- Binance has wiped out 1,959,595 BNB from circulation, equivalent to $442,868,535.
- Current BNB in circulation is 163,276,975.
- Binance introduced an auto function in 2022 to reduce the quantity of BNB to 100 million continuously.
Binance, the largest cryptocurrency exchange, has announced the successful extermination of 1,959,595.29 BNB, equivalent to $444,632,106. This aggressive coin burn is in line with their mandate to bring the total amount of Binance Coin in circulation to 100 million or half of its market cap.
The total minted BNB since its launch in 2017 is 200 million tokens. And after this burn, the current circulating supply of BNB is 163,276,975. This latest quarterly burn, the 20th in the series, includes 4,181.77 BNB effectively burned via the Pioneer Burn Program.
Since last year, the exchange replaced the initial quarterly BNB burn with an Auto-Burn function to provide greater transparency and predictability to the BNB Community. In a press release of 2021, the exchange said the Auto-Burn is objective, verifiable, and independent of its revenues.
In their words:
BNB Auto-Burn [is] independent of revenues generated on the Binance CEX through the use of BNB and will be automatically adjusting in that the burn amount will be based on the price of BNB, which, in turn, reflects the supply and demand for BNB, as well as the number of blocks produced during a quarter calculated based on on-chain information.
The formula is:
B represents the amount of BNB to burn, and N means the total number of blocks produced on BSC during the calendar quarter. P is the average price of BNB against the US dollar. K is a constant value as a price anchor, initially set at 1,000.
The BNB Auto-Burn function will pause once the total circulation of BNB drops below 100 million.
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