Binance: destruction of $547 million in BNB

The 21ᵉ bonfire – As announced in December 2021, Binance replaced his burn based on turnover by a self burn but always at the same frequency, namely all the three months. On October 13, more than 2 millions tokens BNB who went up in smoke. Details to follow.

Binance sticks to its plan burn automatique

In an advertisement published on his sitethe cryptocurrency platform Binance therefore announced that it had carried out its burn quarterly tokens. As a reminder, there was initially 200 millions of BNB tokens issued and the idea is to regularly destroy them in order to mechanically increase their value. So much for the theory.

And so, on October 13, 2,065,152.42 BNB were destroyed, which represents at the current market price approximately $600 million. This is the largest amount of the program since its creation. Among these burnt tokens, there are also 4,833.25 BNB that are part of the program Pioneer Burn.

Binance tirelessly continues its automatic program of value destruction in BNB

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The platform gives beginners a second chance

This original program is intended for users of the platform who would make a ” honest mistake“. Indeed, aware that the use of the blockchain inevitably leads to some errors, Binance has decided to to reimburse under certain conditions – users unfortunate who would lose their tokens by making a fake handling. More information about the program here. In return, the platform deducted the refunded tokens of the burn next auto.

The platform of Changpeng Zhao is therefore not content to earn money by taking commissions on your transactions. She multiply investments, initiatives and original programs and we have even just learned of the launch ofa Web3 incubator in Europe. Binance is number 1 and clearly wishes to remain so.

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John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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