March 29, 2024

Binance burns a record amount of BNB tokens

Binance burns a record amount of BNB tokens

Leading crypto exchange Binance announced the completion of the 13th quarterly BNB token burn, which becamethe largest in the history of the exchange.

Binance has burned more than 2.25 million BNB tokens, 1.27% of the total, worth over $ 68 million.

Binance burns a record amount of BNB tokens

For comparison, during the last 12thThe quarterly burn saw 3.4 million tokens liquidated, valued at over $60.5 million, representing over 1.74% of the total supply. As of October 17, the supply of BNB tokens is 144 million out of 179 million coins.

Binance conducts a quarterly burn to reduce the available supply and thus positively impact the price of the BNB token. 

Additionally, Binance CEO Changpeng Zhao wrotepost about decentralized finance (DeFi). He highlighted his belief that DeFi has helped drive the growth of the cryptocurrency space in 2020. Liquidity pools, automated market makers, and online loans are not going anywhere and will be used in the future, he said. However, Zhao said high yield (APY) cannot be a long-term phenomenon in the DeFi space as the farming hype dies down.

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