1. BITBILIHome
  2. Article

BNB auto-burn: Binance’s 24th quarterly burn eliminates $44.61 million worth of tokens

• 222 views

TL;DR Breakdown

  • Binance completes its 24th quarterly burn of BNB tokens, destroying 1.99 million tokens worth $44.61 million.
  • The burn aims to reduce the overall circulating quantity of BNB tokens and increase their potential value.
  • Binance aims to reach 100,000,000 BNB tokens by implementing deflationary measures.

Description

Binance, one of the leading cryptocurrency exchanges, has completed its 24th quarterly burn of its native BNB coins. This strategic move was executed through the BNB Automatic Burn mechanism, aimed at reducing the overall circulating quantity of BNB tokens and increasing their potential value. The burn event witnessed the permanent destruction of 1.99 million BNB … Read more

Binance, one of the leading cryptocurrency exchanges, has completed its 24th quarterly burn of its native BNB coins. This strategic move was executed through the BNB Automatic Burn mechanism, aimed at reducing the overall circulating quantity of BNB tokens and increasing their potential value.

The burn event witnessed the permanent destruction of 1.99 million BNB tokens, equivalent to approximately $44.61 million, at an average price of $310.99 per token.

This latest burn demonstrates Binance‘s ongoing commitment to implementing deflationary measures to enhance the scarcity and value of BNB. In comparison, the previous quarter’s burn, known as the 23rd quarterly burn, eliminated 2.02 million BNB tokens at an average price of $268.46 per token.

Since the inception of the BNB burn program, a remarkable 183.14 million BNB tokens, with an estimated value of $44.61 million, have been irreversibly destroyed. This consistent effort to reduce the circulating supply of BNB tokens is part of Binance’s long-term objective to reach 100,000,000 BNB tokens.

Looking ahead, Binance has plans for the 25th quarterly burn, which is anticipated to witness the destruction of at least 2 million BNB tokens. Based on the current market price, this would amount to a minimum value of $512 million. However, it is crucial to note that the number of tokens destroyed may vary due to the fluctuating circulating supply of BNB.

BNB is currently priced at $241.70, reflecting a slight decrease of 0.05% compared to the previous day. Despite this marginal dip, the consistent quarterly burns have maintained a positive trajectory for BNB’s value in the long run.

Binance’s commitment to limiting the circulating quantity of BNB tokens has received positive feedback from the cryptocurrency community. By actively reducing supply and increasing scarcity, Binance aims to create a token ecosystem that incentivizes long-term holding and supports the growth and stability of BNB as a digital asset.

Furthermore, Binance’s burn events have drawn attention to the deflationary nature of cryptocurrencies, with other projects exploring similar mechanisms to enhance token value. The quarterly burns not only provide economic benefits but also serve as an indicator of Binance’s dedication to transparency and its ongoing efforts to create a sustainable and thriving crypto ecosystem.

With the 24th quarterly burn successfully executed, Binance continues to set an example for the industry, showcasing the potential of strategic token burns in shaping the future of cryptocurrencies.

As the 25th quarterly burn approaches, market participants eagerly anticipate the next milestone in Binance’s journey toward reducing the circulating supply of BNB tokens and solidifying their value in the ever-evolving world of digital assets.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:BNB auto-burn: Binance’s 24th quarterly burn eliminates $44.61 million worth of tokens

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月20日 08:03
Next 2023年7月20日 10:15

Related articles

  • Central Bank of Kenya considers CBDC but prioritizes existing solutions for payments

    TL;DR Breakdown The Central Bank of Kenya has received feedback on the potential issuance of a digital shilling but has determined that a central bank digital currency (CBDC) is not a compelling priority. The bank acknowledges the benefits and risks associated with a CBDC but believes that existing innovative solutions can address payment system pain points in the country. The CBK will continue to monitor global CBDC developments and prioritize existing payment solutions to provide a secure and accessible network for Kenyans. The Central Bank of Kenya (CBK) has received over 100 comments from stakeholders, including the public, commercial banks, and tech firms, regarding the potential issuance of a central bank digital currency (CBDC). The comments highlighted the potential benefits and risks associated with a CBDC, prompting the central bank to take a measured approach in considering the rollout of a digital shilling. While the CBK acknowledges the advantages of a CBDC, it deems addressing the country’s payment system pain points through existing innovative solutions a higher priority. Press Release – Issuance of Discussion Paper on Central Bank Digital Currency:…

