Binance destroyed over $480 million worth of BNB in ​​Q24

The world’s largest cryptocurrency exchange – Binance – has completed its 24th quarterly burn of its native token, burning 1,991,854 BNB.

The development, which will be done every three months, will help the company reduce the total supply of the coin to 100 million.

• binance informed Its most recent BNB burn was equivalent to approximately $484 million.
• The process also included 747.51 BNB that were burned through the Pioneer Burn program – a feature that helps customers who have lost access to their BNB tokens.
• Binance CEO – Chanpeng Zhao (CZ) – opined on the matter, saying Said Everything was done “according to the public algorithm”.

quarterly #bnb The burn is carried out according to the public algorithm.

I was told that there will be some more on-chain (large) transactions soon to distribute/spread the coins to more addresses. Nothing to worry.

— CZ 🔶 Binance (@cz_binance) 19 July 2023

• Sending a certain amount of BNB tokens every quarter to an address that no one can reach is a strategy Binance adopted in 2017 (by the time the original coin was launched).
• The exchange has destroyed billions of dollars worth of BNB so far, with the goal of eventually reducing the token’s total supply by 50%.
• CZ also revealed that there may be some additional “on-chain (large) transactions” coming soon that will distribute assets to more addresses. “Nothing to worry about,” he assured.
• The USD valuation of BNB remained relatively unaffected by the recent decline, currently trading at around $241 (according to Coinageco data). Its market capitalization has also reached around $38 billion, copying yesterday’s figures.