Markets News Report
October 16, 2023

Binance Destroys $450 Million Worth of Tokens in 25th Quarterly BNB Burn

In Brief

Binance successfully carried out its 25th quarterly BNB token burn, where a total of 2.14 million BNB tokens were destroyed.

Binance Wraps Up Its 25th BNB Quarterly Burn, Destroying $450 Million Worth of Tokens

Crypto exchange Binance, today announced the completion of its 25th quarterly burn of its native Binance Coin (BNB). The company said it incinerated 2.13 million BNB tokens in this burn, valued $450 million.

This recent burn progresses Binance’s aim to reduce the supply of its BNB token. Historically, previous burns have seen varying amounts of BNB destroyed, with some quarters burning nearly 2.22 million BNB, whereas others as low as 808,888 BNB.

The burns have ranged from consuming 0.41% to as high as 1.74% of the total supply in a single quarter. The consistent execution of these burns underscores Binance token’s deflationary model, which aims to bolster the value and scarcity of BNB over time.

The 25th quarterly burn followed the BNB Auto-Burn process. Notably, within this burn, the procedure encompassed an additional 314.69 BNB tokens, eradicated through the Pioneer Burn Program. The details of this transaction, for the more technically inclined, can be traced through the BNB blockchain explorer.

Binance’s BNB burn is an integral part of its protocol. However, it’s essential to note that while token burns can create scarcity, other market factors like overall crypto market sentiment, regulatory news, or macroeconomic factors can also significantly influence BNB’s price.

Furthermore, the integration of the BNB Auto-Burn procedure showcases Binance’s innovative approach to automate and streamline these burns, ensuring transparency and adherence to its commitment. It’s a move that other projects might monitor and perhaps implement in their own ecosystems.

Disclaimer

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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