The World's Largest Cryptocurrency Exchange Continues Its Goal to Reduce the Total BNB in Circulation to 100 Million.
When BNB was launched in 2017, it promised to destroy the entire number of 100 million tokens, or half, leaving only 100 million in circulation. Each quarter, this commitment is automatically enforced, using an auto-burn formula to determine the amount.
According to a statement from Binance, 2.064 million BNB (about $620 million in today’s value) have been withdrawn from circulation. In terms of the BNB token, the 22nd burn broke the all-time record set by the 14th two years ago.
The Auto-Burn formula used by BNB provides an independently auditable objective process. These data are reported quarterly, and the mechanism is separate from the centralized Binance exchange. A small portion of BNB Chain’s gas fee is still being consumed in real-time through a custom mechanism.
The automatic destruction mechanism modifies the amount of BNB to be destroyed based on the BNB price and the number of blocks created by the BNB Smart Chain (BSC) in that quarter. The native token of BNB Beacon Chain and BNB Smart Chain, BNB provides fuel for the BNB Chain ecosystem. Cryptocurrency exchange Binance released it after its initial coin offering in 2017.
The current price of BNB is $301.98 per token with a current market cap of $47.68B. BNB broke through the $300 resistance at the end of the week, reaching $314 last Saturday and trending upwards.
