BEST Burn #26 is here: The latest Bitpanda ecosystem news + a deep dive on BEST supply and performance

The latest Bitpanda news 

• Bitpanda reached 4 million users
  We are overjoyed to share that we've hit a monumental milestone - a whopping 4 MILLION incredible users! Thank you for being a part of our journey as we reshape the world of digital assets. Together, we're rewriting the future of finance!
  
  
• Bitpanda Spotlight keeps growing
  For the innovators and trailblazers, the early adopters and trendsetters, Bitpanda Spotlight gives you access to new, hard to find and fast-moving crypto projects on secure platform. Most recently we’ve added Sologenic (SOLO), Mobox (MBOX), Limewire (LMWR), Turbo (TURBO) and Verasity (VRA), with more exciting new crypto projects on the way. Learn more.
  
  
• Introducing Bitpanda Cash Plus
  With Bitpanda Cash Plus we’re revolutionising savings with high-yield returns and 24/7 availability for EUR, GBP, and USD. All funds invested in Bitpanda Cash Plus are completely flexible and available anytime, 24/7. At any given time you can withdraw or invest your Bitpanda Cash Plus funds. Yields will be immediately adjusted with central bank interest rate changes - there is no limited offer period on Bitpanda Cash Plus. Learn more.
  
  
• Join the Bitpanda Club
  Bitpanda Club is exclusively available to our most valued customers. Gold members get enhanced support, a dedicated success manager and access to our early adopter programme. Learn more.
  
  
• Short leverage positions are live
  We recently launched Bitpanda Leverage - a smart way of trading crypto in any market conditions with 0% buy fees. We’re happy to announce you can open short positions on top crypto assets – currently Bitcoin 1x Short (BTC1S) and Ethereum 1x Short (ETH1S) – with 0% buy fees. Learn more.
  
  
• Blockpit + Bitpanda
  In May, Bitpanda and Blockpit teamed up again to offer BEST VIPs discounted licences and expert advice to help you save on taxes to leverage potential crypto losses. VIP Level 5 got 90% discount on licences, VIP Level 4 got 75% discount, and VIP Level 3 got 50%. A licence from Blockpit will help you keep your books in order and save money on taxes. Learn more.

The 26th BEST Burn is here!

We’ve just completed the 26th burn of 1,909,459 BEST with a total value of €718,148. You can get all the details about our 26th burn - including burn transaction - here. And check the BEST Supply section to find out how much BEST is held by our users here. 

Reviewing the BEST supply

Before we get into the circulating supply of BEST, let's define what circulating supply actually is. Generally, it’s defined as the number of tokens in circulation in the market at a given time, that are in motion and available. 

To cater to the general market standards, we’re making some changes to the definition of circulating supply for its Ecosystem Token (BEST). Until now, the circulating supply of BEST was defined as the total supply minus the company's reserves. However, moving forward, Bitpanda will align with the broader industry standard definition of circulating supply. This means that going forwards, the circulating supply will include the amount of tokens that are publicly available and actively circulating in the market. This change aims to enhance transparency and create a more standardised comparison point with other cryptocurrencies, providing a clearer picture to its users. 

In the case of BEST, all funds that have not been burned correspond to this definition, including Bitpanda funds, as these are used to pay out the instant trade bonus and weekly rewards. Additionally, Bitpanda takes BEST in the amount of up to 25% of collected trading premiums by BEST holders through the BEST stimulus program. 

Therefore, circulating supply corresponds to all funds held by users in Bitpanda, funds held by users in Bitpanda Technology Solutions partners (such as Lydia and other partners), funds held by users on other exchanges or private wallets, funds held by market makers to maintain liquidity where BEST is available, as well as company funds. Similar to other coins and tokens like BTC, BNB, ETH, USDC, DOGE, TRON, BCH, DAI, SHIB, BUSD, XMR, EOS the circulating supply and the total supply are therefore the same for BEST. This results in a circulating supply of BEST of 784.611.116 BEST.

A new step towards transparency

Bitpanda is taking a firm step towards bolstering transparency within its Ecosystem Token (BEST) community. As part of this commitment, Bitpanda is forming an Ecosystem Committee, a distinguished assembly of BEST team members and independent industry experts. The committee will also allow the participation of the BEST community to a certain extent. This initiative underscores Bitpanda's devotion to industry best practices but also nurtures a culture of openness and trust. Stay tuned for further details on the Committee’s objectives and establishment, which we’ll be sharing with the entire community soon.  

Moreover, Bitpanda is introducing a new level of disclosure regarding the distribution of BEST tokens. Starting from the next quarter, the company will publish additional key performance indicators (KPIs) in each BEST burn blog. These KPIs will provide vital insights into the spread of BEST tokens. Bitpanda's commitment to ensuring that the BEST community regularly receives comprehensive information on the token's operations and distribution. 

These are significant developments in the Bitpanda ecosystem, marking a new era of transparency and clarity for all participants.

BEST in numbers 

We are excited to share the outstanding achievement of BEST since the beginning of the year, outperforming our token peers by a remarkable 24% and with a consistent trajectory. This significant margin demonstrates the strength and resilience of the BEST community. It is a testament to the unwavering support of our community, the trust placed in us by an increasing number of individuals, and our commitment to delivering what our clients desire. 

Additionally, we have launched 10 Spotlight projects so far, and we have gathered more than € 300,000 to give away to our valued BEST holders, highlighting our commitment to rewarding them and providing more opportunities to participate in new exciting projects. 

And lastly, we are thrilled to reveal that the number of BEST VIPs above level 1 has grown by a remarkable 11% since the beginning of the year. Additionally, the BEST amount held by users in the Bitpanda ecosystem has surged by 7%, reaching over 388 million today. These figures reflect the increasing recognition and adoption of BEST as a valuable digital asset. We extend our heartfelt gratitude to our community for their continued support on this incredible journey.

When is the next BEST Burn going to happen?

Where can I learn more about investing? 

Head over to our app for iOS and Android or our web app and check out the price developments of your favourite cryptocurrencies, stocks*, ETFs* and precious metals. Learn more about investing in the Bitpanda Academy and on the Bitpanda Blog. Don't want to miss our news? Follow our twitter and Instagram.

Disclaimer

Please keep in mind that Bitpanda may at any time terminate the BEST Rewards and may decide not to pay them out. BEST rewards, as any other feature within the Bitpanda Loyalty Programme, do not represent a claim on or against Bitpanda or any of its affiliates and shall not be deemed legally binding. See also Bitpanda Loyalty Programme Terms for more details.