BNB Chain Burns Nearly $500M Worth of BNB Tokens
The burned tokens are now permanently destroyed, which makes circulating tokens more valuable if demand increases.
Blockchain BNB Chain today burned over 1.99 million bnb (BNB) tokens in a planned move under the "auto-burn" mechanism in what is the token's 24th quarterly burn event, shows.
Some $484 million worth of the tokens were effectively taken out of circulation. Token burn refers to the process of permanent deletion of coins from their circulating supply.
The burn was executed at 10:33 UTC in transaction .
BNB is the native coin of the BNB Smart Chain and BNB Chain-based networks such as Greenfield. It was issued by crypto exchange Binance after an initial coin offering in 2017.
BNB uses an auto-burn system that aims to reduce its total supply to 100 million BNB, from the original 200 million BNB, over time. The auto-burn mechanism adjusts the amount of BNB to be burned based on BNB's price and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter.
However, the burn event failed to create an immediate demand for BNB tokens among traders as prices over the past 24 hours.
Edited by Parikshit Mishra.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
VIPBitget VIP Weekly Research Insights
Recent bullish news surrounding a potential Solana ETF has reignited market optimism. The SEC has asked issuers to update their S-1 filings, signaling that ETF approval could be near. This development has boosted confidence in the Solana ecosystem. As a high-performance Layer-1 blockchain, Solana (SOL) offers fast transactions and low fees, making it a hub for DeFi and NFT activity, while also drawing increasing institutional interest. Jito (JTO), the leading liquid staking protocol on Solana, saw its token surge 17% after JitoSOL was included in a Solana ETF prospectus. Its MEV optimization further enhances network value. Jupiter (JUP), Solana's top DEX aggregator with a 95% market share, recently launched a lending protocol, highlighting strong growth potential. These tokens offer investors early exposure ahead of a possible ETF approval and a chance to benefit from Solana's expanding ecosystem.
Can Solana Ride the Nasdaq Hype to Close Q2 Above $160?
Solana's price rise is fueled by renewed institutional interest and growing trader participation, positioning SOL for a potential breakout above $160.
Bitcoin: Scarcity Deepens With Every Block Mined
BlockDAG Drops A Full 6-Week Launch Plan as LTC Drops 10% & PEPE Holds $1.64B Volume Amid 12% Fall
Explore how BlockDAG’s six-week Go Live plan with active DeFi tools sets it apart as Litecoin drops 10% and PEPE holds $1.64B volume after a 12% fall.BlockDAG Prepares Full DeFi Launch With Six-Week Go Live PlanPEPE Slides 12% But Maintains $1.64B Volume Near Key SupportLitecoin Drops 10% in a Day While Holding Weekly Price RangeIn Summary
Trending news
MoreCrypto prices
More
