​Binance burns $671 million worth of BNB tokens

What’s new? On April 14, BNB Chain, developed by crypto exchange Binance, conducted its 23rd quarterly native token burn, in which 2 020 132,25 BNB worth $671,6 million were withdrawn from circulation. That number includes 656,02 coins burned as part of the Pioneer Burn Program. The asset is trading at $332,6 as of April 14, 09:40 UTC, having gained 3,13% in 24 hours.

Information on the Binance website

Cryptocurrency burning is the process of removing a certain number of tokens from circulation, after which they become permanently inaccessible. Often burning is carried out in order to increase the rate of an asset or prevent it from inflation. Burning can be done by sending tokens to a wallet without a private key, by conducting a hard fork, using special software, or using algorithms that destroy some of the funds during transactions.

What is known about the burning procedure? The number of tokens to be removed is automatically calculated using the Auto-Burn formula adopted in Q4 2021. In addition, a portion of the tokens charged as transaction fees is burned in real-time. A total of 100 million tokens, or half of the total supply, will be taken out of circulation under the program, after which the quarterly burn will cease. In January, Binance burned $575,4 million worth of BNB as part of its 22nd burn.

The asset currently ranks 4th in the cryptocurrency ranking with a capitalization of $52,59 billion.

BNB Chain is a community-driven, decentralized, and censor-resistant blockchain. It consists of the BNB Beacon Chain and BNB Smart Chain (BSC), compatible with the Ethereum Virtual Machine (EVM). It is the largest blockchain for smart contracts in terms of transaction volume and the number of daily active users. Its ecosystem has more than 1400 active decentralized applications (DApps) in various categories, including metaverses, blockchain games, non-fungible tokens (NFT), and decentralized finance (DeFi).

Earlier this month, BNB Smart Chain launched TrueUSD (TUSD) stablecoin as a native token. The move is intended to pave the way for further integration of the stablecoin into the BSC ecosystem.