December 2, 2020

Binance burns a record amount of BNB tokens

Binance burns a record amount of BNB tokens

Leading crypto exchange Binance has announced the completion of its 13th quarterly BNB token burn the 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 12thIn the quarterly burn, 3.4 million tokens worth over $ 60.5 million were liquidated, representing over 1.74% of the total supply. As of October 17, the BNB token supply 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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