Binance Burns Multiple Tokens
Binance has announced that on January 22, the company conducted a significant burn of various cryptocurrencies on different blockchains.
This will be followed by the issuance of an equivalent amount of these tokens on their respective networks, using them as collateral.
When asked about the impact on the total supply of BNB, Binance representatives clarified that the token was originally launched as an ERC-20 token on Ethereum, but has since been migrated to the BNB Chain mainnet.
The initial total supply was 200,000,000 coins, but this has been decreasing through regular burning.
Binance launched a burn program in 2017 with the goal of removing 50% of the total supply, and from 2021, the number of coins removed will be automatically determined using the Auto-burn formula.
