Binance Burns Almost $800M in BNB Tokens
Crypto exchange Binance has completed its eighteenth quarterly Binance Coin (BNB) token burning using the Auto-Burn mechanism.
1,684,387.11 BNB (about $795M) has been withdrawn from circulation. Of these, 6,296.305493 BNB have been burned as part of the Pioneer Burn program.
In January 2021, Binance burned 3,619,888 BNB, or $165.8 million in fiat. The previous record was set in October 2020 when the exchange burned 2,253,888 BNB.
The Binance Smart Chain hosted in December the Bruno hardfork on block 13,082,000, which activated the mechanism for burning a fixed share of gas in each block.
At the end of 2021, Binance abandoned the concept of quarterly destruction of BNB in favor of the Auto-Burn mechanism for the automatic withdrawal of tokens from circulation.
