Cryptocurrency

Binance burns $600M BNB in 22nd burn event

Hull Invest

Binance burned 2.06 million BNB tokens worth over $600 million in the early hours of January 17, according to a company statement.

Bynas Said The event is the 22nd BNB burn and the first quarterly burn of 2023, the company added.auto-burn program, PThe ioneer Burn Program accounted for 7,181 BNB of burning events.

BNB Burn Long Term Goal

Binance said the BNB burn program is designed to remove half of the total token supply (100 million) from circulation, which will be honored through a quarterly burn program, according to the exchange.

Binance has also introduced other burn mechanisms, such as the Pioneer Burn Program (which permanently removes provably lost BNB from circulation) and the Real-time Burn Program, which instantly burns a portion of the gas bill on the BNB chain.

The amount of BNB burned through the auto-burn mechanism is determined by the price of the asset and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter.

BNB was trading in $300.60 At the time of the article, crypto slate Data — 0.72% increase over last 24 hours.

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