Binance News- Binance Chain revealed its 22nd BNB Burn Early today.
- Over 2 million BNB tokens were burned from its supply.
- The total worth of BNB tokens removed is $600 million.
As Binance is following an auto- burn program, it has burned over 2 million BNB tokens for its 22nd burn. The overall worth of the tokens burnt values at $621 million. Further, Binance counts it’s 22nd quarterly burn which started with a goal of removing 100 million tokens from circulation.
Additionally, from these 2,064,494.32 BNB tokens, 7,181.03 BNB was burned through the Pioneer Burn Program. Thus, for every quarter, the auto- burn formula is implemented to burn a massive amount of tokens. Thereby to achieve the commitment to remove 100 million BNB in circulation.
22nd Quarterly Burn of BNB
However, it is the first quarterly burn of 2023. As per the Binance announcement, the BNB burn took place on Jan. 17, 08:49 (UTC). More so, the overall burn accounts for 1.3 percent of the circulating supply.
Since the motive of CZ is to reduce the overall circulating supply to 100 million, the auto-burn mechanism was introduced in December 2021. Further, there are other two burn mechanisms namely, The Pioneer Burn and the BEP-95 Proposal. The BEP-95 will burn around 860 BNB on a daily basis. As a note, over 195,000 BNB is burnt through this mechanism.
However, with all these three mechanisms in process, Binance will achieve its aim of burning 50% of the asset’s supply, from circulation.
In October 2021, the 21st quarter BNB burn, removed $574,800,583.92 which is the same as the current burn.
Source: https://thenewscrypto.com/binance-22nd-burn-removed-2-million-bnb-tokens-from-circulation/