BNB Quarterly Burning: Over 2 Million Tokens Vanish, Valued At $636 Million
18 Januar 2024 - 2:00AM
NEWSBTC
In a recent announcement by Binance, the BNB Foundation declared
the successful completion of the 26th quarterly Binance Coin token
burn through the BNB Chain. The burn, which included Auto-Burn and
the Pioneer Burn Program, eliminated a significant amount of the
exchange’s native token from circulation. BEP95 Initiative
Results In 210K BNB Permanently Burned During this latest burn
event, the Auto-Burn process removed 2,141,487.27 BNB from
circulation, equivalent to approximately $636 million in USD.
It is worth noting that the Auto-Burn mechanism operates
independently of Binance’s centralized exchange (CEX), providing an
auditable and objective process, according to the exchange’s
statement. Additionally, the Pioneer Burn Program contributed
by removing 1542.15 tokens from circulation. This program
permanently eliminates an amount of BNB equal to the provable lost
funds of eligible users. Related Reading: QCP Capital
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Focus Since the introduction of BEP95, an estimated 210,000 tokens
have been permanently burned under this mechanism. As announced,
the Pioneer Burn Program helps maintain the integrity of the
ecosystem and ensures that lost funds do not influence the
circulating supply. Furthermore, BNB Chain’s Real-Time-Burn
mechanism continuously reduces the token supply. This mechanism
enables burning a portion of BNB Chain’s gas fees in real-time,
further contributing to the ongoing supply reduction efforts.
Completing the 26th quarterly BNB token burn marks another
significant milestone for the BNB ecosystem. The independent
Auto-Burn mechanism, combined with the Pioneer Burn Program and
Real-Time-Burn mechanism, showcases BNB Chain’s approach to
reducing token supply and fostering long-term value. Robust
User Adoption In addition to its quarterly token burn, BNB has
recently displayed notable strength and progress, as revealed by
Token Terminal’s on-chain data. With a circulating market cap
of $47.86 billion, BNB Chain has experienced a 30.45% increase in
market capitalization. This surge in value reflects the growing
confidence and demand for the token among investors. BNB
Chain’s financial metrics are equally impressive. The platform has
witnessed a revenue growth of 30.47% over the past 30 days,
generating $1.72 million in revenue during this period, as seen in
the chart below. Extrapolating this data to an annualized
basis, the chain’s revenue is noteworthy at $20.96 million,
reflecting solid financial stability and sustainable growth. The
data from Token Terminal also highlights BNB Chain’s increasing
user adoption and developer activity. The platform has seen a surge
in active daily users, with a 30-day average of 1.42 million,
representing a robust 48.6% growth. Related Reading: SUI
Overtakes Bitcoin, Aptos To Become 13th-Largest DeFi Network The
Binance Coin price performance has been steady, with a 2.14%
decrease over the past 24 hours, while showing a positive trend
over more extended periods. The token recorded a 4.38%
increase in the past seven days, and over the past 30 days, it
achieved an impressive growth of 30.51%. Furthermore, BNB’s
performance over the past 180 days has been significant, with a
growth rate of 29.92%. Featured image from Shutterstock, chart from
TradingView.com
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