Crypto Tech Stories

BNB Chain burned about $570M worth of BNB, over 2 million tokens

BNB Burn

Binance exchange has made the announcement of a permanent burning of over 2 million BNB tokens and this is the 21st Burn event from the exchange on the BNB chain. According to the Binance Announcement, BNB Chain burned about $570M worth of BNB in its 21st-ever burn on 13/10/2022.

The burn event is the last quarterly burn of 2022, and 2,065,152.42 BNB was burned, which is about 1.28% of the current circulation of BNB. The burn includes the Auto-Burn feature and the Pioneer Burn program which is a mechanism helping users in recovering their lost assets if that happens as an honest mistake.

While the 21st Burn Event was one of the biggest ones from the BNB chain, one of the BNB burns in 2021 was the largest one with a value of about $600 million with the 14th Burn event amounting to about 3.6 million tokens being taken out. The quarterly burn is replaced with BNB Auto-Burn based on the price of BNB, as well as the number of blocks produced during a quarter. It will continue to follow the same quarterly burn schedule as planned.

Binance has been committed to helping ecosystems stabilize the market conditions, and while BNB token burn is a common event, the exchange also has started burning Terra Classic (LUNC) tokens by burning the fees charged in the LUNC/BUSD and LUNC/USDT spot and margin pairs. The recent LUNC burn event had a total of 3 million tokens being burned.

While BNB’s pricing has been on a fall reacting to the overall market sentiment, the fall isn’t as big as what would have been compared to the other tokens and the burn events are a reason why the price isn’t falling as much, and BNB maintains its nature of being a deflationary currency.

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