Binance crypto exchange burned $741 million worth of tokens

In total, more than 1,8 million BNB were burned in the 19th quarterly burn

20.04.2022 - 09:00

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What’s new? The world’s largest cryptocurrency exchange by trading volume, Binance, has announced its 19th quarterly burn of the platform’s native tokens. A total of 1,839 million BNB ($741 million at the time of the burn) was burned.

Source: Twitter.com

What is known about the procedure of burn? BNB tokens have been removed from circulation using the Auto-Burn formula adopted in the fourth quarter of 2021. The calculation mechanism is based on the price of the asset and the number of blocks mined per quarter. Before that, the burn algorithm depended on Binance’s yield performance. A total of 100 million tokens, or half of the total supply, will be burned under the burn program, after which the quarterly burn will cease.

What had happened before? In early April 2022, Changpeng Zhao, the founder of the Binance exchange, was named the richest person in the crypto industry by Forbes magazine. His fortune was estimated at $65 billion. The ranking includes 19 billionaires who got rich working in the field of blockchain and digital assets.

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