Binance Burns $740M BNB TokensMolly Jennings
Cryptocurrency exchange Binance has completed its 19th quarterly Binance Coin (BNB) token burn using the Auto-Burn mechanism.
— Binance (@binance) April 19, 2022
Out of circulation withdrawn 1,839,786.26 BNB (~$741.8M at time of writing), including 9,403.78 BNB from the Pioneer Burn program.
As part of the previous round in January 2022, Binance burned 1,684,387.11 BNB, or $795 million in fiat.
At the end of 2021 Binance refused from the concept of quarterly destruction of BNB in favor of the Auto-Burn mechanism for their automatic withdrawal from circulation.
The algorithm does not take into account the revenue generated by the Binance trading platform but is based solely on the BNB price and the number of blocks mined during the quarter. The program will be terminated when the total number of burned coins reaches 100 million.
Recall that in December 2021 in BNB Chain on block 13,082,000 Bruno hard forked within which the mechanism for burning a fixed share of gas in each block was activated.