Binance Burns Native Tokens Worth Close to $400 million
The largest centralized crypto exchange, Binance, has finished its 16th quarterly virtual burn operation, which destroyed almost 1.3 million Binance Coins (BNB), which amounts to almost $400 million USD. This is part of the Binance Pioneer Burn Program, due to its promise to help out clients who mistakenly lost their BNB coins to smart contract addresses on the Binance Smart Chain.
This virtual burning operation is implemented once a quarter, or every 4 months. The amount that is taken out of circulation on each occasion is measured from the volume of trade registered in the past quarter. The Binance team guarantees that you have never used Binance Coins of your allocation for other purposes aside from burning. This financial burning method can be useful to sustain quotes and stimulate clients of Binance services. It also benefits those holding the token.
Around 16% of the 200 million Binance Coins initially minted have been destroyed as of the latest burn. In addition, Binance’s plan for the future is to remove an additional 35% of all tokens. In spite of the whirlwind happening in the crypto market right now, BNB is still holding strong compared to other coins, trading at around $300 when the latest burn was conducted on July 18. Binance Coin still holds the #4 spot in the list of the largest cryptocurrencies by market cap.
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