This is the 21st BNB Burn for trading platform Binance; it burned $547 million in BNB tokens.
The maneuver is usual for the platform: it proceeded to its quarterly “burn”. Binance regularly burns a portion of its BNB in order to increase the scarcity of the token. This deflationary mechanism aims to eventually destroy 50% of all the BNB in circulation.
At the current BNB price of around $262 on Binance, the 21st BNB burn saw the trading platform burn 2,065,152 BNB tokens, roughly $547 million gone up in smoke.
Last July, the crypto exchange had burned $444 million in BNB tokens.
Of the 200 million BNB tokens put into circulation at the cryptocurrency’s launch, 39 million BNB tokens have already been removed from the market. Binance’s goal is to have only 100 million left in the end.
As a reminder, the BNB token is widely used within the Binance ecosystem, it offers token holders a discount on trading fees, among other things.
