Bitpanda Ecosystem Token: Recap #1

Welcome to the first instalment of the Bitpanda Ecosystem Token Recap. In this series, we will update you regularly about news related to BEST, statistics and trading fees. So sit back with a cup of coffee and let’s rewind.

Let’s talk features: BEST users get 25% off trading fees, plus a guaranteed €0.12 minimum value for trading fees

Two weeks ago, we reached an important first milestone for BEST, the Bitpanda Ecosystem Token; our users are now able to pay for trading fees on the Bitpanda platform and the Bitpanda Global Exchange. By doing so, they get 25% off trading fees (for buying and selling) for any digital asset and trading pair, including digitised precious metals.

We also guarantee a minimum value of €0.12 when BEST is used to pay trading fees. So really, you benefit from both a 25% discount on trading fees plus a guaranteed minimum value of €0.12 for one BEST when you use it to pay for trading fees.

BEST usage statistics

We’re very pleased to announce that there was a wide intake of BEST users since the launch started.

Since our launch on October 30th 2019, we’ve had a rise of 14.8% in active users, who use BEST to pay for trading fees.

During our second week, we had an increase to 16% in active BEST users, compared to 13.2% from last week.

All in all, we saw that 11.8% of the total fees on the Bitpanda platform and the Bitpanda Global Exchange were paid in BEST within the first two weeks.

Successful first two weeks and growing adoption

In general, we’re very happy with the adoption rate for BEST. We began the first few days with a usage below 10%, both in the number of orders and amount of trading fees paid. Since then, there has been a clear increase in the percentage of fees paid and we’re very happy that the average for this week is now closer to 20% than to 10%. On Wednesday, November 13th 2019, we hit a record amount of 32% of fees paid in BEST!

Please note that we will stick to our policy to not report the exact, specific amount of BEST collected and % usage, as it would be trivial to calculate the total amount of fees we collect monthly. We want to keep this number private as we have in past years for competition reasons.

Other news: First token burn event!

The first token burn event for BEST is planned to take place in the first quarter of 2020. In early April 2020, we will destroy 25% of the amount of BEST received from users who paid trading fees using BEST. This will continue on a quarterly basis until 50% of the total BEST supply is destroyed.

Are you inspired and ready to buy some BEST? You can buy it on the Bitpanda platform or on the Bitpanda Global Exchange. You can also swap any supported cryptocurrency, stablecoin and even digitised gold, silver, palladium and platinum to BEST. Happy trading!

If we haven’t already made ourselves clear, you should get BEST now!