Binance burned around 2.13 million BNB coins over the past three months, bringing the total coins withdrawn from circulation to approximately 50.2 million units.
Binance, a leading blockchain ecosystem with the largest centralized cryptocurrency exchange by daily bitcoin trading volume and registered users globally, has announced the completion of the 25th quarterly auto-burn of its native coin BNB. According to the announcement, around 2,139,182 BNB, worth over $453 million, have been removed from the lifetime circulating supply. Plus about 314 BNB coins Burned Through the pioneering burning program, which aims to refund Binance users who innocently lost their coins due to uncontrolled smart contracts, the total coins burned during the third quarter amounted to approximately 2,138,868 units.
Following BNB’s successful 25th burn program, the value of the underlying instrument gained approximately 3 percent in the last 24 hours to trade around $213 on Monday. Additionally, Binance Coin’s average daily trading volume increased by around 43 percent in the past 24 hours to around $400 million. The notable rise in Binance Coin’s on-chain metrics was due to the fact that the team led by Changpeng Zhao (CZ) committed to making it a deflationary asset to help investors combat fiat inflation.
#Binance completes the 25th Quarterly #BNB Burn!
2.14m #BNB it has burned pic.twitter.com/3KtkE1y6f5
-Binance (@binance) October 16, 2023
Binance BNB Auto Burn
BNB auto burning is a strategy that was introduced to reward the community of holders while attracting new investors. Furthermore, the Binance team has set a goal of holding around 100 million units of BNB with the depletion rate accelerated by the increase in on-chain activities across the various supported blockchains. Notably, BNB is the native currency of the BNB Beacon Chain, BNB Smart Chain, opBNB L2, and BNB Greenfield blockchain. Automatic BNB burning earns a portion of each transaction fee, which is decided by validators through a set function.
The Binance ecosystem also runs the BNB Pioneer Burn program, which burned approximately 314 coins during the third quarter. As a result, the number of BNB remained in total circulation after the 25th burning program it was about 151.7 million, so there were about 51.7 million coins left to burn.
Through the quarterly BNB burns, the Binance team managed to remain transparent by providing on-chain analysis of the process. Consequently, anyone can calculate the amount of BNB expected to be burned using the provided formula involving completed blocks and average price, among other variables.
For example, with an average price of $211 and around 2.6 blocks expected to be finalized during Q4, the Binance team anticipates destroying approximately 2.18 million coins worth around $460 million during Q4. automatic burning. However, the figure is subject to several variables, including the BNB spot price.
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