Over $740 Million Worth Of BNB Tokens Will Be Burned By The BNB Chain.
According to statistics from trackers, BNB Chain will burn around 1.8 million binance coins in its first burn this quarter.
Changpeng Zhao, the CEO of Binance, verified the news in a tweet. According to the data, the burn would cost an average of $403 per BNB.
BNB is the native coin of the BNB Beacon Chain and Smart Chain, and it fuels the Chain ecosystem. Binance, a cryptocurrency exchange, issued it following its initial coin offering in 2017
To lower its total supply to 100,000,000, the platform uses an auto-burn method. Based on the price of the coins and the number of blocks generated on the Binance Smart Chain (BSC) during the quarter, the auto-burn mechanism modifies the amount of coins to be burned.
Meanwhile, data shows that an estimated 1.8 million coins would be destroyed next quarter, with the date set for August. The Binance native cryptocurrency is currently trading at $419, up 4.9% in the last 24 hours.
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