Binance announces the largest burning of BNB coins in terms of value… Details here
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Answer Binance announces the largest burning of BNB coins in terms of value… Details here
announced Cryptocurrency exchange Binance announced the 13th quarterly burn, which will burn 2,253,888 BNB, equivalent to approximately $68 million, which is an increase of 12.4% over the 12th burn in which Binance burned $60 million.
The new burn (#13) is the highest ever in dollar terms and the fourth largest in terms of the number of BNB burned.
Binance’s quarterly coin burns aim to reduce supply and thus increase coin price.
In its white paper, Binance says about the burning that it will use 20% of its profits to buy BNB from the open market and subsequently burn it.
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Changpeng Zhao, CEO of Binance, confirmed that thanks to the success of multiple achievements, product launches and initiatives during the third quarter of 2020, his company was able to burn such a huge number of BNB cryptocurrencies.
Zhao also noted in his remarks about DeFi and CeFi by saying:
In the long term, I think DeFi will be the future, i.e. decentralized exchanges could overtake their centralized counterparts, but that won’t happen yet, for a number of reasons.
While TVL (total value locked into contracts for decentralized finance protocols) is high, the number of active users is still low.
Not to mention that 99.9% of the world’s wealth is still in the form of cash, and we still need CeFi bridges to bring money into the crypto world.
And if we want real adoption, then 99% of the population – regular users – are not technical enough to keep their private keys securely given the tools we have today.
We must build more tools. It is still easier for most people to use conventional finance at the moment.
The BNB coin gives users discounts when trading on the Binance platform and can be traded on the open market.
Read:The crypto community outraged after the announcement of the results of the Binance IPO
The BNB coin, currently ranked sixth by total market capitalization, is down 0.93% over the past 24 hours.
BNB has a market capitalization of $4.39 billion with a trading volume of $391 million in 24 hours.
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