In a strategic move, Binance, the world’s leading cryptocurrency exchange, has announced plans for a significant token burn scheduled for Monday, January 22. Simultaneously, Binance Futures will fascinate users in the crypto trading environment with two promotions.
Binance announces token burning
Binance, known for its proactive measures, announced that it will conduct token burns for tokens pegged to Binance on various chains. This move, scheduled for January 22, is part of Binance’s ongoing efforts to manage its token supply efficiently. The exchange aims to burn a significant amount of Binance-pegged tokens, and the process involves releasing an equivalent amount on relevant local networks. Although exact details have not been disclosed, such initiatives have historically focused on burning inactive tokens to improve the overall token economy.
Looking ahead to September 2023, Binance massively burned pegged coins, primarily targeting Binance USD (BUSD) tokens on different Blockchains. This involved burning tokens on native blockchains and releasing an equivalent number of collateral tokens originally used. The upcoming token burn follows a similar process; The initiative in September was influenced by Binance’s decision to end its support of BUSD in 2024 due to regulatory challenges from the US Securities and Exchange Commission (SEC).
Futures promotions revealed
In parallel, Binance Futures is launching two exciting promotions for regular users and VIP 1-3 users. Traders participating in USDC-collateralized futures contracts will have the opportunity to share in rewards of up to 200,000 USDC. Additionally, all users can benefit from a promotional 10% trading fee discount on transactions in USDC collateralized futures contracts until April 3, 2024.
The promotion, which is valid between January 23 and February 5, offers users the opportunity to share from the prize pool. Promotion A encourages users to complete their first trade in USDC margined futures contracts; The first 10,000 eligible users receive 10 USDC Futures Bonus Coupons. Promotion B invites users to refer others with dynamic rewards that award up to 100,000 USDC token coupons based on the transaction volume of eligible referrals.
Order limits apply in some contracts
Looking ahead, Binance Futures will implement maximum open order limits for USDⓈ-M and COIN-M futures contracts at 07:00 on February 20, 2024. This proactive measure aims to improve overall system performance and stability. The maximum open order limit per user for both USDⓈ-M and COIN-M futures contracts will be set at 10,000 orders. Importantly, this limit applies to all order types, including “Decrease Only” orders.
These strategic moves by Binance, including token burns and attractive promotions, underscore the exchange’s commitment to innovation and efficiency in the dynamic world of cryptocurrency trading. While the crypto community eagerly awaits the results, these developments undoubtedly add an intriguing chapter to Binance’s evolving story in the crypto space.
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