Binance Completes its 22nd BNB Burn in the First Quarter of 2023 By CoinEdition

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Binance Completes its 22nd BNB Burn in the First Quarter of 2023

Cryptocurrency Jan 17, 2023 01:00PM ET

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Binance Completes its 22nd BNB Burn in the First Quarter of 2023

Binance Chain has burnt around 2.06 Million BNB ($575 Milion).

The burn follows the Pioneer Burn, BNB Auto-Burn, and Real-Time-Burn (BEP95) mechanism.

Since 2017, Binance has burnt 100 million BNB, or half of its total supply, from circulation.

Binance (BNB) Chain has completed its 22nd BNB burn, which is the first quarterly burn of 2023. As per its official website, the Chain has burnt around 2.06 million BNB ($575 million).

The burn includes the Auto-Burn and the Pioneer Burn Program. BNB burned from the Pioneer Burn Program includes 7,181.03 tokens, whereas the Autoburn Program includes 2,057,313.29 BNB.

Since 2017, Binance has removed 100 million BNB, or half of its total supply, from circulation using a burning process. For the uninitiated, burning helps the price of the cryptocurrency increase.

The website has revealed that, just like the 21st BNB burn, this time too, the burn has been done as per the mechanisms of Pioneer Burn, BNB Auto-Burn, and Real-Time-Burn (BEP95). Again, all of these mechanisms are transparent and independently verifiable.

Since the launch of BEP95, Binance has burnt more than 145,000 BNB using this mechanism.

The post Binance Completes its 22nd BNB Burn in the First Quarter of 2023 appeared first on Coin Edition.

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Binance Completes its 22nd BNB Burn in the First Quarter of 2023

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