Binance destroys over 1.68 million BNB tokens in its latest burn

advertisement

Crypto exchange Binance announced Monday that it has burned over 1.68 million BNB tokens in its 18th burn. The burned tokens are worth nearly $800 million at current prices, but the actual dollar amount of the burn isn't known as Binance recently implemented a new system for its BNB burns.

Until last month, Binance had been burning BNB tokens on a quarterly basis based on revenues it generated during a period. But the exchange recently implemented a new procedure, called BNB Auto-Burn, which burns tokens daily based on the price of BNB and the number of blocks produced during a quarter. The BNB Auto-Burn system takes into consideration the following formula:


B is the amount of BNB to burn. N is the total number of blocks produced on the Binance Smart Chain during the calendar quarter. P is an average price of BNB against the US dollar. K is a constant value as a price anchor, initially set at 1000.

Binance started burning BNB in 2017 after launching the token. At the time, it committed to burning a total of 100 million BNB, i.e., 50% of its total supply. To date, Binance has burned nearly 35 million BNB tokens, according to The Block's Data Dashboard

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

5 Steps to a Successful Crypto AML Program

As cryptocurrencies become increasingly mainstream, regulators, the media and policymakers are paying more attention to the financial crime risks associated with them. But what are the biggest compliance challenges crypto firms face, and what does a best practice AML program look like? 
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC

The TRON Ecosystem Thrives Amidst Market Chaos

TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain. 
Read Full Story
Sponsored Post
More