Binance Announces New WIF Futures Promotions and Significant BNB Token Burn

• Binance continues to captivate the cryptocurrency world with new opportunities and significant updates for users.
• The latest developments include a new contract announcement for WIF on Binance Futures and the support of network upgrades for CTK and RIF.
• The exchange has also successfully completed its 28th quarterly BNB token burn, marking a pivotal milestone.

Read about Binance’s latest strides in the crypto world, including new WIF contracts, CTK and RIF updates, and a significant BNB token burn.

Binance Introduces New WIF Futures Contract

To commemorate the launch of the WIFUSD COIN-M perpetual contract, Binance Futures is rolling out two new promotions. Eligible users stand a chance to share a reward pool of 10,000 WIF. By registering for the promotion and conducting their first COIN-M futures trade with a minimum trading volume of 100 USDT, new futures users can earn a 5 WIF Futures Bonus voucher. Similarly, new users who achieve a trading volume of 100 USDT in WIFUSD can also earn a 5 WIF Futures Bonus voucher.

Additional Promotional Opportunities

All users registered for the promotion, including normal and VIP 1-3 users, can capitalize on the opportunity by amassing a trading volume of at least 500 USDT in WIFUSD COIN-M futures during the promotional period. Participants will be ranked based on their total trading volume, with top performers receiving the most rewards. The top-ranking user will win 250 WIF, while the second and third places will earn 200 WIF and 150 WIF respectively. Users ranked 4th to 19th will share 1,200 WIF equally, and other participants will share an additional pool of 3,000 WIF.

Support for CTK and RIF Network Upgrades

In its commitment to enhancing user experience, Binance will support Shentu (CTK) and Rootstock Infrastructure Framework (RIF) network upgrades and hard forks. The CTK network upgrade, occurring at block height 19,525,000, is scheduled for July 23, 2024, at 13:00 UTC. Similarly, the RIF network upgrade will take place at block height 6,549,300 on July 24, 2024, at 13:00 UTC. During these periods, Binance will temporarily suspend deposits and withdrawals for the affected tokens to facilitate smooth transitions. Binance will resume these functions once the networks stabilize.

User Impact and Technical Handling

Binance ensures that all technical demands will be met to support these upgrades seamlessly. During the upgrades, any tokens deposited on the CTK and RIF networks will be safe. Users are advised to plan their transactions accordingly to avoid inconveniences during the downtime.

BNB Token Burn Milestone Achieved

The BNB Foundation recently completed its 28th quarterly BNB token burn, burning a total of 1,643,698.8 BNB, valued at approximately $971 million at the time of the burn. The Auto-Burn mechanism, which considers the BNB price and the number of blocks generated each quarter, ensures a transparent and predictable process. This burn significantly reduces the circulating supply of BNB, contributing to the token’s value stability and growth.

Real-Time Burn Mechanism via BEP95

In addition to the quarterly burns, Binance implements a real-time burning mechanism through BEP95, which has burned approximately 234,000 BNB to date. This dual burning strategy enhances the token’s deflationary nature, benefiting long-term holders and maintaining investor confidence.

Conclusion

From new futures contracts and promotional incentives to supporting critical network upgrades and achieving major token burn milestones, Binance continues to set new standards in the cryptocurrency market. These developments highlight Binance’s commitment to innovation and user-centric improvements. Investors and traders can expect ongoing enhancements as the platform evolves and adapts to the dynamic crypto landscape.