Binance Destroys 1.68 Million BNB in Latest Token Burn

Crypto exchange Binance has announced that it has burned over 1.68 million BNB tokens in the 18th burn.
The burned tokens are worth nearly $800 million at current prices
Binance started burning BNB in 2017, following the launch of the token and so far, over nearly 35 million BNB tokens

Leading cryptocurrency exchange Binance has carried out its 18th coin burn, cutting the available BNB tokens by 1.68 million.

The company announced on Monday that several tokens worth approximately $792 million at current market prices, were burned.

Since the launch of the token, the company has set a mandate to destroy half of its total supply in quarterly burns.

The burns happen 4 times in a year, and the latest one comes after the 17th burn in October 2021.

Today’s burn represents an amount equal to 0.84% of Binance’s initial supply when the token launched.

This initiative aims to reduce the supply of the crypto token and raise the price by keeping demand high.

The burns are carried out by sending the token to an inactive address where it remains locked away permanently.

This quarter’s burn was also the first to use a new “Auto-Burn” formula, which automatically calculates the number of tokens to be burned.

Binance CEO Changpeng Zhao said that the new burn method will provide “greater autonomy, transparency, and predictability.”

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