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Binance Burns $450M BNB in Quarterly Move

The burn mechanism is based on BNB's price and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter.

By Shaurya Malwa
AccessTimeIconOct 16, 2023 at 8:36 a.m. UTC
Money to Burn (Pixabay)

Money to Burn (Pixabay)

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Crypto exchange Binance said on Monday that it has burned over $450 million worth of BNB tokens as part of a planned token burn.

Just over 2.1 million BNB tokens were burned by Binance.

Burning refers to the permanent exclusion of tokens from the circulating supply. This is done by moving tokens to an address that is not controlled by anyone. 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 exchanged hands at $212 in Asian afternoon hours Monday and is up 2% in the past 24 hours, data shows.

Edited by Parikshit Mishra.


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Shaurya Malwa
Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Follow @shauryamalwa on Twitter

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