Binance Burns $600 Million BNB
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An editor at Coincrop
17 Jan 2023 | 2 min read
inance has announced a staggering $600 million in BNB was burnt in its 22nd event of the auto-burn program. An impressive 2.05 million tokens were incinerated via the Pioneer Burn Program, with 7,181 BNB going up in smoke!
This morning (Jan 17) Binance incinerated an incredible 2.06 million of its precious BNB tokens worth more than $600 million - as announced in a statement issued by the company itself!
Binance declared that they honour the BNB burn program to remove 100 million tokens from circulation, which is done quarterly. This initiative was set up with the intention of halving its token supply in total.
Additionally, Binance introduced the Pioneer Burn Program to permanently remove any provably lost BNB from circulation and a real-time burn program that quickly burns away some of the gas fees generated by the Chain.
Every quarter, the BNB supply is automatically diminished via a burning process that's determined by both the asset’s price and how many blocks have been created on the BNB Smart Chain (BSC).
JonathanAn editor at Coincrop
Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.
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