Binance Conducts Quarterly BNB Burn, Burning $444 Million

On the occasion of the 5th anniversary of its founding, cryptocurrency exchange Binance announced the burning of $444 million worth of BNB.
Binance Conducts Quarterly BNB Burn, Burning $444 Million

On July 13, cryptocurrency exchange Binance held a quarterly BNB burn event, burning a total of 1,959,595 BNB, worth more than $444 million. Compared to the most recent BNB burn in April, the latest burn was higher in terms of BNB burned, but lower in USD value as the BNB price crashed in recent times.

This is the 20th quarterly BNB burn in history, marking the 5th anniversary of the founding of Binance, and also the 3rd burning using a new mechanism called BNB Auto Burn.

According to the BNB Auto Burn mechanism, instead of calculating the value of BNB burned based on the exchange’s revenue, Binance will now use a formula to calculate the number of coins burned based on the BNB price and the number of BNB Chain blocks generated in the respective time period. Quarterly BNB burns will take place until the total supply of BNB is brought back to the 100 million mark.

In addition, the BNB Chain ecosystem has another coin-burning mechanism that works in parallel, named BEP-95. Similar to Ethereum’s proposed EIP-1559, BEP-95 will burn transaction fees on the BNB Chain, with over 102,335 BNB (worth over $23 million) burned since its adoption in December 2021.

BNB price has suffered heavy losses in the direction of the cryptocurrency market, losing 51% of its value from $460 in early April to just $222 at the time of the update.

Binance Conducts Quarterly BNB Burn, Burning $444 Million
BNB daily chart. Source: CoinCu

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Binance Conducts Quarterly BNB Burn, Burning $444 Million

On the occasion of the 5th anniversary of its founding, cryptocurrency exchange Binance announced the burning of $444 million worth of BNB.
Binance Conducts Quarterly BNB Burn, Burning $444 Million

On July 13, cryptocurrency exchange Binance held a quarterly BNB burn event, burning a total of 1,959,595 BNB, worth more than $444 million. Compared to the most recent BNB burn in April, the latest burn was higher in terms of BNB burned, but lower in USD value as the BNB price crashed in recent times.

This is the 20th quarterly BNB burn in history, marking the 5th anniversary of the founding of Binance, and also the 3rd burning using a new mechanism called BNB Auto Burn.

According to the BNB Auto Burn mechanism, instead of calculating the value of BNB burned based on the exchange’s revenue, Binance will now use a formula to calculate the number of coins burned based on the BNB price and the number of BNB Chain blocks generated in the respective time period. Quarterly BNB burns will take place until the total supply of BNB is brought back to the 100 million mark.

In addition, the BNB Chain ecosystem has another coin-burning mechanism that works in parallel, named BEP-95. Similar to Ethereum’s proposed EIP-1559, BEP-95 will burn transaction fees on the BNB Chain, with over 102,335 BNB (worth over $23 million) burned since its adoption in December 2021.

BNB price has suffered heavy losses in the direction of the cryptocurrency market, losing 51% of its value from $460 in early April to just $222 at the time of the update.

Binance Conducts Quarterly BNB Burn, Burning $444 Million
BNB daily chart. Source: CoinCu

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

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