The 24th Quarterly Token Burn by Binance
The world’s largest cryptocurrency exchange, Binance, recently completed its 24th quarterly burn of its native token, BNB. The burn, carried out every three months, aims to reduce the overall supply of the coin to 100 million. The most recent burn amounted to approximately $484 million, with an additional 747.51 BNB burned through the Pioneer Burn Program.
Key Points:
- Binance completed its 24th quarterly burn of BNB, burning 1,991,854 tokens.
- The burn is part of Binance’s strategy to decrease the overall supply of BNB to 100 million.
- The recent burn equaled approximately $484 million and included 747.51 BNB burned through the Pioneer Burn Program.
- Binance’s CEO, Chanpeng Zhao (CZ), stated that the burn was carried out “according to the public algorithm.”
- CZ mentioned the possibility of additional on-chain transactions to distribute the coins to more addresses, reassuring users that there was nothing to be alarmed about.
Despite the burn, BNB’s valuation remained relatively unaffected, currently trading at around $241. Its market capitalization stands at almost $38 billion, reflecting yesterday’s figures.
Hot Take:
Binance’s regular token burns demonstrate their commitment to reducing the overall supply of BNB and increasing its scarcity. The recent burn, along with the possibility of additional on-chain transactions, aims to further distribute and spread the coins to more addresses. This strategy ensures the long-term value and utility of BNB, benefiting both Binance and its users.
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