Binance Just Burned Nearly 600 Million USD BNB

Key Points:

• Binance burned a total of 2,064,494 BNB with an estimated worth of $575 million using the Auto-Burn mechanism.
• The platform has committed to burning 100 million BNB, or half of the total supply, since the inception of BNB and Binance in 2017.

Binance has just finished burning nearly 600 million USD of BNB – the plan to burn BNB takes place in accordance with Binance’s commitment.

Binance the 22nd BNB burn has been completed by BNB Chain, and this is the first quarterly BNB burn of 2023. The burn incorporates both Auto-Burn and the Pioneer Burn Program. The platform burned a total of 2,064,494 BNB with an estimated worth of $575 million using the Auto-Burn mechanism. The Pioneer Burn Program resulted in the burning of 7,181 BNB. The actual BNB burned by Auto-Burn is 2,057,313 BNB.

Transaction ID (TXID) to burn BNB: View transaction

Binance has committed to burning 100 million BNB, or half of the total supply, since the inception of BNB and Binance in 2017. The amount of BNB burned is automatically determined using the Auto-Burn BNB feature. At the time of writing, the price of BNB had increased to $300 and had remained primarily in this range for the previous two days. This coin’s value has increased by 10% in the last 7 days.

This exchange has implemented the BNB Auto-Burn burning mechanism, which promises to help build a healthy blockchain ecosystem together with the BSC & BNB community. Currently, there are two main mechanisms for burning BNB. First, part of the gas fee spent on BSC is burned in real time as introduced in BEP95. Since Binance did the Bruno upgrade for BNB on November 30, 2021, BSC burns around 860 BNB per day.

Second, the exchange burns BNB quarterly based on its “accelerated BNB burn” plan, with last quarter being the 17th time the exchange burned 1,335,888 BNB from circulation. And in the future, Binance’s quarterly BNB burn plan will be replaced by BNB Auto-Burn.

According to Binance, “BNB Auto-Burn will be objective and verifiable, independent of the revenue generated on the platform through the use of BNB, and will automatically adjust where the burn amount will be based on,”. BNB price, accordingly, will reflect the supply and demand for BNB, as well as the number of blocks produced in a quarter calculated on the basis of on-chain information.

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 us to keep track of news: https://linktr.ee/coincu

Chubbi

Coincu News