In Binance’s 18th BNB Burn, nearly $800 million worth of its native cryptocurrency was cleared from circulation.
Binance – the world’s largest crypto exchange – recently completed its 18th quarterly burn, marking its first quarterly auto-burn. The burn removed greater dollar-denominated value from the network than ever before.
According to a blog post from Binance, the burn removed 1,684,387.11 BNB. At the time of writing, that’s $798,887,962 worth of tokens.
6296 of those tokens were ‘effectively’ burned through the Binance Pioneer Burn program, which counts BNB mistakenly sent to dead wallets.
As the first auto-burn, this burn was not manually conducted through Binance exchange’s revenue generation. Rather, BNB was collected for removal through Binance Smart Chain’s auto-burn mechanism.
The auto-burn mechanism automatically determines how much BNB to burn according to a formula based on BNB’s price, and the number of blocks produced that quarter. It is set to replace manual burns going forwards.
The previous burn in October torched about 1.3 million BNB, worth about $640 million at the time.
Binance plans to reduce the token count to half of its original supply – from 200 million to 100 million – through these burns.
Andrew is content writer with a passion for Bitcoin. He became familiar with Bitcoin back in 2013, but began diligently studying the blockchain technology and its economic implications in 2017. Ever since, he’s believed in the network’s power to replace the current global monetary system, and provide financial freedom to billions worldwide.
Contact: Medium | LinkedIn | Twitter