Bitpanda Ecosystem Token: Recap #6

Welcome to the sixth instalment of the Bitpanda Ecosystem Token Recap. In this series, we update you regularly about news related to BEST, statistics and trading premiums. So let’s rewind.

Second BEST burn and BEST Rewards

We recently had our second BEST token burn where we burned (destroyed) 22,793,488 BEST - the equivalent of €2,058,252. The first BEST token burn happened on the 30th of January, where we burned the equivalent of €750,600 in BEST. These burn events will continue every quarter until 50% of the total tokens are destroyed. To learn more about what happened during our BEST burn, read our recap article.

We also paid out the first BEST Rewards on the 1st of May and will do this every month from now on. BEST Rewards is an amazing loyalty programme that, when used, increases your BEST holdings by up to 12.78% a year! All you have to do is actively claim your BEST rewards (click the “claim now” button), hold BEST in your Bitpanda wallet and do at least one monthly trade. Head over to this blog post to learn how to participate and claim BEST Rewards.

In January 2020, 25.7% of active traders used BEST to pay for trading premiums. As you can see from the graphic, in February 2020, this surged to 26.2% and settled in March at a steady 25.2%. And lastly, in April 2020, BEST soared to 29.0%, we can only speculate this was due to the BEST token burn.

To conclude, in April 2020, we found that 25% of the total trading premiums on Bitpanda and Bitpanda Pro were paid using BEST. If you take a look at our BEST recap #5, you’ll see that 26% of trading premiums were paid using BEST. Overall we are really happy to see that around a quarter of all trading premiums on both Bitpanda and Bitpanda Pro are being paid using BEST.

BEST burn hype increases usage

The Bitpanda Ecosystem Token has always had a healthy adoption rate from our users, but since the BEST token burn in April this year, we’ve already seen a higher adoption rate and we can only speculate that this will continue to rise. With more and more new features, BEST will play an even bigger role within the Bitpanda ecosystem in the coming months. BEST Rewards and VIP votes using BEST were the latest additions in the last couple of weeks. Keep an eye on our blog for more updates.

Are you inspired and ready to buy some BEST?

You can buy BEST on Bitpanda or Bitpanda Pro. You can also swap any supported cryptocurrency, stablecoin and even digitised gold, silver, palladium and platinum to BEST. Happy trading!

Please note that we will stick to our policy to not report the exact amount of BEST collected for competition reasons.