    Article 2023年6月7日

  • Indonesia accelerates de-dollarization with formation of National Task Force

    TL;DR Breakdown Indonesia’s central bank, Bank Indonesia, has established a National Task Force to expand the use of local currencies in transactions with partner countries, aiming to reduce reliance on the U.S. dollar. The task force involves multiple Indonesian government bodies and has already seen cooperation agreements for local currency transactions signed with countries like Singapore and South Korea, in addition to existing partnerships with Malaysia, Thailand, Japan, and China. The initiative aligns with broader global trends, including efforts by the BRICS nations and the ASEAN community to encourage using national currencies in international trade and financial transactions. Description Indonesia has intensified its efforts to minimize reliance on the U.S. dollar by establishing a National Task Force. The initiative aims to broaden the use of local currencies in transactions with partner countries. The announcement was made during the recent ASEAN Summit in Jakarta, marking a significant milestone in Indonesia’s financial strategy. The task force … Read more Indonesia has intensified its efforts to minimize reliance on the U.S. dollar by establishing a National Task Force. The initiative aims to broaden…

    Article 2023年9月10日

  • XRP community buzzes as Ripple CTO explains halt of investor lockups

    TL;DR Breakdown Ripple’s CTO, David Schwartz, shared a past post outlining key points of Ripple’s vision. According to Schwartz, investor lockups involving XRP were abandoned due to their ineffectiveness. Ripple has evolved its strategies, showcasing adaptability and a willingness to explore new approaches. Description The Ripple (XRP) community recently unearthed an old post by David Schwartz, Ripple’s Chief Technology Officer (CTO). Shared by an enthusiastic member known as “RealXRPboy,” the post rekindled curiosity and ignited discussions within the crypto community. Schwartz, known for his insightful perspectives, had outlined ten key points, providing a glimpse into Ripple’s vision. Schwartz began … Read more The Ripple (XRP) community recently unearthed an old post by David Schwartz, Ripple’s Chief Technology Officer (CTO). Shared by an enthusiastic member known as “RealXRPboy,” the post rekindled curiosity and ignited discussions within the crypto community. Schwartz, known for his insightful perspectives, had outlined ten key points, providing a glimpse into Ripple’s vision. Schwartz began by stating, “Here’s how I’ve been explaining it recently,” offering a glimpse into his mindset during that era. With cautious optimism, he concluded…

    Article 2023年7月18日

  • EU and Meta set to face ultimate online content test

    TL;DR Breakdown The European Union (EU) and Meta are set to perform a stress test in July on the EU’s Digital Services Act (DSA) concerning online content rules. The stress test is a response to EU industry chief Thierry Breton’s demand for Meta to address content targeting children on its platforms. The DSA restricts specific types of targeted ads on online platforms, including those targeting children or using personal data like ethnicity, political views, or sexual orientation. Description As we witness the digital world evolving at breakneck speed, pivotal players like Meta and institutions such as the European Union (EU) are preparing for what could be the ultimate litmus test of online content regulations. In July, the EU and Meta will come together for a comprehensive stress test, aiming to measure the robustness … Read more As we witness the digital world evolving at breakneck speed, pivotal players like Meta and institutions such as the European Union (EU) are preparing for what could be the ultimate litmus test of online content regulations. In July, the EU and Meta will come…

    Article 2023年6月28日

  • Valkyrie resubmits spot Bitcoin ETF application with Coinbase surveillance-sharing agreement

    TL;DR Breakdown Valkyrie Investments has resubmitted its spot Bitcoin ETF application, now including a surveillance-sharing agreement with Coinbase, in response to the SEC’s request for more clarity and comprehensiveness. The partnership with Coinbase aims to address the SEC’s surveillance requirements and signifies a potential shift in sentiment regarding spot Bitcoin ETFs. Description Valkyrie Investments has resubmitted its application for a spot Bitcoin exchange-traded fund (ETF) in the United States, making a significant update by including a surveillance-sharing agreement with Coinbase. It is important to note that the sudden move comes as a response to the U.S. Securities and Exchange Commission’s (SEC) request for more clarity and comprehensiveness … Read more Valkyrie Investments has resubmitted its application for a spot Bitcoin exchange-traded fund (ETF) in the United States, making a significant update by including a surveillance-sharing agreement with Coinbase. It is important to note that the sudden move comes as a response to the U.S. Securities and Exchange Commission’s (SEC) request for more clarity and comprehensiveness in the applications. Partnership with Coinbase to meet SEC’s surveillance requirements Nasdaq and Cboe Global…

    Article 2023年7月7日
TOP