Binance Burns Almost $640 Million Worth of BNB Tokens
18 Oct, 2021•2 min read•Other
Binance recently completed its 17th token burn. Over 1 million BNB were removed from circulation, comparable to previous burns. However, due to increased token value, this is the highest value burn of BNB to date.
Binance announced the recent burn on their site earlier today – the 17th burn since the first in October 2017. According to the exchange, 1,335,888 BNB were removed. In dollar terms, this equals $639,462,868 at the time of the burn. Specifically, 1,318,049 BNB were actually burned, while 17,839 BNB were “effectively burned” through Binance’s Pioneer Burn Program. The program counts for BNB that were practically lost after sending BNB to dead addresses. This is greater than the 1,296,728 BNB tokens destroyed in the previous burn, as well as the 1,088,888 cleared in the 15th burn. The 14th burn still dwarfs this amount, which removed over 3 million tokens from circulation at once. However, in fiat terms, the most recent burn is the only one to remove over $600 million in value. The BNB market cap has risen substantially since the last burn. While shy of $50 billion on July 18th, the total capitalization is over $80 billion today. This helps explain the record-setting dollar value of the destroyed tokens. Binance’s quarterly burns are procedures designated in the network’s whitepaper. It has promised to continually buy and burn BNB until the network supply is reduced to 100 million BNB, from its original 200 million. The current BNB circulating supply stands 168,137,035, according to CoinGecko.