Binance has just wrapped up its 28th quarterly BNB burn, eliminating a total of 1,643,699 BNB, which is valued at approximately $971 million.
This latest burn did not include the Pioneer Burn Program, focusing solely on the regular quarterly reduction. Binance’s ongoing commitment is to burn BNB each quarter until half of the total supply, roughly 100,000,000 BNB, has been removed from circulation.
The BNB Foundation has officially announced the completion of the 28th quarterly BNB token burn by BNB Chain. Total BNB burned is 1,643,698.8 BNB, worth ~$971M. The burn amount is adjusted based on BNB's price and the number of blocks generated on BSC during a quarter.…
— Wu Blockchain (@WuBlockchain) July 22, 2024
The BNB token, integral to the BNB Chain ecosystem, plays a key role in facilitating transactions across the Binance Smart Chain (BSC), opBNB Layer 2 solutions, and BNB Greenfield. Additionally, BNB functions as a governance token, enabling holders to participate in decentralized decision-making processes.
⚡️ @Binance has completed their 28th quarterly $BNB token burn
Binance has completed their 28th quarterly #BNB burn, permanently removing 1,643,699 BNB, or the equivalent of approximately $971M. The latest quarterly burn includes the actual burning of 1,643,699 BNB, and didn't… pic.twitter.com/l7cW6ppwgd
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) July 22, 2024
Binance Quarterly Burn, Good Strategy To Manage BNB Supply
The quarterly burn process is part of Binance’s strategy to manage BNB’s supply and potentially increase its value by reducing the number of tokens in circulation. By systematically burning a portion of the total BNB supply, Binance aims to enhance the token’s scarcity and value proposition.
This recent burn highlights Binance’s ongoing efforts to maintain the economic health of the BNB token and its ecosystem. As the company continues its quarterly burns, the long-term impact on BNB’s value and its role within the broader cryptocurrency market will be closely watched by investors and industry participants alike.
Overall, Binance’s commitment to reducing the BNB supply demonstrates a strategic approach to managing tokenomics and ensuring the sustainability of its ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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