July 25, 2024
Latest News

Binance burns $165 million worth of BNB tokens

Binance burns $165 million worth of BNB tokens

Binance has concluded its 14th quarterly BNB (Binance Coin) burn, according to CEO Changpeng Zhao. Binance has consumed over 3,619,888 Binance Coin (BNB) worth $165.8 million. Thus, making this Binance’s most extensive burn to date. As a consequence of the burn, the total supply of BNB has declined from 174.2 million BNB to 170.5 million BNB. This burn also makes the commencement of a faster burn rate. Binance CEO Changpeng Zhao has said the exchange is a BNB holder and that most of its revenues are in BNB already. 

Under the current burn rate, it will take Binance only 5 to 8 years to accomplish this goal, though the future rate may change. The downside of this stimulated burn is that users will not adopt the burn number to discover Binance’s revenue. Following the previous burn rate, it would have taken Binance 27 years to accomplish its goal of burning half the BNB supply and producing the total supply down to 100 million BNB.

Changpeng Zhao states Binance unlocked 16 million BNB tokens

Zhao also declared that Binance had unlocked 16 million BNB tokens. These tokens were supposed to be accessible in July 2020 and led into Binance’s team allocation address, although the team neglected to do so. Zhao continued that not a single token from the team allocation has been traded or removed at any time. 

Binance formerly published plans to burn its complete team allocation in July 2019. That resolution was to convince the users that Binance intends to improve the efficiency of BNB, not just gain from it. Cryptocurrency exchange Binance is a market leader by creating a meaningful difference to its opponents with its regular trading volume. The 24-hour work for Binance is $14.6 billion. Moreover, the exchange assists its users with a total of 274 cryptocurrencies and 925 trading pairs. 

Follow BitcoinWorld for the latest updates.