Binance Burns Record $600 Million BNB In Its 15th Quarter

2021-4-18 15:39

Earlier this week, Binance announced through a blog post that it had burned nearly 1.1 million BNB tokens, which was worth $600 million at the time, in its latest quarterly burn. The total supply of BNB decreased from 170 million BNB to 169 million BNB. 

What is Coin Burning?

Coin burning is a process in which tokens are removed from circulation, which would reduce the total circulating supply of said coin — leading to lower inflationary pressures. A limited supply often leads to positive price action, which is beneficial to both Binance and BNB holders. 

According to Binance’s infographic, the 1.1 million BNB tokens burned represent a mere 0.65% of total supply — a sizable drop from 1.81% last quarter. While the sheer volume of tokens burned pales in comparison to previous quarters, Binance’s 15th burn is certainly the highest in dollar value. This is simply due to each BNB token being worth significantly more than previous quarters. 

With the emergence of the Binance smart chain (BSC) and the DeFi space at large, BNB has soared more than 2800% in the past year. “BNB’s use cases have expanded to hundreds of applications on numerous platforms and projects within the crypto ecosystem,” said Binance’s CEO CZ.

“It’s used to pay transaction fees on Binance.com, Binance DEX, Binance Chain, and BSC… With the growth of BSC, more people are using BNB, and the more utility it has, the more value it gains,” he added. 

While Binance Coin (BNBUSD) has gone up over 2800% in the past year, the altcoin suffered a 30% drop alongside the broader crypto market in the past week. Source: Tradingview.com

In the past quarter alone, the coin went up 16.8x. Its meteoric rise from $15 to $430 in a year led to BNB’s market capitalization surpassing $90 billion at its peak — making it the third largest cryptocurrency behind Bitcoin and Ethereum. Despite the recent rout that sent BNB plummeting 30%, it still holds the position as one of the market leaders.

Featured image from UnSplash 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Binance Coin (BNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $562.5
Капитализация $0 Rank 99999
Цена в час новости $ 464.07 (-100%)

million bnb coin binance burning total supply

Источник: bitcoinist.com

million bnb → Результатов: 112


Binance Pours $5 Million Worth of BNB Into Smart Chain BUIDL Program

Binance has launched the BUIDL Reward Program in an attempt to attract greater dApp development on the Binance Smart Chain. Binance has invested $5 million worth of BNB into the project. This is part of Binance’s bigger venture — a $100 million injection into a DeFi accelerator fund that aims to connect DeFi with centralized […] The post Binance Pours $5 Million Worth of BNB Into Smart Chain BUIDL Program appeared first on BeInCrypto.

2020-10-5 01:00


Фото:

Crypto Price Analysis April 16: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, LINK

In the early hours of April 16, the BTC price reached a low of $6,461. However, it immediately reversed its trend and has reached a high of $7,147 within the same day. This increase could have been caused by the printing of $120 million Tether (USDT), which occurred slightly prior to the price beginning its […] The post Crypto Price Analysis April 16: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, LINK appeared first on BeInCrypto.

2020-4-17 19:15


Binance DEX Adds BNB/BUSD Trading Pair, Burns $36.7 million worth of Binance Coin

The decentralized exchange rolled on by crypto exchange giant Binance earlier this year is now offering it's clients a new service to purchase and sell Binance’s new USD-pegged stablecoin with BNB. On Oct 17, on its official Twitter platform, Binance DEX announced a new listing on its platform, BNB/BUSD Trading Pair. the pairing means that […]

2019-10-18 00:06


дальше еще 63 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Web3 shows what a free market should be 

What is the ultimate free market?  Ideally, it would involve buyers and sellers arriving at a location, interacting as they looked for what they wanted, and discussing the right price for both parties.

Crypto market remains bullish following Fed rate cut

Following a meeting on Nov. 7, the Fed’s Federal Open Market Committee (FOMC) cut the US interest rate by another 25 basis points (bps), lowering it to 4. 5% from 4. 75%. The crypto and equities markets remained unfazed, as investors likely already priced the cut.