Binance Successfully Burns Over 2 Million BNB ($676M) Tokens in Latest Quarterly Burn
In the latest development, Binance has successfully completed the 23rd Quarterly BNB Burn via BNB Auto-Burn. The burn, which took place on April 14, 2023, saw 2,020,132.25 BNB tokens (around $676M) effectively burned. This burn also included 656.0230123 BNB that was burned through the Pioneer Burn Program.
The BNB Auto-Burn is a new protocol introduced by Binance that automates the process of BNB burns. It ensures that a certain percentage of BNB is burned every quarter until the total supply of BNB is reduced to 100 million. The BNB token is Binance’s native token, and the quarterly burn helps to maintain the value of the token by reducing its total supply.
The burn was confirmed through a transaction ID (Txid) that was shared with the public on the Binance website. Interested parties can find the Txid at https://explorer.bnbchain.org/tx/926B2A741628272FE9CC3883485CED145EADFE7EB3A900F3E5A45DD70AAEB25D.
Binance has been conducting quarterly BNB burns since 2017. This is the 23rd burn, and it is a clear indication of the exchange’s commitment to maintaining the value of the BNB token. The exchange has previously burned over 20% of the total BNB supply, which has helped to create a scarcity of the token in the market.
According to Binance, the BNB Auto-Burn protocol will ensure that Binance continues to reduce the total supply of BNB until it reaches 100 million. The exchange believes that this will help to maintain the value of the token and create more demand for it in the market.
Binance has also noted that the English version of the announcement shall prevail in case of any discrepancy between the translated versions and the original English version.
In conclusion, the completion of the 23rd Quarterly BNB Burn via BNB Auto-Burn is a significant achievement for Binance. It demonstrates the exchange’s commitment to maintaining the value of the BNB token and ensuring that its supply remains scarce. With the introduction of the BNB Auto-Burn protocol, Binance is poised to continue reducing the total supply of BNB until it reaches 100 million.
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