$575 Million Worth of BNB Burnt by Binance

BinanceBurn

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.
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

You Might Also Like:


.custom-author-info{
border-top:none;
margin:0px;
margin-bottom:25px;
background: #f1f1f1;
}
.custom-author-info .author-title{
margin-top:0px;
color:#3b3b3b;
background:#fed319;
padding:5px 15px;
font-size: 20px;
}
.author-info .author-avatar {
margin: 0px 25px 0px 15px;
}
.custom-author-info .author-avatar img{
border-radius: 50%;
border: 2px solid #d0c9c9;
padding: 3px;
}