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Binance Burns $450M BNB in Quarterly Move
The burn mechanism is based on BNB's price and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter.
Updated Oct 16, 2023, 8:36 a.m. Published Oct 16, 2023, 8:36 a.m.
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Crypto exchange Binance said on Monday that it has burned over $450 million worth of BNB tokens as part of a planned token burn.
Just over 2.1 million BNB tokens were burned by Binance.
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Burning refers to the permanent exclusion of tokens from the circulating supply. This is done by moving tokens to an address that is not controlled by anyone. Such moves make tokens like BNB more valuable for holders as supply is decreased.
BNB powers the BNB Chain ecosystem and is the native coin of the BNB Beacon Chain and BNB Smart Chain. It was issued by crypto exchange Binance after an initial coin offering in 2017.
BNB uses an auto-burn system to reduce its total supply to 100 million BNB. The auto-burn mechanism adjusts the amount of BNB to be burned based on BNB's price and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter.
BNB exchanged hands at $212 in Asian afternoon hours Monday and is up 2% in the past 24 hours, data shows.
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