Record $600M BNB burn suggests Binance made $750M in profit in Q1
Binance burned $600 million worth of BNB in Q1 2021, which means Binance possibly made over $750 million in profit. Binance Coin (BNB) saw its 15th burn to date on Friday. According to on-chain data, Binance burned nearly $600 million worth of BNB tokens. Historically, Binance has burned around 20% of the exchange’s profits. But in the last burn, Binance burned much more than 20%, and the exact percentage of the burn remains uncertain.Imagine burning half a billion dollars, wait, don’t imagine. It’s real. #BNB https://t.co/rMFbiufFSG— CZ Binance (@cz_binance) April 16, 2021 BNB....
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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....
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....
In response to proposals from the LUNC community, Binance has decided to burn all fees on LUNC spot and margin trading pairs. Binance said it would send the trading fees and margin trading pairs to LUNC burn addresses. The announcement was made via a blog post on Binance’s official website. The Terra Classic community expressed dissatisfaction with an ‘opt-in button proposed by Binance CEO. Binance offered the opt-in button to allow users to choose whether to implement a 1.2% tax burn on their spot. Related Reading: ETH Struggles To Break Past $1,300 Resistance – Back To $1K?....
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 has officially completed another quarterly BNB token burn, eliminating millions of tokens in just one day. While this event is positive news for the Binance Coin (BNB) community, the price of BNB has yet to show any bullish response to the significant reduction in supply. Binance Burns Almost $1 Billion Worth Of BNB Tokens […]