Binance destroyed $575 million worth of BNB tokens

Binance destroyed $575 million worth of BNB tokens

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Author: Robert Strickland
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Binance destroyed $575 million worth of BNB tokens
The cryptocurrency exchange has conducted another burn of native tokens. The program will be terminated when a total of at least 100 million BNBs of the 202 million issued are burned

Cryptocurrency exchange Binance announced the end of its 22nd quarterly BNB token burn. In total, just over 2 million BNB tokens were destroyed, with a total value of about $575 million (the exchange's rate is stated as $278).

Token burning is the destruction of a portion of digital coins to reduce their issuance. All token burning transactions are recorded on the blockchain as a transaction. Therefore, anyone can check that the coins have been destroyed.

BNB Binance announced its destruction system in December 2021.

The higher the value of BNB, the fewer tokens will be taken out of circulation. The Auto-Burn mechanism burned 2.06 million BNB on January 17.

Pioneer Burn is a service that helps users recover tokens lost due to errors. Under this program, the platform covers users' losses in "approved cases" and the lost tokens are included in the total amount of BNB burned each quarter. This time, the Pioneer Burn program destroyed 7,100 BNBs (about $2 million).

The program was scheduled to end when a total of 100 million tokens of the 200 million previously issued were burned. But last fall, the BSC Token Hub bridge was hacked, affecting the issuance of BNB tokens.

On October 7, 2022, the bridge was re-launched and approximately 2 million additional BNBs were issued. The remaining tokens will be destroyed in the usual manner.

 

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