$575 Million Worth of BNB Burnt by Binance

The latest – 21st – quarterly BNB burn saw more than 2 million coins removed from circulation.

In terms of USD value at the time of the event, this token burn was worth roughly $575 million.

• What’s particularly interesting about the latest quarterly BNB burn, according to the statement from the exchange, is that almost 5,000 of the coins were burnt through the Pioneer Burn Program.
• Introduced roughly two years ago, the program allows users who have mistakenly sent some of their tokens to burn addresses to retrieve a portion of all of them.

#Binance Completes 21st Quarterly #BNB Burn!

🔥 2.06m #BNB has been burned 🔥 pic.twitter.com/VHvt1E4FzB

— Binance (@binance) October 13, 2022

• As previously reported by CryptoPotato, the whole idea of Binance’s burning mechanism is to bring down the token supply from the initial 200 million to 100 million.
• In the company’s case, it has made multiple changes, primarily because the original idea of burning certain percentages of the profits during that quarter was not fast enough.
• It’s worth noting that the latest BNB burn saw more tokens burnt than the previous one completed in July. The USD value is also higher now – $575 million versus $444 million back then.