Sixth BEST burn: We burned more than €50 million in BEST in our strongest burn yet!

Spread the love

Read this article in German, French, Spanish, Turkish, Italian or Polish.

The sixth BEST burn has just been completed and we have burned (destroyed) 23,162,374 BEST – the equivalent of €51,577,974! This was once again, our biggest burn event yet! To compare with our previous burn, which took place on the 28th of January, 2021, we destroyed 35,722,204 BEST – the equivalent of €12,002,660. Burn events are part of our overall BEST strategy and will take place every quarter until 50% of the total token supply is destroyed. Bitpanda CEO, Paul Klanschek, will share more insights and recap the latest developments for BEST with you.

Dear Bitpanda community,

Time flies and today already marks the second BEST burn of this year and the sixth burn overall! Through this blog post, I would like to thank you all for buying and holding BEST either on Bitpanda or Bitpanda Pro and for using it to pay trading premiums or claiming your BEST Rewards every month. The numbers are showing that each month, the popularity of BEST and the claiming of BEST Rewards (as part of our loyalty programme) is significantly increasing among our users.  

Decreasing the supply of BEST makes the tokens left in circulation more valuable, which is an integral part of our overall BEST burn strategy. Through you making use of BEST to pay your trading premiums, you make these burn events possible and I’m happy to let you know that during this burn event, we once again destroyed at least 25% of the BEST tokens users spent on paying trading premiums on Bitpanda between the 28th of January, 2021, and today.

As always, you can find all the information regarding the sixth BEST burn including the burn transaction here. If you are curious about how many BEST are still in existence, just follow this link to Etherscan and check the “Max Total Supply” of BEST there directly.

Let me share the timeline for the upcoming BEST burns with you. As you can see below, the next BEST burn will take place in a few months, on the 29th of July, 2021.

Latest news and updates on BEST

Claims of BEST Rewards at an all-time-high

I’m very happy that more and more users are discovering the most exciting BEST feature – our BEST Rewards loyalty programme. With this, you can increase your BEST holdings by more than 12% a year. In March 2021, 103,955 users claimed their BEST Rewards, which is more than a 30% increase in comparison to January 2021, where the respective number amounted to 70,707 users.

The BEST price climbs to new heights

BEST has come a long way since the IEO, where the price started at €0.09 (for public investors). Now, its value has significantly increased and in recent weeks, BEST crossed the €2 mark for the first time and I can’t wait to see BEST breaking new records!

Tighter spreads with BEST when using Bitpanda Stocks

As you know, with Bitpanda Stocks* you can now invest in fractional shares! Here too, our intention was to offer some benefits for our BEST holders. As Bitpanda Stocks is offered commission-free, there is no fee as is usually the case when trading other assets on Bitpanda. However, instead of commissions, there are spreads**. To continue offering exclusive benefits for our BEST holders, we decided to offer them the option to pay the spread using BEST to get a discount of up to 20%.

Rework of BEST VIP levels

Lately, we have seen a lot of great suggestions from our community regarding a restructure of our BEST VIP levels and since your feedback is extremely important to us, we have decided to rework the current BEST VIP level structure. I can’t go into much detail at this moment in time but stay tuned for more news to come!

Alongside the rework and improvement of our BEST VIP levels, we have even more exciting projects and updates prepared for BEST that I can’t wait to share with you. I’m grateful to have such an amazing team, which makes each milestone possible.

Paul Klanschek

CEO and co-founder of Bitpanda

*Bitpanda Stocks are contracts replicating an underlying stock or ETF. More information and the prospectus are available at bitpanda.com.

**For more information see the Cost Transparency Document of Bitpanda Stocks.

Related Articles