Bitpanda Ecosystem Token Burning

It’s been almost 2 years since the launch of BEST, the Bitpanda Ecosystem Token, and the project still receives an outpouring support from its community. Many users are still holding their $BEST Token, Bitpanda’s native currency, using it to pay for trading premiums and claiming BEST Rewards every single month.

The 7th $BEST Burn

In addition to new features and extended tokenomics, token burn events play an important role in overall $BEST strategy.  The main reason why tokens are burned can be compared to repurchases (“buy-backs”) of shares offered by public companies.

Companies “buy back” shares, thus reducing the supply of circulating shares (shares outstanding), adding to share value and thus benefiting shareholders. As you might have heard, burn events take place on a quarterly basis until 50% of the total BEST supply (initially 1 billion BEST tokens) is destroyed.

“The seventh BEST token burn has just been completed and we have burned 15,812,733 BEST which is quivalent to €10,047,410.”—Paul Klanschek, CEO & Co-Founder Bitpanda

During this burn event, which is the seventh in $BEST’s history, Bitpanda destroyed at least 25% of the $BEST spent on paying trading premiums on Bitpanda and trading fees on Bitpanda Pro starting from the 29th of April to date.

$BEST REWARD SYSTEM

With BEST Rewards, loyalty programme, you can increase your BEST holdings by more than 12% per year.  All you need to do is hold BEST on your Bitpanda wallet (not Bitpanda Pro), complete at least one monthly trade of any digital asset and of course, actively claim your rewards on Bitpanda every month. In addition, you can receive more rewards depending on your BEST VIP level and trading volume. Thus, the higher your BEST VIP level and the more you trade, the more rewards you can claim every month. In June alone, more than 85,000 users claimed their rewards amounting to more than 2,500,000 BEST.

ABOUT BITPANDA
Bitpanda was founded in 2014 in Vienna, Austria with the aim of making investing accessible for everyone. Its goal since day one was to reimagine what it means to invest, by making simple, easy-to-use financial products for everyone.

RESOURCES
Bitpanda Blog