Binance, the world’s largest cryptocurrency exchange, has announced the burning of over $450 million worth of BNB tokens as part of its planned BNB Auto-Burn procedure. This marks the 25th quarterly token burn for Binance. During the latest burn, more than 2.1 million BNB tokens were destroyed completely. Additionally, 314.69 BNB tokens were burned through the Pioneer Burn Program, which assists customers who have lost access to their BNB tokens.
BNB Auto-Burn aims to provide an independently auditable and objective process for token burning. This process is reported quarterly and is independent of the Binance centralized exchange. Since the launch of BNB in 2017, Binance has been committed to eliminating 100 million BNB tokens from circulation through token burning. Billions of dollars have been burned on a quarterly basis. The amount of BNB to be burned is determined by the Auto-Burn formula, ensuring that only 100 million BNB tokens remain in circulation. Despite the token burn, the price of BNB has been mostly unaffected. The token has experienced a modest 3% gain in the past day and is currently trading at $213. However, it is still down 13% year-to-date.
#BNB #Binance #CryptoExchange #TokenBurn #AutoBurn #Cryptocurrency #CryptoNews #CryptoPotato
Image: https://weeklyfinancenews.online/wp-content/uploads/2023/08/bitcoin13.png
Comments are closed.