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Binance – the world’s largest cryptocurrency exchange – recently announced the removal of almost 2 million BNB from circulation.
That’s over $470 million worth of tokens that will never return to the market.
- As explained on Wednesday, exactly 1,959,595.29 BNB were removed in the 20th quarterly BNB token burn.
- At a current price of $224 each, that’s $478,141,250 in BNB that were burned.
- Of those tokens, 4,181.77 were burned as part of the Pioneer Burn program. The program decreases the burn total based on BNB that has been lost due to honest mistakes and compensates affected users.
- Binance burns a similarly large amount of BNB each quarter using fee revenue collected from Binance Smart Chain. The percentage rate of burned fees is determined by governance, with the remainder going to protocol validators.
- While this method implies an automated burn, Binance formerly conducted manual token burns using fees collected at the exchange.
- The original goal was to reduce BNB’s total supply from 200 million down to 100 million. However, the new auto-burn feature will stay active indefinitely.
- The last quarterly burn in April removed 1,830,382 BNB from circulation, worth $740 million at the time.
- Token burns should help boost a token’s value over time by continually taking supply off the market. On a per unit basis, the coin is up 15% against Bitcoin over the past month.
“Protect Users. Commitment. Transparency. Deflation,” tweeted Binance CEO Changpeng Zhao on the burn.