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The total assets withdrawn amounted to 1,595,599 $BNB, equivalent to $1.024 billion at the time of the burn event. Following this, the total supply of $BNB decreased to 139.3 million.
The destruction of coins is carried out through the Auto-Burn mechanism, which aims to reduce the total supply to 100 million $BNB. The amount burned each quarter depends on the price of $BNB and the number of blocks generated on the network during that period.
At the time of writing, $BNB is trading at $670.85 (+1.4% overnight), according to CoinGecko.
$BNB Chain currently ranks fourth among networks in the DeFi ecosystem by total value locked (TVL).
$BNB Reserves and Institutional Expansion
Venture capital firm YZi Labs, linked to ex-Binance CEO Changpeng Zhao, and 10X Capital are working together to create a $BNB Treasury Company. In the future, shares of this company are planned to be listed on a U.S. stock exchange.
The initiative aims to provide both retail and institutional investors in the US with access to the $BNB Chain ecosystem. According to representatives of 10X Capital, such users currently have limited opportunities to invest in $BNB. This new structure will serve as a gateway for investors to access decentralized finance.
The project will be developed by a team of top managers, including Galaxy Digital co-founder David Namdar, former IT director of investment fund CalPERS Russell Reed, and ex-director of Kraken, Saad Naja.
10X Capital will act as the asset manager for the new company. It has partnered with Cohen & Company Capital Markets and Clear Street LLC to raise capital and purchase $BNB. Previously, 10X Capital participated in the creation of a similar treasury company, Nakamoto (NAKA), whose shares are traded on Nasdaq.
Ella Zhang, head of YZi Labs, noted that $BNB Chain is one of the most widely used blockchain ecosystems. She added that increased institutional participation will benefit a wide range of users.
The funding round is expected to close in the coming weeks.
As a reminder, in April, $BNB Chain developers implemented the Pascal hard fork, aimed at improving EVM compatibility of the blockchain.