Binance Coin (BNB) hits a new all-time high one day before its token burn
A growing DEX ecosystem, competitive futures platform and low fee incentives pushed Binance Coin to a new all-time high one day ahead of its scheduled token burn. Over the past 6 months, Binance Coin (BNB) has been quietly rallying higher, gaining 189% during this period and notching a new all-time high at $46.90 on Jan. 18. This price peak happened just one day before its quarterly token burn, leading investors to question whether or not BNB price will move higher once the event concludes. A token burn is a permanent removal of coins from circulation and this deflationary technique is a....
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Binance has destroyed $400 million worth of BNB in its 16th quarterly token burn event, but the markets don’t seem to care. Major cryptocurrency exchange Binance has completed its 16th quarterly Binance Coin (BNB) burn, destroying over $390 million worth of BNB.On July 18, Binance reported that it had destroyed 1,296,728 BNB tokens valued at just under $400 million at the time.The exchange noted an additional 5,163 BNB that were destroyed through its Pioneer Burn Program — an incentive that aims to help users who have lost tokens through honestly mistaken transactions to smart....
BNB tokens will now be burned automatically based on a formula that includes blocks generated and BNB’s price. Binance officially announced the implementation of a new Binance Coin (BNB) Auto-Burn protocol to replace its current quarterly burn mechanism. In response to the requests of the BNB community, Binance changed its quarterly burning protocol for BNB tokens. According to Binance, this will provide more “transparency and predictability” to its community. With this, BNB will be burned automatically based on a formula consisting of on-chain data of total blocks generated and the....
Binance permanently destroyed $547 million worth of BNB in its 21st quarterly burning event, but the markets remain steady. Crypto exchange platform Binance has concluded its 21st quarterly Binance Coin (BNB) burn, eliminating around $547 million worth of BNB tokens from its supply. In an announcement, Binance said that it had destroyed a total of 2,065,152 BNB tokens which is valued at just below $600 million at the time of writing. The exchange also mentioned that an added 4,833.25 BNB was burned through its Pioneer Burn Program, a mechanism that helps users who lost their digital assets....
Binance has successfully carried out another quarterly scheduled burn. This marks the 17th routine burn that the cryptocurrency exchange has carried out since it had launched its native token back in 2017. Binance has not missed a single scheduled burn since that time and will continue to carry out these burns every quarter. Binance burns 20% of its quarterly earnings, which suggests how much the crypto exchange has brought in that quarter. The latest burn suggests that the company may have made over $4 billion in the 3rd quarter of 2021. Burning Millions Worth Of BNB The cryptocurrency....
Based on the price of BNB and the number of blocks generated on BSC during the quarter, the BNB auto-burn mechanism automatically modifies the amount of BNB to be burned. BNB and its role in the blockchain ecosystemBinance Coin (BNB) is the Binance ecosystem’s native cryptocurrency. Launched in 2017, BNB was originally presented as an ERC-20 token on the Ethereum blockchain with a total supply of 200 million. In 2019, Binance started its mainnet swap and migrated all BNB tokens to BNB Chain.Related: A beginner’s guide to the BNB Chain: The evolution of the Binance Smart ChainBNB Chain is....