• Binance recently completed its 22nd token burn, burning 2.064 million BNB tokens, amounting to $620 million.
• 7,181.03 BNB are taken out of circulation through their Pioneer Burn Program.
• BNB’s Auto Burn System is a quarterly protocol used to burn a determined amount of BNB tokens in order to reduce the circulating supply.
Binance, one of the world’s largest cryptocurrency exchanges, recently completed its 22nd token burn, burning a total of 2.064 million BNB tokens, amounting to $620 million. Through these programmed burning transactions, Binance aims to reduce BNB’s circulating supply to 100 million via its Auto Burn System.
The 22nd token burn marks the end of the 17th Burn Round. The company shared the data on this event on its website. After the burn is complete, the existing circulating supply of the BNB coin is 157,904,427. Through this deflationary mechanism, the BNB token burn can help inflate the price and improve the token’s market value. To date, BNB has successfully burned over 44 million tokens.
In addition, 7,181.03 BNB are taken out of circulation through their Pioneer Burn Program. The program is designed to reward long-term holders with a burn bonus, and is aimed at encouraging users to hold onto their BNB tokens. Some users are lauding the move on Twitter and comparing BNB to BTC’s price action.
The BNB Auto Burn System is a quarterly protocol used to burn a determined amount of BNB tokens in order to reduce the circulating supply. The system is designed to provide greater transparency and predictability to the BNB community. When the circulating supply reaches 100 million BNB tokens, the Auto Burn system will stop. The mechanism replaces BNB’s earlier quarterly accelerated burn mechanism, which lasted till the 17th Burn round.
Overall, Binance’s 22nd Token Burn is an important step towards reducing the circulating supply of BNB tokens. By burning tokens, the company aims to increase the token’s value and reward holders with bonus tokens. The Auto Burn System also ensures that there is greater transparency and predictability with regards to the token’s supply. As the company continues to burn tokens, we can expect to see further price appreciation for the BNB token.