Binance Completes Quarterly Burn With Over 2 Million BNB Burned

Binance, the world’s largest cryptocurrency exchange, is continuing to burn BNB tokens as planned. More than 2 million coins were removed from circulation during the 21st quarterly BNB burn.

This token burn was worth approximately $575 million in USD at the time of the event. According to the exchange’s statement, the latest quarterly BNB burn was particularly interesting because nearly 5,000 of the coins were burned through the Pioneer Burn Program.

The 21st Quarterly $BNB token burn has been completed via #BNB Auto-Burn.

Here’s everything you need to know about last quarterly burn of 2022 ??https://t.co/Um374mW6mp

— Binance (@binance) October 13, 2022

The program, which was introduced roughly two years ago, allows users who accidentally sent some of their tokens to burn addresses to retrieve a portion of all of them.

The goal of Binance’s burning mechanism is to reduce the token supply from 200 million to 100 million. In the case of the company, multiple changes were made, primarily because the original idea of burning certain percentages of profits during that quarter was not fast enough.

It’s worth noting that the most recent BNB burn burned more tokens than the previous one in July. The USD value has also risen to $575 million from $444 million.

About 39 million BNB have been burned out of the cryptocurrency’s initial supply of 200 million BNB. The overall goal is to reduce the number of BNB in circulation to less than 100 million. At the same time, the BNB Burn portal predicts that the number of coins burned in fiat terms will be just as high, if not higher, by the end of the fourth quarter of the year.

The news of the burning of BNB, worth more than $500 million, came just a few days after the BNB Chain exploit. The hack resulted in the theft of approximately $100 million in funds, as well as one million BNB.

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