Binance The crypto exchange announced Monday that it has burned nearly 1.4 million BNB tokens (worth around $640 million at current prices), the largest ever.
Burning refers to the process of permanently removing a token from the system. This reduces supply and potentially increases the price. When Binance launched BNB in 2017, it was committed to burning 100 million total BNB tokens, which is 50% of the total supply, with 40% of the original BNB. Allocated to the Binance team
actionlast burned —This is Binance’s 17th quarterly burn — the largest ever in dollar terms. Even if it is not counted by the number of tokens. This is because BNB prices rose 58% during the third quarter, from about $305 to about $480.
To date, the company has burned 16.60% of Suppy BNB.
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