Third BEST token burn: Recap and latest developments

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Today we burned (destroyed) 18,685,933 BEST - the equivalent of €1,476,188. For comparison: in our second BEST token burn which took place on the 30th of April, 2020, we burned the equivalent of €2,058,252 in BEST! These burn events will continue every quarter until 50% of the total tokens are destroyed. In this blog post, Bitpanda CEO Paul Klanschek gives some insights on the burn and some of our exciting BEST features that have been released and are coming up.

Dear Bitpanda community,

I can’t believe that this is already the third BEST burn, but here we are. First of all, I would like to thank all of you who hold BEST, who use it on Bitpanda and Bitpanda Pro to save on trading premiums and who are collecting their BEST Rewards every month. We are seeing that the adoption rate of those features is going up steadily, so we’re pretty happy about this.

Like in the first two events, we again burned more than 25% of the BEST used for trading premiums in the time between the 30th of April, 2020 and today.

Note that these tokens were permanently destroyed, which is pretty interesting for you as BEST holders, given that features like BEST Rewards are also now live.

As usual, you can find all information regarding the third BEST burn, with the total supply and the burn transaction.

Updates on BEST Rewards

By now, we all know of our popular loyalty programme BEST Rewards, where you can collect more than 12% in additional BEST every year. You can read more about it here. Well, since we announced BEST Rewards on the 31st of March, we’ve seen that our users are getting more involved with our new loyalty programme. For example:

• Over 22.5k users claimed their BEST Rewards in June, a large increase from 15k when we launched the programme in April.
• On the 1st of July, over two million BEST was distributed as BEST Rewards to users.

It's also important to mention that the BEST Rewards incentive doesn’t mean that the supply inflates - the opposite is the case. With this, we can ensure a constantly decreasing supply until 50% of the total tokens are destroyed, all while giving BEST back to our most loyal users.

BEST benefits for our loyal BEST VIP users:

We had our second BEST VIP coin vote: we included our users with BEST VIP levels 1 or higher in our decision making.

We lowered deposit fees for BEST VIPs: as a BEST VIP level 2 and 3 user, you now benefit from 20% lower deposit fees when using credit cards and 25% lower deposit fees for SOFORT.

More transparency with our new “My BEST” section

New “My Best” section on your dashboard. In June 2020, we introduced the all-new “My BEST” section in your Bitpanda account settings. In this new section, you can see more information about your BEST level and how much BEST you’ll be able to collect for the month. Read more in the BEST Recap.

All in all, we’ve had a good month of BEST usage due to the BEST burn, BEST coin votes and now the BEST rewards programme. About 40k users have claimed their rewards for this month. If you haven't already, make sure you do so before the month is up.

Upcoming BEST burns

So there are no surprises, here are when the next BEST burns will take place:

I’m really pleased with the adoption rate of BEST and our overall strategy to deliver the best, high-quality features to our users. Stay tuned on our blog and social media channels, where we will keep you updated on everything concerning BEST.

We have many exciting projects planned for BEST and I’m grateful to have such a great team and users who stand by Bitpanda’s vision.

Paul Klanschek