3) Based on the original specs, BNB was going to burn 20% of profit.
Based on this update (binance.com/en/blog/421499…), it's now unclear what they'll burn, but maybe something like: 80% of profit (up to 100m tokens, and nothing after that)
4) Binance burned $600m of BNB for Q1.
That would roughly imply $750m of profit. If we assume $1B of revenue, given their $6T of volume in Q1, that implies an average fee rate of 0.016% or so.
5) So, TL;DR, with a factor of ~1.5 or so uncertainty:
Binance, Q1 2021:
a) $1B rev, $750m profit --> $4B rev, $3B profit run-rate
b) Blended average fee rate ~0.016% on trades
c) They're making it really clear that burn only goes until 100m tokens, but 60% of rev until then
• • •
Missing some Tweet in this thread? You can try to
force a refresh
"Coinbase recklessly delivered false, misleading, or inaccurate reports concerning transactions in digital assets, including Bitcoin, on the GDAX electronic trading platform it operated."
For a while there's been something annoying about FTX referral accounting.
All of the ref fees are paid out, but it often takes a day to do so.
That means that they will sometimes show up in the next day's bucket.
2) Going forward, this should be cleaner; each day's referral fees should correspond exactly to trades that happened on that (previous) day.
This should make it easier to track what's going on.
We're also considering changing the interaction of FTT with fee tier 6.
3) Fee tier is is capped at 3bps taker post-referral; this means if someone was fee tier 6, and had $5k of FTT making their actual fees ~3.5bps, then they would only give ~0.5bps of ref fees.
We're considering changing this to be a 3bp min pre-FTT.