Binance hopes to lower the total number of BNB in circulation to 100,000,000.
The exchange burnt roughly over 2 million BNB tokens valued at about $676 million.
Binance, the biggest cryptocurrency exchange in the world, said on Tuesday that it has completed the 23rd quarterly BNB token burn mechanism, destroying 2.02M BNB tokens. Through the BNB Auto-Burn process, Binance hopes to lower the total number of BNB in circulation to 100,000,000.
#Binance completes the 23rd Quarterly #BNB Burn! 2.02m #BNB has been burned pic.twitter.com/sQVli4dR1m
— Binance (@binance) April 14, 2023
On April 14, Binance announced that it has used the BNB Auto-Burn mechanism to destroy 2,020,132.25 BNB tokens, marking the 23rd quarterly BNB token burn. Moreover, 656.0230123 BNB were burnt as part of the Pioneer Burn Programme in the most recent quarter.
Auto-burn Method Deployed
Based on the transaction records, we know that around 08:00 AM UTC, the crypto exchange burnt roughly over 2 million BNB tokens valued about $676 million. Thereby removing over 2 million BNB from circulation. There are now 155,851,695 BNB tokens in circulation.
Since the last BNB burn, a total of 46,148,000,000 BNB tokens have been burned by Binance. To keep the supply of BNB on the market at 100,000,000, an Auto-Burn method is used. The quantity of BNB to be burnt is determined quarterly depending on the BNB price. And the number of blocks produced on the BNB Smart Chain (BSC) in that time period.
The BNB burn portal suggests that the next burn will be worth around 2,009,639.84 BNB. However, recent trends indicate that the 24th quarterly BNB token burn will likely result in a larger supply of BNB tokens.
In its 22nd quarterly BNB burn, which took place on January 17, Binance burned 2,064,494.32 tokens for a total of $620 million. At that time, it was projected that 2,070,356.52 BNB tokens will be burned in the 23rd quarterly burn.
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