Market Structure
July 18, 2020, 3:10AM EDT
• 3 min read

A closer look at Binance's Q2 performance: spot volume is flat while futures are seeing growth

Larry Cermak

Quick Take

  • The exchange burned the equivalent of $60.5M in BNB from circulation, which is a 15.3% increase from $52.5M in Q1 2020
  • Binance has so far burned 23.6M BNB (an equivalent of $359M) in 12 burn events, which represents about 11.8% of the supply
  • Binance’s spot volume has slightly declined quarter-to-quarter while futures volume grew by 68% quarter-over-quarter
  • There are still questions around Binance’s mechanism for burns – no longer based on profit and burns from uncirculated supply

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