The major crypto exchange Binance on Thursday completed its last BNB token burn for the third quarter, with more than 2 million BNB tokens burned at a value of well over $500 million.
The total amount of tokens burned during the quarter 2,065,152.42 BNB, and was comprised of token burns under Binance’s Auto-Burn feature, Pioneer Burn Program, and a program where a portion of gas fees in every transaction is burned, an announcement from Binance said.
At the time of writing, the total value of the tokens burned was $563.8 million.
Binance has officially stated that its burn programs aim to remove 100 million BNB tokens – half of the total supply – from circulation. The number of tokens removed in each burn is automatically calculated by the Auto-Burn formula developed by the exchange.
“The BNB Auto-Burn provides an independently auditable, objective process independent of the Binance centralized exchange,” Binance said about the token burn formula in its latest announcement.
Binance...
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