The renowned global cryptocurrency exchange, Binance, has marked a milestone with the successful completion of its 26th quarterly token burn for Binance Coin (BNB).
This quarter saw the incineration of a substantial 2,141,487.27 BNB, equivalent to about $636 million. Notably, the Pioneer Burn Program contributed 1,542.15 BNB, contributing to the overall burn of 2,139,945.12 BNB.
Binance adheres to a systematic burning program, removing 20% of its trading volume every three months, contributing to a positive impact on the current BNB price, which stands at $312.
BNB is the native cryptocurrency for the extensive BNB Chain ecosystem, fueling the BNB Beacon Chain, BNB Smart Chain, opBNB L2s, and BNB Greenfield blockchain.
Since its inception in 2017, BNB has adhered to a commitment of removing 100 million BNB (half of its total supply) from circulation through quarterly burns, ensuring a capped circulation of only 100 million BNB.
The Auto-Burn process, conducted independently and objectively, is detached from the Binance centralized exchange, while the Real-Time-Burn mechanism continues to effectively reduce BNB Chain’s gas fees in real-time.