Binance Burns 2M $BNB in 20th Quarterly Burn Event

Nearly 37 million $BNB have been burned in past 5 years.

BNB Continues Deflationary Measures

In an announcement on the company blog July 13, Binance informed its community members and $BNB holders of its completion of the 20th quarterly BNB token burn, where 1,959,595.29 BNB tokens ($444,632,106) were removed from circulation. 

According to the announcement, Binance said the last quarterly burn had removed 4,181.77 BNB tokens from circulation through the Pioneer Burn Program launched in September 2020. The Pioneer Burn Program is aimed at helping users who lose tokens as part of mistakes made while trying out the then-new Binance Smart Chain.

Commenting on the just completed quarterly burn and Binance’s journey so far, Binance CEO Changpeng Zhao (CZ) said

“Looking five years ahead, we’ve got an incredible number of innovators working in our ecosystem. They will do amazing things. Naturally, we’ll continue collaborating with regulators to achieve our mutual goal of protecting users and consumers. We’ll also work to further establish the industry and bring more adoption and legitimacy as a responsible player. The vision is clear, the goals are set, and Binance is as ready as ever.”

A steady increase in price

Coin burning is a mechanism to reduce a coin’s circulating supply, hence driving up its price. In 20 quarterly burns, the price of the BNB coin has steadily moved upward. In 2017 when the 1st Quarterly BNB Burn Event was announced, the BNB coin was pegged at an index price of $1.30 per coin. Five years later (and 36,696,929.93 BNB tokens burned), the price per BNB coin has risen by over 18,000%. Currently the price of $BNB stands at $238.

Source: BNBBurn.info

Source : bsc.news

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