Binance Announced: $975 Million Coin Out of Circulation

Binance, the world's largest cryptocurrency exchange, continues to reduce BNB supply.

BNB Foundation has completed the 28th BNB burn on BNB Chain. BNB, the BNB Chain ecosystem's own cryptocurrency, switched from the Ethereum network to BNB Chain in April 2019.

According to BSCScan data, a total of 1 million 643 thousand 698 BNB was removed from circulation in this transaction. These amount to a total of 975 million dollars. BNB is trading at $593 at the time of writing.

The aim of the automatic burning system established by the BNB Foundation is to reduce the total supply of BNB to 100 million. How much BNB will be burned in each period varies depending on the number of blocks produced in the BSC network and the BNB price.

In addition to the automatic burning system for BNB, there is a real-time burning system. This is based on gas fees on the network. BSC validators determine how much gas will be charged from each block, and this is burned according to a certain tariff.

In token burns, certain amounts of tokens are completely removed from circulation. These tokens are sent to a fixed address known as the “burning address”. This address is created only to receive coins and cannot provide a private key. Therefore, coins sent to this address cannot be controlled by another address.

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