For our 1st quarterly RES Burn on 31-Dec-2019 (Oct-December 2019), Resfinex will burn 1,750,000 RES, equivalent to $17,500 USDT worth of tokens. Resfinex provides what inspires Resfinex to work on on going projects in driving the finanace industry forward.
Resfinex will conduct the first quarterly burn of 1,750,000 RES. This is equivalent $17,500 worth of RES out of circulation, permanently. We will take this event to share some thoughts.
1,750,000 RES will be burned. The amount shows a beginning growth over the last few months. The main factor contributing to this growth include trading fees, launched Bitball BTB and Bitball Treasure BTRS trading token. In addition, we launched a key service in Q4 that we are still building up, namely Staking. We expect their contributions to increase in for 2020, along with our future services such as Margin trading, P2P trading and Future trading.
Even with our small user base, the number is increasing day by day, Resfinex’s profits may be smaller compared to big crypto exchanges. However, There are several reasons to believe in Resfinex’s future:
First, Resfinex strives to provide the lowest fees in the trading. We want to keep the cost of trading to a bare minimum for our community. We believe this is the best long-term growth and for the finance industry in general.
Second, we actively reinvest in the technology of the exchange, improving the UI, UX and security standards, regardless of market conditions. We believe strengthen our technology and security standards will bring about significant benefits in the long term. As a result, our profit margins are smaller at the moment.
Third, and most importantly, we believe RES will grow further by reducing supply (RES quarterly burn), using to pay fees for our future services like margin trading, future trading and P2P trading.
At Resfinex, our income is mostly in RES, and we hold it. We hold true to our whitepaper that we will continue to burn RES in our possession until there are only 500,000,000 RES left.
Last quarter has been a very productive quarter, with many of our significant projects coming one of that is Staking. We launched Resfinex Staking and added our RES token for first staking product. If you are a beginner and want to join in staking, but do not know where to begin, you can try staking through Resfinex and your assets on resfinex.com will automatically enjoy daily staking rewards, with zero effort from you. 100% of the staking rewards will be distributed daily. Resfinex charges zero fees for this service.
With all the above progress and results, the RES price increased from ~0.08$ to over 0.01$ and ranked #88 over 100 coins in coinpaprika.
Our direction for Resfinex has always been clear. We still very much strive to be the best exchange for digital assets token and work hard for the RES’s holders and our investors.
We appreciate your support as always.