Binance Burned Nearly $400 Mln Worth of BNB Tokens
Yesterday, the Binance crypto exchange burned BNB tokens for the 16th time. The quarterly BNB token burn has a specific goal: to reduce the number of BNB coins. These burns should be carried out until half of all Binance Coins have been burned, that is, 100,000,000. The amount of BNB burned depends on the transaction made with Binance Coins. It was originally supposed to burn 20% of Binance's quarterly profits.
However, changes were made in 2019, so it is now unclear what percentage of the profits was burned. The changes were necessary, according to Changpeng Zhao, as cutting Binance Coins to 100,000,000 BNB would otherwise be a very slow process.
According to the official blog post, a total of 1,296,728 BNB worth $393,673,653 was burned this time. Thus, more coins were burned than the last time. The maximum supply has already been reduced by more than 30,000,000 and amounts to about 168 bln BNB. With a market cap of $47.22 bln, Binance Coin is currently ranked 4th on the CoinMarketCap website. The current rate at the time of writing is $280.82.
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