Wednesday, May 22, 2024

Binance Completes 25th Quarterly BNB Burn, Removing $453 Million in Value. Cryptured

Binance, a leading cryptocurrency exchange, has executed its 25th quarterly BNB token burn, further diminishing the supply of its native cryptocurrency, Binance Coin (BNB).

A total of 2,139,182 BNB tokens, with a market value of about $4.53 million, were burned in this most recent burn.

The 24th quarterly BNB burn, which withdrew about 1.99 million BNB tokens worth $484 million from circulation, was disclosed by Binance in July.

Through a series of token burns, Binance plans to destroy more than 100 million BNB, or half of the overall supply, with the eventual goal of leaving only 100 million BNB in circulation.

BNB Remains in Green
A certain number of BNB tokens are eliminated every quarter as part of this procedure, which started in October 2017, in order to increase scarcity and perhaps increase value.

Although a large number of tokens were destroyed this time, the market reaction was more muted; BNB is currently trading at roughly $213, a gain of 2.74% over the previous 24 hours.

The Auto-Burn formula, which takes into account the coin’s price and the quantity of blocks produced on the Binance Smart Chain, carefully plans the BNB burning procedure.

This ensures openness in the token-burning mechanism by offering an independently auditable and impartial process.

Investors and the cryptocurrency community can clearly understand the supply reduction thanks to the numbers, which are released on a quarterly basis.

Operating independently from Binance’s centralized exchange is the burning process.

Additionally, BNB Chain, which runs independently, keeps employing a customized mechanism to burn a percentage of BNB Chain’s gas fees in real-time.

This continual supply reduction and the way it is being applied to transaction fees highlight Binance’s comprehensive strategy for managing and boosting the value of BNB.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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