Binance, the world’s largest cryptocurrency exchange, just completed its quarterly BNB burn, destroying $480 million worth of its native BNB token. According to the company’s blog post, 1,991,854.33 BNB was recently burned in its 24th quarterly BNB burn, with 747.51 BNB going through the Pioneer Burn Program.
Binance Completes 24th Quarterly BNB Burn
BNB Chain’s token-burning events are not new and have become somewhat of a routine. BNB has an auto-burn protocol that removes a predetermined amount of BNB from the crypto market every quarter of the year.
The number to be burned each quarter is determined by the price of BNB and the number of blocks mined on the BSC blockchain. With the circulating supply of BNB now at 153.8 million, the latest 24th burn represents 1.2% of the total supply.
The initial total supply of BNB was 200 million BNB, but the supply is gradually decreasing due to the regular coin burn events. According to Binance, the auto-burn protocol will continue until
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