Since Coinbase announced the listing, the valuation has risen from $ 70 billion to its current value of $ 91.5 billion.
The direct listing of the exchange is causing investors to re-examine the potential of virtual forex exchanges and platform currencies. In the past few weeks, four major crypto platforms, Binance, Huobi and FTX, have increased their native tokens BNB, HT and FTT.
The following are the recent gains of the four cryptocurrencies:
|
|
January |
February |
March |
Total since the beginning of 2021 |
|
BNB |
18.60% |
374% |
43.80% |
1545.87% |
|
FTT |
92% |
134% |
54% |
825% |
|
HT |
57.90% |
92% |
22.50% |
415.95% |
On April 12th, the BNB had the best overall performance since 2021. It has increased by 1545.87% since 2021. FTT followed by an 825% increase. In comparison, HT has not increased as much and is up 415.95%.
Coinbase will be listed directly on the Nasdaq on April 14th under the trading code COIN. What impact will the upcoming listing have on these platform coins?
A reasonable valuation is always carried out based on the trades provided by the cryptocurrency exchanges. However, the four major exchanges do not currently provide publicly available financial data, so there are certain difficulties in valuation.
Therefore, we choose the burned token amount as the evaluation criterion for each platform. From a supply and demand perspective, burning a token leads to deflation, which also reflects the profitability of the platform and often has some impact on the price of the digital asset.
Select Coinbase’s “Platform Currency Amount Burned” Profit Benchmark for a rough estimate of the four major platform exchanges.
According to information submitted by Coinbase to the US Securities and Exchange Commission, Coinbase’s annual revenue in 2020 was over $ 1.2 billion.
Token Burn Amount of Major Exchanges
Binance has completed the quarterly incineration of 14 BNB, a total of 3,619,888 BNB burned. The NBB that was burned this time is worth $ 165,791,000. For 2020, approximately $ 346 billion in BNB million were burned.
Binance CEO Changpeng Zhao said Binance net income is expected to reach $ 800-1 billion in 2020.
In February 2021, Huobi Global burned 5.385 million HT (about 69.709 million USDT), which is 19.85% more than in January. In 2020, a total of around $ 200 million of HT was destroyed
FTT burned 10,771,361 FTT for a total value of $ 587,254,575. According to reports, around $ 2 million in financial transaction tax will be destroyed in 2020.
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