Today, on behalf of the Binance team, I am announcing that we will give up all of our BNB allocations and contribute them towards our commitment to burning a total of 100 million BNB. This commitment starts during today’s quarterly burn, during which 808,888 BNB (currently worth US$23,838,000) is being burned.
This move means the following things:
1. According to the Binance whitepaper, 40% of the total BNB supply (80,000,000 BNB, currently worth about US$2,400,000,000) was allocated to the Binance team, as a reward to the work they have put into building the Binance ecosystem. But now, we are giving that up, and we will contribute this to the BNB burn. We are doubling down on our mission to exchange the world and spread the freedom of money.
2. With this change, we'll still burn BNB based on trading volume on Binance per quarter. But this time, the Binance team has given up our token allocation. We are now committing to building the Binance ecosystem without getting any BNB from the initial allocation. The team will burn their own tokens first. All US$2,400,000,000 of it!
3. The eventual total supply of BNB will still be 100,000,000 BNB. The current total supply of BNB is 189,000,000 BNB, which means that 89,000,000 BNB still need to be burned. The team will burn off the 80,000,000 BNB team allocation first, and the remaining 9,000,000 BNB will be burned by Binance.com exchange.
The burning schedule and frequency will be the same as before. Here’s the breakdown of the past burn sessions.
To recap, this is equivalent to the Binance team allocating 0 BNB to ourselves from the original supply. All BNB we have are either earned through our services or bought with our own money.
That said, the Binance team will likely continue to be some of the largest holders of BNB, as most of Binance’s revenues are in BNB, and we are paid in BNB. These are BNB we earned, and not just taken from the ICO allocation.
While we raised US$15,000,000 worth of crypto during our ICO for operational costs. That US$15,000,000 equivalent in BNB two years ago, which is now worth US$4,200,000,000. On top of that, the Binance team is letting go of $2,400,000,000 worth of value, will burn it, to reduce supply.
This shows that the Binance team is not money-driven. We are here on a mission. Let’s work together to increase the freedom of money.