Outside Source
Binance – the world’s largest crypto exchange – recently completed its 18th quarterly burn, marking its first quarterly auto-burn. The burn removed greater dollar-denominated value from the network than ever before.
- According to a blog post from Binance, the burn removed 1,684,387.11 BNB. At the time of writing, that’s $798,887,962 worth of tokens.
- 6296 of those tokens were ‘effectively’ burned through the Binance Pioneer Burn program, which counts BNB mistakenly sent to dead wallets.
- As the first auto-burn, this burn was not manually conducted through Binance exchange’s revenue generation. Rather, BNB was collected for removal through Binance Smart Chain’s auto-burn mechanism.
- The auto-burn mechanism automatically determines how much BNB to burn according to a formula based on BNB’s price, and the number of blocks produced that quarter. It is set to replace manual burns going forwards.
- The previous burn in October torched about 1.3 million BNB, worth about $640 million at the time.
- Binance plans to reduce the token count to half of its original supply – from 200 million to 100 million – through these burns.
This article first appeared at CryptoPotato
