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More Than $400M in BNB Burned in Quarterly Move
The action is part of an automatic system to reduce the total supply of BNB to 100 million.
Updated May 11, 2023, 5:24 p.m. Published Jul 13, 2022, 1:27 p.m.
Over 1.9 million BNB tokens worth roughly $405 million were burned Wednesday in a planned move as part of a quarterly burn program, data shows.
- Crypto exchange Binance confirmed the burn in a post. Burning is a term used in crypto circles to describe taking a certain amount of tokens out of circulation. 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 was trading at $213 at press time and has a circulating supply of 163 million tokens.
Read more: What Does It Mean to Burn Crypto?
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