September 27, 2022

Binance Burns $740M BNB Tokens

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Cryptocurrency exchange Binance has completed its 19th quarterly Binance Coin (BNB) token burn using the Auto-Burn mechanism.

1,839,786.26 BNB (~$741.8 million at time of writing) has been withdrawn from circulation, including 9,403.78 BNB through the Pioneer Burn program.

As part of the previous round in January 2022, Binance burned 1,684,387.11 BNB, which was $795 million in fiat.

At the end of 2021, Binance abandoned the concept of quarterly destruction of BNB in ​​favor of the Auto-Burn mechanism for their automatic withdrawal from circulation.

The algorithm does not take into account the revenue generated by the Binance trading platform, but is based solely on the BNB price and the number of blocks mined during the quarter. The program will be terminated when the total number of burned coins reaches 100 million.

Recall that in December 2021, the BNB Chain hard fork Bruno took place on block 13,082,000, within which the mechanism for burning a fixed share of gas in each block was activated.

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