BEST • 6 min read
BEST is Bitpanda’s ecosystem token running on the Ethereum blockchain. We designed it to empower our community to get even more out of Bitpanda, with exclusive perks and weekly rewards. Read on and get all the details about the latest BEST Burn and a closer look at the BEST supply and the performance of BEST this year.
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.
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.
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.
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.
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.
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.
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Bitpanda GmbH ve grup şirketleri (Bitpanda) Türk Parasının Kıymetini’nin Korunması Hakkında 32 sayılı Karar’ın 2/b maddesine göre Türkiye’de yerleşik sayılan hiçbir kişiye yönelik olarak 6362 sayılı Sermaye Piyasası Kanunu başta olmak üzere Türkiye Cumhuriyeti Devleti mevzuatı hükümleri gereği Türkiye’de faaliyet izni gerektiren hiçbir sermaye piyasası faaliyetine dair hizmet sunmamaktadır. Şayet Bitpanda’nın yabancı sermaye piyasalarında vermiş olduğu hizmetlerden Türkiye’de yerleşik kişilerin faydalandığı tespit edilecek olursa tüm zararları kullanıcıya ait olmak üzere bu hizmetler ivedilikle sona erdirilecektir.
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