Binance 17th Burn Sees ~$640 Million Worth Of Crypto Taken Out Of Circulation

2021-10-19 20:00

Binance has successfully carried out another quarterly scheduled burn. This marks the 17th routine burn that the cryptocurrency exchange has carried out since it had launched its native token back in 2017. Binance has not missed a single scheduled burn since that time and will continue to carry out these burns every quarter.

Binance burns 20% of its quarterly earnings, which suggests how much the crypto exchange has brought in that quarter. The latest burn suggests that the company may have made over $4 billion in the 3rd quarter of 2021.

Burning Millions Worth Of BNB

The cryptocurrency exchange announced in a blog post on Monday that it had burned 1,335,888 BNB in its 17th burn. This came out to approximately $640 million worth of coins burned, according to the price of BNB at the time of the burn. In addition to this, Binance had also burned 17,839 BNB in its Pioneer Burn Program. This program was created to help its users who had lost their assets in uncommon circumstances.

Related Reading | Why We Could See The First Approved U.S. Bitcoin ETF In October

In its burn history, the crypto exchange has burned millions of BNB tokens. The record for the highest number of BNB tokens burned at a single time was the 12th burn. This saw 3,477,388 BNB burned. While the lowest number of tokens burned was during the 8th burn, where only 808,888 BNB tokens were burned.

In total, Binance had burned over 31 million BNB tokens over the history of its scheduled burns. And the crypto exchange will keep burning BNB tokens quarterly until 50% of the total supply is taken out of circulation.

Binance Sticking To The Original Plan

Binance has maintained its promise to burn a percentage of BNB until the total circulating supply is halved. This would mean that the crypto exchange would have to burn approximately 100 million BNB to achieve this aim. So far, with about 31.6 million tokens already burned, the crypto giant is not even halfway through to its goal.

Related Reading | Bitcoin Breaks $60,000 Ahead Of SEC ETF Approvals

The Binance team holds about 40% of the total BNB supply, which goes towards the scheduled quarterly burns. The crypto exchange said that the team would not sell any tokens out of this stash and has maintained that they have never sold a single BNB out of it.

BNB trading below $490 | Source: BNBUSD on TradingView.com

After the burn was carried out, the price of BNB saw an uptick in the price. BNB trended towards $500 in the early hours of Tuesday, peaking at $497. It has since trended back down but has only lost about $10 off the value of its price in the downtrend. The price of the asset sits at $488 at the time of this writing and is up 4.34% in the last 24 hours. Its current market cap is $81 billion and BNB has reclaimed its position as the 3rd largest cryptocurrency by market cap.

Featured image from CoinFunda, chart from TradingView.com

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Blockburn (BURN) на Currencies.ru

$ 3.64E-5 (+26.97%)
Объем 24H $4.183k
Изменеия 24h: 29.48 %, 7d: 18.98 %
Cегодня L: $3.64E-5 - H: $3.64E-5
Капитализация $42.787k Rank 2011
Доступно / Всего 1.176b BURN / 1.978b BURN

burn out carried 17th binance cryptocurrency exchange

Источник: newsbtc.com

burn out → Результатов: 56


Фото:

With Mike Bloomberg Out, What’s Next for Crypto in the US?

Billionaire Michael Bloomberg who previously advocated for clearer crypto regulations has dropped out of the race to win the Democratic ticket for the November 2020 U. S. presidential election. Bloomberg Drops Out After Super Tuesday Crash and Burn According to the Wall Street Journal (WSJ), Bloomberg, a former New York Mayor is the latest Democratic candidate to exit the race, while endorsing former U.

2020-3-4 21:00


Stellar (XLM) jumps 30% after supply reduction; where is it heading next?

Stellar Lumens’ total supply got cut in half, triggering a nearly 30 percent price increase. Now, based on technical analysis, XLM could be signaling a further advance. On Nov. 4th, the Stellar Development Foundation (SDF) shook the entire crypto community by announcing the decision to burn 55 billion Lumens, equivalent to over $4 billion.

2019-11-6 00:30


Carson Wentz Gossip Turns Eagles Into Daytime Soap Opera

After the beating the Dallas Cowboys gave the Philadelphia Eagles Sunday night, fans were probably wondering how things could get worse. When they woke up Monday morning, they found out. It appears that at least one fool decided to burn his Carson Wentz jersey following the loss, and – more significantly – Alshon Jeffery is […] The post Carson Wentz Gossip Turns Eagles Into Daytime Soap Opera appeared first on CCN.com

2019-10-22 17:29


Video: Burn in hell, Twitter — a guide on deleting or deactivating your account

Welcome to TNW Basics, a collection of tips, guides, and advice on how to easily get the most out of your gadgets, apps, and other stuff.   Were you on old Twitter? Back before the brand proliferation, before the Nazis, before the President of the USA was doing his best to kick off a global confrontation? When people just chatted on the social network? And the design was better? It was good, right? These days, things are different.

2019-8-9 16:45


Фото:

A Bug Making Ethereum Transactions on Exchanges Vulnerable Has Been Fixed

A bug centering around a new Ethereum token, GasToken, which was enabling abuse on cryptocurrency exchanges, appears to have been resolved. The details are provided in a report originally published on November 13, 2018, that discussed how the bug was exploited by attackers, and what digital platforms could do if they wished to protect their hot wallet funds.

2018-11-22 00:34


Фото:

On Radical Markets

Recently I had the fortune to have received an advance copy of Eric Posner and Glen Weyl’s new book, Radical Markets, which could be best described as an interesting new way of looking at the subject that is sometimes called “political economy” - tackling the big questions of how markets and politics and society intersect.

2018-7-21 04:03


дальше еще 7 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Solana’s SLERF Token Witnesses Dramatic Price Surge and Subsequent Plummet

Solana’s SLERF token experienced a whirlwind of activity, characterized by a rapid price surge followed by a steep decline, leaving investors and traders reeling from the volatility. According to on-chain reports from Lookonchain, an address identified as 5Jha8h…jmbzxd entered the market with a bold move, purchasing 69.74 million SLERF tokens […]