Binance burned approximately 2.13 million BNB coins during the last three months, bringing the total number of coins removed from circulation to approximately 50.2 million units.
Binance, the leading blockchain ecosystem with the largest centralized cryptocurrency exchange by Bitcoin daily 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, approximately 2,139,182 BNB worth more than $453 million have been removed from the lifetime circulating supply. In addition to approximately 314 BNB coins burn Through the Pioneer Burn program, which aims to reimburse Binance users who lost their coins due to uncontrolled smart contracts, the total coins burned during the third quarter were approximately 2,138,868 units.
Following the successful 25th BNB auto-burn event, the value of the underlying instrument is up nearly 3 percent in the last 24 hours to trade around $213 on Monday. Additionally, the daily average trading volume for Binance Coin has increased by nearly 43 percent in the last 24 hours to almost $400 million. The significant increase 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 fight fiat inflation.
#Binance 25th quarter completed #bnb burn!
🔥 2.14m #bnb has been burnt 🔥 pic.twitter.com/3KtkE1y6f5
– Binance (@binance) 16 October 2023
binance bnb auto-burn
BNB auto-burn is a strategy that was introduced to reward the community of holders as well as attract new investors. Additionally, the Binance team aims to hold approximately 100 million BNB units remaining as the burnout rate accelerates due to increased on-chain activities through the various blockchains supported. Specifically, BNB is the native coin of the BNB Beacon Chain, BNB Smart Chain, OPBNB L2S, and BNB Greenfield Blockchain. BNB Auto Burn receives a portion from each transaction fee, which is settled by validators through a set function.
The Binance ecosystem also operates the BNB Pioneer Burn Program which burned approximately 314 coins during the third quarter. As a result, the number of BNB total in circulation remained There were approximately 151.7 million coins left after the 25th burn program, so approximately 51.7 million coins were left to burn.
Through quarterly BNB burns, the Binance team has managed to remain transparent by providing on-chain analysis of the process. As a result, one can calculate the amount of expected BNB to be burned through a given formula that includes the time the block was finalized and the average price among other variables.
For example, with an average price of $211 and approximately 2.6 blocks expected to be finalized during the fourth quarter, the Binance team estimates approximately 2.18 million coins worth approximately $460 million will be burned during the 26th auto burn. However, this figure is subject to many variables, including the BNB spot price.
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