What's Hot

    El Salvador Launches Bitcoin/Lightning Dev Training Office

    March 20, 2023

    Belgium Impose New Crypto Ads Rules

    March 20, 2023

    Coinbase Expects High Demand for Unstaking After Shanghai Upgrade

    March 16, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      El Salvador Launches Bitcoin/Lightning Dev Training Office

      News March 20, 2023
      Recent

      El Salvador Launches Bitcoin/Lightning Dev Training Office

      March 20, 2023

      Belgium Impose New Crypto Ads Rules

      March 20, 2023

      Coinbase Expects High Demand for Unstaking After Shanghai Upgrade

      March 16, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»Binance Burns $620 Million Worth of BNB Tokens
    News

    Binance Burns $620 Million Worth of BNB Tokens

    Anietie DavidBy Anietie DavidJanuary 19, 2023Updated:January 19, 2023No Comments2 Mins Read
    Binance Burns $620 Million Worth of BNB Tokens
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Binance removed over two million of its native cryptocurrency from circulation. Since the introduction of BEP95, over 145,000 BNB has been burnt under this mechanism.

    As part of a larger program, BNB Chain has finished burning approximately $575 million worth of its native BNB coins, Binance reported on Tuesday. According to reported data, the burn was carried out on Tuesday morning about 8:00 UTC in transaction 34167E903B9F662A64817266D8A6CE4FE096868DAD0B883E4F838331E280EEFF.

    #Binance completes 22nd quarterly #BNB burn!

    🔥 2.06m #BNB has been burned 🔥 pic.twitter.com/21v9R7H78K

    — Binance (@binance) January 17, 2023

    Token burning is the process of permanently removing currency from circulation. It is expected to burn more than 100 million BNB, or half of its entire supply, to remove them from circulation and finally leave just 100 million BNB in circulation. The Auto-Burn algorithm is used to compute this commitment, which is automatically honored each quarter.

    The BNB Auto-Burn offers a technique that can be objectively and independently audited. The method is separate from the Binance controlled exchange, and the numbers are provided on a quarterly basis. BNB Chain still uses a customized technique to burn a portion of its gas costs in real-time.

    Based on the price of BNB and the quantity of blocks created on the BNB Smart Chain (BSC) throughout the quarter, the auto-burn mechanism modifies the amount of BNB to be burnt. The native coin of the BNB Beacon Chain and BNB Smart Chain, BNB fuels the BNB Chain ecosystem.

    Binance Price Activity

    Along with the rest of the market, Binance’s native cryptocurrency has been on a tear this year. At about $240 when 2023 began, it saw a double-digit increase during the next few weeks. The price of BNB increased to $315 on Saturday, marking the highest price since late November 2022 as a result of this spike. The asset continues to trade over $300 despite a small retracement since then.

    BNB was trading around $300 on Tuesday morning, up little over the previous 24 hours. Trader’s sentiments did not respond to the news of the burn right away.

    Binance BNB
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleDigital Currency Group Suspends Dividend Payments to Preserve Liquidity
    Next Article Genesis Global Capital Planning to File For Bankruptcy 
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    El Salvador Launches Bitcoin/Lightning Dev Training Office

    March 20, 2023

    Belgium Impose New Crypto Ads Rules

    March 20, 2023

    Coinbase Expects High Demand for Unstaking After Shanghai Upgrade

    March 16, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    New Crypto Mining Bill in Russia Mandates Earnings Reports

    March 10, 2023

    India Pushes Anti-money Laundering Regulation for Crypto Transactions

    March 8, 2023

    Zambia Explore Crypto Regulatory Framework 

    February 20, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.