Binance is considered to be one of the top crypto exchanges in the world and is known to offer a wide range of services to its customers regarding access to digital assets, trading, investment, and withholding of cryptocurrency. In the pursuit of greatness, Binance became the first exchange for having introduced its own crypto token known as BNB. It wasn’t quite popular at the beginning, but with the passage of time, it became quite a hit among the crypto community.
Recently there has been a report that Binance has burned almost $614 million in terms of its tokens, and these have been cleared from circulation as well. This is quite a hit that Binance has taken, and this burning is being called the most valuable burn in terms of dollars to date. This isn’t the first time that the crypto exchange has completed a token burn, as it has done so 16 times previously as well. But this time, there was a significant difference in terms of the volume of BNB tokens burned which were almost 1 million. It is said that the very reason for this approach was because the value of the token increased significantly, and that is why they had to burn the excessive tokens.
Binance’s Burn Program
There is a specific program in order also known as the finance pioneer burn program, which monitors the number of the tokens which will be burned from the platform after these were sent to the dead addresses, and this count is even richer than the number of tokens burned by the Binance itself this time. The 14th burn was the most brutal one in which almost 3 million tokens were removed from circulation all at the same time, and in terms of the fiat currency, this thing is valued at$600 million in revenue.
These burns are the procedures that are included within the network’s whitepaper, and there is some kind of contract thing going on in which Binance has promised to continue burning these tokens, buying and burning these tokens, buying and burning until the overall supply of the network is at 100 million BNB from the original 200 million tokens. It seems that this will take some time and who knows where the absolute value of this token be when this thing finishes up.