cryptopotato.com
The world’s largest crypto exchange – Binance – has announced the burning of more than $450 million worth of BNB tokens as part of a planned BNB Auto-Burn procedure on October 16th.
This marks the 25th quarterly token token.
- According to the official blog post, a little over 2.1 million BNB tokens were destroyed completely during the latest process.
- The latest quarterly burn also includes 314.69 BNB burned via the Pioneer Burn Program – which is a feature designed to assist customers who have lost access to their BNB tokens.
Deflationary #BNB https://t.co/pPvFHRh44M
— CZ 🔶 Binance (@cz_binance) October 16, 2023
- BNB Auto-Burn aims to provide an independently auditable, objective process. The figures are reported quarterly, and the mechanism is independent of the Binance centralized exchange.
- Upon BNB’s launch in 2017, a pledge was established to eliminate 100 million BNB tokens (equivalent to half of its total supply) from circulation through a burning procedure.
- Since then, billions of dollars have been burned on a quarterly basis.
- The amount of BNB to be burned is determined in accordance with the Auto-Burn formula, ensuring that only 100 million BNB tokens remain in circulation.
- BNB has remained mostly unfazed by the development. Its price trajectory, on the other hand, closely followed the broader market.
- The native token gained a modest 3% over the past day and was currently trading at $213, but was still 13% down in terms of year-to-date (YTD).