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Binance Burns 1.335 Million BNB, Replaces Quarterly Burns with BNB Auto-Burns: Details

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Thu, 23/12/2021 - 10:26
Binance Burns 1.335 Million BNB, Replaces Quarterly Burns with BNB Auto-Burns: Details
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Chinese cryptocurrency journalist Colin Wu has spread the word about the Binance trading giant completing another quarterly token burn. In the course of it, 1.335 million BNB were destroyed.

He also posted a link to a Binance blog article which says that from now on the exchange is replacing quarterly burns with auto-burns and voiced the condition on which BNB will no longer be incinerated in the future.

Binance introduces BNB auto-burns, fewer coins to be destroyed now

The blog post published by Binance says that after listening closely to the BNB and Binance Smart Chain communities, the management of the exchange decided to implement a new auto-burn procedure for Binance Coin.

Binance has also just burned a whopping 1.335 million coins in its 17th quarterly burn. That equals $704,198,842 at the present exchange rate of BNB/USD: $527.489770. These coins have been removed from circulation for good.

After that, the article says, the amount of BNB that will be destroyed during auto-burns will be a bit smaller: 1.69 million BNB.

BNB is used to fuel transactions on the Binance Smart Chain (BSC) and for participation in decentralized governance on BSC, as well as a means of payment by a stream of businesses and crypto exchanges.

As summarized by Colin Wu, these BNB auto-burns will be based on the Binance Coin's price and the level of activity on Binance Smart Chain, not on Binance's profit as it was in the past.

Besides, BNB auto-burns will stop as soon as the overall amount of BNB in circulation goes under 100 million.

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Whales and Binance shift $32 million in BNB

As reported by crypto tracker Whale Alert, in the past five hours, two major transactions carrying slightly over 30,000 BNB each were detected.

According to the crypto tracking service, an owner of an anonymous wallet sent 30,067 BNB to Binance (that is, $16,009,242). Binance moved 30,175.742 (equal to $16,059,949) to an anonymous wallet as well.

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