This is the 2nd most frequently asked question I get. Sorry to disappoint you, but the secret sauce is: “there is no secret sauce”. It’s a combination of hard work and luck. We have a severely sleep-deprived team that works day and night to improve products, run creative marketing campaigns, and solve the increasing number of support tickets. I believe hard work creates luck. We also have a large number of dedicated Binance Angels watching over us and taking care of our communities. They don’t get paid, they volunteer their time and effort, just to contribute to something they believe in. I am happy to announce two of our angels became full-time employees this quarter. This is something we will continue to do. Welcome to the (sleep-deprived) team, guys! BNB token increased 220x from its initial value 6 months ago, outperforming even BTC by about 30x, during the highest growth period of BTC in history.Chinese account for only 3.3% of our total user base, according to Alexa.Binance receives more than 25,000 support requests (tickets) every day, with a 20 agent support team, that means each agent can only spend 20 seconds or less on each ticket. Unfortunately, as a result, we have a backlog.Binance’s matching engine handled 3.5 billion requests that day, or roughly 40,000 requests per second.Over 10B USD worth of cryptos changed hands on Binance in one day at the peak, averaging $110,000 USD / second.In a nutshell, last quarter was all about growth. Just phenomenal growth in every aspect, from the number of traders, volume traded, servers and bandwidth usage (expenses), support requests and issues. Our expenses are also increasing at a rapid pace and incurred at different times. Looking at the beginning of the quarter when we had to sell some BNB/BTC to pay for things, those are very high costs by today’s prices. But you can’t look at things that way, it was what the price was at the time. When we do calculations, we just count how many coins we have and convert to the target currency using current price, and we reach a simple answer. The point is though, if we do the same calculation again an hour later, using new current prices, we will get a different result. If you were to convert our revenue to fiat using those rates, it would have been lower. Price fluctuations complicate the calculations. BNB price was lower at the beginning of the quarter. Our trading fee is not the 0.1% as advertised. Realistically, it is far lower. If you pay fees with BNB, you get a 50% discount. If you were referred by a friend, your friend gets another 20% (previously 50%) of the remaining fee. Thus, our effective trading fee is around 0.03%, whereas the industry standard looks to be around 0.25%. Binance has just burned 1,821,586 BNB. If you don’t understand why we did this or think we are just plain crazy, please read our whitepaper. As I have been less vocal in our public groups recently, I would like to take this opportunity to share some random thoughts again.
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