The world’s largest cryptocurrency exchange Binance has completed the 24th quarterly burn of its native token, burning 1,991,854 BNB.
The development, carried out every three months, should help the company reduce the total supply of the coin to 100 million.
Binance informed that its most recent BNB burn equaled approximately $484 million.
The process also included 747.51 BNB being burned through the Pioneer Burn Program, a feature that helps customers who have lost access to their BNB tokens. Binance CEO Chanpeng Zhao (CZ) weighed in on the matter, saying saying everything was done “according to the public algorithm”.
the quarterly #BNB recording is done, according to the public algorithm.
I was told that there will be more (big) on-chain transactions coming soon, to further distribute/spread the coins to more addresses. Nothing to be alarmed about. 🙏
— CZ 🔶 Binance (@cz_binance) July 19, 2023
Sending a certain amount of BNB tokens every quarter to an address that no one can access is a strategy that Binance adopted in 2017 (at the time of the native coin launch). The exchange has burned billions of dollars worth of BNB thus far, with the goal of eventually decreasing the overall supply of the token by 50%. CZ also revealed that there could be some “additional (big) on-chain transactions coming soon” that will distribute the assets to more addresses. “Nothing to be alarmed about,” he assured. BNB’s USD valuation was relatively unfazed by the most recent burn, currently trading around $241 (according to data from CoinGecko). Its market capitalization has also mimicked yesterday’s figures of nearly $38 billion.
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This post Binance Burns Over $480 Million in BNB in Q24
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