CoinShots Logo
Binance Exchange Burns $547M Worth Of BNB Tokens
The world’s largest crypto exchange continues to burn BNB tokens as scheduled.
Andrew
11:03 13th Oct, 2022
Altcoins

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.

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.

Source



CoinShots Logo

Services

Social

Get in touch:

© 2023 Coinshots (AtlasZero LLC). All rights reserved.