BNB Chain has completed its latest quarterly auto-burn token event, taking roughly $444 million worth of BNB out of circulation.
Binance Burns $444M Worth of BNB
BNB Chain has completed its latest auto-burn event, significantly reducing BNB’s circulating supply.
Binance’s blockchain burned 1,959,595.29 BNB tokens worth more than $444 million Wednesday. The total sum burned accounts for 1.2% of the circulating supply. Binance has burned more than 38,683,447 BNB to date, making significant strides to achieve its long-term goal of reducing the total BNB supply by 50%.
Today’s burn event is BNB Chain’s 20th since the program was launched in late 2017. It’s also the third quarterly auto-burn, meaning the number of tokens burned was calculated based on the price of BNB and the number of blocks produced by the BNB Chain during the last quarter. BNB Chain also continues to burn a portion of BNB Chain’s gas fees in real-time.
Despite the latest development, BNB has shed 4.5% of its market...
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