Why should you get Binance Coin?
BNBs worth $547 million were burned by the Binance exchange during a regular quarterly event.
Binance has committed to reducing the total supply of its Binance Coin (BNB) currency to 50% of the original total supply of 200,000,000 BNB. It is working towards this goal by burning a portion of its transaction fees (BEP-95) each day and by burning BNB on a quarterly basis.
In September 2022, the exchange celebrated the 21st quarter of its existence.
At the end of the third quarter of 2022, Binance decided to burn BNB with a market value of $547 million. The burn had no effect on the price of BNB as it was an expected event. Binance stated that it burned a total of 2,065,152 BNB.
Tweet about the quarterly BNB burning:
These burned coins are in addition to the 4,833.25 BNB burned by BSC users. If a user sends BNB to the wrong blockchain, it gets burned, much like if Binance itself had burned it.
However, if you have managed to send coins over the wrong network, don’t despair. Binance has introduced the Pioneer Burn program, where they will mint new coins to replace your lost ones. However, there is a rule in this program that the amount sent must be more than $1,000 in order for Binance to send them back to you.
With a bit of exaggeration, it can be said that Binance has reduced or even erased the impact of the recent hack in which hackers created new BNBs, due to which BNBs worth USD $100 million were sent into circulation. The remaining artificially created coins were frozen for good.
Below you can see the statistics of burned BNB to date.
Sources:
analyst opinion
Rocket Unit
BNBs worth $547 million were burned by the Binance exchange during a regular quarterly event.
Binance has committed to reducing the total supply of its Binance Coin (BNB) currency to 50% of the original total supply of 200,000,000 BNB. It is working towards this goal by burning a portion of its transaction fees (BEP-95) each day and by burning BNB on a quarterly basis.
In September 2022, the exchange celebrated the 21st quarter of its existence.
At the end of the third quarter of 2022, Binance decided to burn BNB with a market value of $547 million. The burn had no effect on the price of BNB as it was an expected event. Binance stated that it burned a total of 2,065,152 BNB.
Tweet about the quarterly BNB burning:
These burned coins are in addition to the 4,833.25 BNB burned by BSC users. If a user sends BNB to the wrong blockchain, it gets burned, much like if Binance itself had burned it.
However, if you have managed to send coins over the wrong network, don’t despair. Binance has introduced the Pioneer Burn program, where they will mint new coins to replace your lost ones. However, there is a rule in this program that the amount sent must be more than $1,000 in order for Binance to send them back to you.
With a bit of exaggeration, it can be said that Binance has reduced or even erased the impact of the recent hack in which hackers created new BNBs, due to which BNBs worth USD $100 million were sent into circulation. The remaining artificially created coins were frozen for good.
Below you can see the statistics of burned BNB to date.
Sources:
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