Binance Burns BNB Worth $444 Million More

In order to lower the overall supply of their coins and increase their appeal, Binance periodically burns BNB.

The 20th quarterly burn of Binance’s native BNB token has been completed, according to the cryptocurrency exchange.

The process resulted in the burning of over 1.96M BNB, or about $444.6 million, according to the official blog post. This was the feature’s third quarterly burn.

The past BNB burns reflected how the tokens were used and how much money was made on the centralized Binance exchange.

BNB Auto-Burn was installed in its stead, though, and the platform hopes that this would make the procedure more transparent and objective to the community.

In an effort to burn BNB tokens more quickly, Binance developed its BNB auto-burn mechanism after BEP-95 was introduced in November 2021.

The 20th burn occurs in the midst of considerable market turbulence. The sharp drops in price over the previous few months also had an adverse effect on BNB’s price.

The native token was trading above $500 at the start of the year. Since then, the price has dropped by around 60%.

The CEO of the exchange, CZ, thought about the market’s persistent bearishness and said,

“During this downturn and all market cycles, our goal is to continue building and investing in the industry and projects to spur adoption and further infrastructure growth. Historically, bear markets have been great periods for focused and long-term-minded builders. This time, we continue to be bullish on our capability to support founders looking to build innovative, long-term solutions for our industry.”