The 23rd quarterly burning of BNBs was completed – 2,020,132 BNBs or $676.5 million at the current exchange rate were destroyed
The latest quarterly BNB (Binance Coin) burn conducted by Binance, one of the largest cryptocurrency exchanges in the world, was a success. As part of this burn, 2,020,132 BNB were destroyed, which is estimated at $676.5 million at the current exchange rate.
- Binance conducts a quarterly BNB burn to reduce the total number of coins in circulation and increase their value. In the process, Binance destroys a portion of the BNB earned from transaction fees and other services on the platform.
According to the incineration plan, the number of BNBs to be destroyed increases every year. This means that the value of the remaining coins should also increase in the future.
In general, Binance destroys 20% of the platform’s revenue every quarter. After the latest burn, the total number of BNB coins destroyed is 173,638,937, which is about 9% of the total number of coins issued.
Each time, this causes an increase in interest in Binance Coin, as a decrease in the total number of coins leads to an increase in their value. Most experts believe that such regular burns help Binance Coin to remain competitive in the global cryptocurrency market.