Binance's strategy to gradually reduce the total supply of BNB, thereby contributing to maintaining the health of the BNB Chain ecosystem.

Binance Coin (BNB) has turned green after a brief bear market after Biannce announced the completion of the 25th quarterly BNB Burn. The burn is part of Binance's Auto-Burn Protocol.

Binance CEO Changpeng “CZ” Zhao celebrated the 25th quarterly token burn with the crypto community. Binance, the world's largest crypto exchange, burned 2.14 million BNB tokens valued at $453 million on October 16, as reported by the BNB burn portal.

Binance CEO Changpeng “CZ” Zhao took to X to celebrate the 25th quarterly burn with the crypto community. The world's largest crypto exchange Binance burned 2.14 million BNB tokens worth $453 million in the 25th quarterly burn mechanism on October 16, according to the BNB burn portal.

Following recent weekly lows, Bitcoin and prominent alternative cryptocurrencies are observing a slight retraction, suggesting that investors might be capitalizing on the decline. In a recent assembly on September 20, the Federal Reserve chose against elevating interest rates.

BNB still managed to achieve its highest weekly volume in the last 24 hours. This may explain why the price continued to rally although the lack of enthusiasm suggests that BNB bulls are pulling their punches.

BNB Chain, the Binance-backed decentralized blockchain network, has announced the launch of Opbnb, its expansion layer built using the Optimism OP stack. The new network allows users to enjoy low-fee transactions in a high-throughput, high-speed transactional layer optimized for interactive applications such as games, with the BNB Chain chain serving as a settlement layer.

In light of the recent catastrophic earthquake in Morocco, Binance Charity has pledged to distribute up to $3 million in (CRYPTO: BNB) tokens to Binance users residing in the affected regions. Over the past few days, Morocco witnessed its most devastating earthquake in over 60 years, leading to the tragic loss of over 2,800 lives and leaving numerous villages in the High Atlas Mountains in ruins.

In a compassionate response to the recent earthquake disaster in Morocco, Binance Charity, the charitable arm of cryptocurrency exchange Binance, has announced a substantial aid effort aimed at providing relief to the affected populace.

It took one year for Binance's crypto-to-fiat processing unit Bifinity, a Lithuanian-headquartered company, to jump into the top five country taxpayers. Bifinity UAB paid over $45 million in taxes excluding VAT in 2022.