Binance, the world’s largest cryptocurrency exchange in terms of trading volume, is the 17th largest cryptocurrency exchange in the world. quarter BNB The token was burned.
1 Million 335 Thousand 888 BNB Was Burned
17. Binance, which has completed the burning of the BNB token, has 1 million 335 thousand 888 units in total, which corresponds to the current price of the crypto asset and the value of about 640 million dollars Binance Coin (BNB) he announced that he was cremated. After this burning, the total supply of BNB decreased to 166 million 801 BNB.
17. The amount of BNB burned during the burning of BNB tokens is determined according to the last burning performed (16. token burning: 1,296,728 BNB) shows an increase of about 40 thousand units. Binance promises to continue its burning operations until 100 million BNB remains in circulation.b
Official Statement from Binance about the Burning Process
The cryptocurrency exchange Binance is on its official page BNB he published a brief statement on the cremation:
“Binance undertakes to burn BNB every three months until 50% of the total BNB supply is removed from circulation. 40% of the total BNB supply is allocated to the Binance team. These allocated tokens are not touched. It is used only for purposes such as incineration.”
What is Coin/Token Burn and Why Is It Done?
Coin burning is the process of permanently removing some of the existing crypto currencies from circulation. Although it is carried out for many reasons, the primary purpose of coin burning is to reduce the supply and give the relevant crypto currency a deflationary structure.