Binance, the world’s largest cryptocurrency exchange, has announced the completion of the 23rd quarterly burn of its native token, BNB. This latest burn is one of the largest in terms of USD value, with over $670 million worth of BNB destroyed. This is welcome news for Binance’s investors, who have seen the price of BNB soar in recent months.
A quarterly burn is an important event for Binance and its users. It involves the destruction of a portion of the BNB tokens in circulation, which helps to reduce the total supply of the token. This reduction in supply can increase the value of the remaining tokens, which is good news for investors. The burn is also a way for Binance to reward its users, as the exchange uses a portion of its profits to buy back and destroy BNB tokens.
The 23rd quarterly burn saw just over 2 million BNB tokens removed from circulation. It’s worth noting that around 656 BNB were destroyed through the Pioneer Burn Program, which allows users who mistakenly sent some of their tokens to burn addresses to retrieve a portion of them. This program is useful for users to recover tokens that would otherwise be lost forever.
The 23rd quarterly burn was worth approximately $670 million in USD value, making it one of the largest burns in history. This is a testament to the popularity of Binance and the success of its business model. BNB has been on a roll lately with most of the market, reclaiming $300 and surging past $330 in the past two days. This is good news for Binance’s investors, who have seen the value of their holdings increase in value.
Binance’s burn program is important to the company’s business model. It helps maintain BNB tokens’ value and rewards users for their loyalty. The burn is also a way for Binance to show its commitment to its users and the whole cryptocurrency community. Binance has always been a leader in the cryptocurrency space, and its burn program is just one of the ways that the company has set itself apart from its competitors.