Crypto exchange Binance burned 2 million BNB tokens in its 23rd BNB Burn
Defi and Exchanges

Binance burned 2 million BNB tokens in its 23rd BNB Burn

Crypto trading platform Binance burned 2,020,132 BNB tokens, or about $676 million that went up in smoke during its 23rd quarterly BNB Burn.

In fact, the most recent BNB destruction took place this April 2023, with over $600 million in BNB sent to the pyre.

As a reminder, Binance’s “auto-burn” feature adjusts the supply of BNB based on its price and the number of blocks generated on the BNB Chain. BNB’s first quarterly burn took place in October 2017. At the time, the token price hovered around $1.50.

Additionally, when the BNB cryptocurrency was launched in 2017, a commitment was made by Binance to remove 100 million BNB (half of its total supply) from circulation through a burn process and keep only 100 million BNB in circulation.

After this 23rd burn, there are currently 156 million BNB tokens in circulation.

In a blog post, Binance detailed the figures of this operation that removed 2 million BNB from circulation.

The BNB token is widely used within the Binance ecosystem, including offering token holders a discount on trading fees, it is required for those who wish to participate in the token sale on Binance Launchpad during IEO (Initial Exchange Offering) and it is also used in trading pairs on the crypto exchange.

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Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.

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