Binance Completes 15th Quarterly Burn Of 1,099,888 BNB, The Highest-Ever In US dollar Terms
Crypto exchange Binance has completed its quarterly BNB burn, burning a total of 1,099,888 Binance Coin (BNB), worth approximately $ 595,343,380. With this recent burn, the total supply of BNB has officially decreased from 170,532,825 BNB to 169,432,937 BNB. This 15th quarterly BNB burn is the highest-ever in US dollar terms.
Binance’s quarterly coin burns aim to reduce supply and in turn increase the price of the token. In its whitepaper, Binance says for burns it uses 20% of its profits to buy Binance Coin on the open market and burn them up to a maximum of 50% of its supply.
“BNB is the native coin for Binance Chain and BSC. BNB’s use cases have expanded to hundreds of applications on numerous platforms and projects within the crypto ecosystem. It’s used to pay transaction fees on Binance.com, Binance DEX, Binance Chain, and BSC. It’s used on multiple DeFi platforms built on BSC that provide financial payments solutions. With the growth of BSC, more people are using BNB, and the more utility it has, the more value it gains.” Changpeng Zhao, Binance’s CEO said on the blog today.
In Q1 2021, Binance recorded growth of 260% and 346% in traded volume and users respectively, while the total market value of cryptocurrencies recently surpassed $2 trillion. This indicates accelerated crypto adoption by everyone around the world, from casually engaged individuals who trade every now and then to institutions that keep crypto in their treasuries and even engage in using crypto for their operations.
At press time, BNB price is trading around $ 535, rising from $38 in January to ATH of $638.57, showing 16.8x growth in just one quarter.
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