$575 Million Worth of BNB Burnt by Binance
The world’s largest crypto exchange continues to burn BNB tokens as scheduled.
The latest – 21st – quarterly BNB burn saw more than 2 million coins removed from circulation.
In terms of USD value at the time of the event, this token burn was worth roughly $575 million.
- What’s particularly interesting about the latest quarterly BNB burn, according to the statement from the exchange, is that almost 5,000 of the coins were burnt through the Pioneer Burn Program.
- Introduced roughly two years ago, the program allows users who have mistakenly sent some of their tokens to burn addresses to retrieve a portion of all of them.
#Binance Completes 21st Quarterly #BNB Burn!— Binance (@binance) October 13, 2022
🔥 2.06m #BNB has been burned 🔥 pic.twitter.com/VHvt1E4FzB
- As previously reported by CryptoPotato, the whole idea of Binance’s burning mechanism is to bring down the token supply from the initial 200 million to 100 million.
- In the company’s case, it has made multiple changes, primarily because the original idea of burning certain percentages of the profits during that quarter was not fast enough.
- It’s worth noting that the latest BNB burn saw more tokens burnt than the previous one completed in July. The USD value is also higher now – $575 million versus $444 million back then.
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