Binance burns 2 million BNB worth $621m

Binance burns 2 million BNB worth $621m

Binance has burned over 2 million BNB, valued at $621 million, in its 22nd quarterly auto-burn exercise. The latest burn transaction includes 7,181 BNB from the platform’s Pioneer Burn Program, and brings the exchange a step closer to reaching its goal of removing 100 million BNB from circulation.

BNB current circulating supply sits at 157.9 million

Binance called attention to the development in an official announcement. According to the blog post, the total amount of BNB burned sits at 2,064,494.32. The total tokens recently incinerated includes 7,181 BNB realized from the Pioneer Burn Program.

Data from the BNB Chain explorer reveals that the burn occurred on Jan. 17, 08:49 (UTC). The latest burn exercise follows the 21st quarterly auto burn, which removed 2,065,152.42 BNB from circulation last October. Per data from BNBBurn, BNB’s current circulating supply sits at 157,904,427 at the reporting time, with 44,095,586 tokens burned so far.

Binance reduces the BNB supply 

The exchange remains committed to reducing the circulating supply of its native token. This is evidenced in the introduction of three burn mechanisms: The Auto Burn, The Pioneer Burn and the BEP-95 Proposal. 

The BEP-95 mechanism incinerates a ratio of the gas fees realized in every epoch. The mechanism reportedly burned an estimated 860 BNB every day since the BSC Bruno Upgrade in November 2021. Binance has incinerated over 195,000 BNB since introducing BEP95.

The Auto Burn initiative is complemented by the other burn mechanisms and was introduced in December 2021 as an avenue through which Binance aims to remove 100 million BNB, representing 50% of the asset’s supply, from circulation. Last April, Binance Chief CZ revealed that the platform’s BNB Chain was on the verge of burning up to 1.8 million BNB as part of these efforts.

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Wahid Pessarlay

Wahid is an experienced writer, interested in everything decentralized since 2019. Before joining Crypto.News, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.