Binance reveals that more than 1.6 million BNB have been burned and removed…Details here
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Answer Binance reveals that more than 1.6 million BNB have been burned and removed…Details here
In the 18th edition of Binance’s BNB burn, nearly $800 million of its original cryptocurrency was removed from circulation.
Binance, the world’s largest cryptocurrency exchange by volume, recently completed its 18th quarterly burn, marking its first quarterly automatic burn.
The recent burning led to a new record for the value of BNB burned.
According for blog Binance has removed 1,684,387 BNB.
At the time of writing this article, this was equal to $800 million in BNB.
6,296 BNB of these cryptocurrencies were effectively burned through Binance’s new automated burning program called “Binance Pioneer Burn.”
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As the first automatic burning, this burning was not done manually by generating revenue from the Binance trading platform, rather, BNB was collected through the automatic burning mechanism in the “Binance Smart Chain” blockchain.
The auto-burning mechanism determines the amount of BNB to be burned according to a formula based on the price of BNB and the number of blocks produced in that quarter.
The mechanism is set to replace manual burning in the future.
The previous burning in October set fire to 1.3 million BNB, worth about $640 million at the time.
Binance plans to reduce the number of its cryptocurrency to half of the original supply from 200 million to 100 million through these burns.
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