March 29, 2024

Binance burned $ 52.5 million BNB tokens

Binance burned $ 52.5 million BNB tokens

On April 17, the Binance platform held its 11th quarterly BNB token burn.

Token Burning– Thisevent during which the exchange spends 20% ofof his profit for the quarter in order to buy BNB tokens in the open market, and then destroy them. Thus, Binance reduces the available token offer.

This time, the exchange purchased and burned $52.5 million worth of BNB tokens. This is currently a record amount paid during a token burn. 

Currently, 10.1% of the total BNB supply has been burned. Over three years, the exchange has withdrawn 20.12 million tokens from circulation. 

At the time of writing, BNB is trading above $ 16, adding about 5% in the price per day.

Binance burned $ 52.5 million BNB tokens

Recall that on April 17, the developers of Binance Chain released a white pager of a new blockchain that will allow the BNB token to work with smart contracts.

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Based on materialsdecrypt.co