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.

AccessTimeIconJul 13, 2022 at 1:27 p.m. UTC
Updated Jul 13, 2022 at 2:54 p.m. UTC

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC