Cryptocurrency

Binance’s BNB Chain Burns $770 Million Worth of BNB in Latest Burn

Binance’s BNB Chain Burns $770 Million Worth of BNB in Latest Burn

  • Leading cryptocurrency blockchain, BNB Chain has burned over 1.8 million BNB tokens in its 19th quarterly burn
  • The tokens which were worth $770 million at the time of the token burn, were taken out of circulation on Tuesday morning, according to Binance CEO Chanpeng Zhao
  • BNB powers the BNB Chain ecosystem and it is the native token of the BNB Smart Chain created by Binance

BNB chain

One of the world’s most popular blockchains, the BNB Chain has burned 1,839,786.261 BNB tokens in its 19th quarterly burn. Binance CEO, Changpeng Zhao announced that the tokens which were worth approximately $770 million, were taken out of circulation on Tuesday morning.

Data from Whale Alert shows that the burn was executed on a BNB Chain wallet tied to Binance cryptocurrency exchange on Tuesday. The burn was conducted at an average price of $403 per BNB.

What is BNB and the BNB Burn?

BNB is a token that powers the BNB Chain ecosystem. It also doubles as the native coin of the BNB Beacon Chain and BNB Smart Chain. The coin was issued by Binance cryptocurrency exchange after a coin offering in 2017.

When the BNB Chain (formerly known as Binance Chain) launched in 2017, the team committed to removing a total of 100 million BNB from circulation through a process called “burn”.

Binance uses an auto-burn system to carry out the burn every three months. The number of tokens to be burned is determined by the price of BNB and the number of blocks generated on the BNB Smart Chain.

At the time of this report, 1 BNB is worth $421, according to data from CoinMarketCap.

Follow Naija.FM on our social media handles FacebookInstagram, and Twitter to keep up with trending news, breaking news, entertainment news, and hot gist.

Show More

Related Articles

Back to top button