Binance Undergoes Largest BNB Token Burn to Date, $165 Million

2021-1-20 17:58

Binance, the largest cryptocurrency exchange globally, recently undertook its quarterly token burn for its native cryptocurrency, BNB.

Every quarter, Binance buys back a portion of BNB depending on the number of fees generated. It essentially redistributes those fees back to token holders and takes BNB off the market forever.

With bitcoin breaking all-time highs and ethereum just touching it’s all time high, interest in the cryptocurrency space is growing. This can be seen in the growing use of the Binance trading platform.

This growth corresponds with Binance’s biggest token burn ever. It is buying back over $165 million in BNB. With this latest token burn, the circulating supply has decreased by over 3.5 million.

.@cz_binance shares his plans to significantly increase the speed of burning #BNB, along with his 2021 crypto forecast and more!

— Binance (@binance) January 19, 2021 Binance Pioneering Accelerated BNB Burn

The Binance team has committed to burning 100 million BNB, equaling half of the token’s total token supply. So far, Binance has burned approximately 13%, currently valued at about $426.3 million.

Noting that at this rate, the burning of all BNB tokens would take close to three decades. Binance has decided to speed things up a bit. It has not stated exactly how much faster it would burn, but its current trajectory is five to eight years. It uses a metric previously based on Binance trading volumes.

At the current BNB price, the total value of the 100 million burned tokens would equal just over $4 billion, the amount that will have been put back into the BNB ecosystem.

The reduction in supply should theoretically cause the price of BNB to continue rising.  

The BNB Ecosystem

Binance designed BNB to provide value to its holders. And it does so in a variety of ways. Besides the quarterly token burns, which inject funds directly into the BNB ecosystem, BNB offers its token holders the ability to save on Binance transaction fees, generating an automatic discount on the exchange.

Depending on the amount of BNB a user holds, they receive higher savings per transaction. The amount that can end up being substantial if you are a day trader or trade frequently.

Binance has also partnered with various retailers and services, creating an avenue for BNB use in the real world. With more use-cases in the pipeline, BNB may become a more sought-after token.

The post Binance Undergoes Largest BNB Token Burn to Date, $165 Million appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Binance Coin (BNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $562.5
Капитализация $0 Rank 99999
Цена в час новости $ 41.82 (-100%)

bnb back fees binance token highs forever

Источник: beincrypto.com

bnb back → Результатов: 89


Binance Coin Price Analysis BNB / USD: Top Gun ATH

Binance Coin has a bullish short-term bias, with the cryptocurrency attempting to recover back towards its all-time trading high The four-hour time frame is showing that a bullish wedge breakout has occurred The daily time frame is highlighting that bulls need to invalidate a bearish double-top pattern formation Fundamental Analysis Binance Сoin continues its trend […] The post Binance Coin Price Analysis BNB / USD: Top Gun ATH appeared first on Crypto Briefing.

2019-6-12 16:45


Bitcoin [BTC], Ethereum [ETH], XRP remain far from their all-time highs as Binance Coin [BNB] breaks records

The cryptocurrency market’s climb back from the crypto-winter of 2018 has been the highlight of 2019, with Bitcoin [BTC], the world’s largest cryptocurrency, leading the charge. Recent analysis however, showed that most cryptocurrencies were still a long way away from their all-time highs achieved during the fag end of 2017, and the beginning of 2018.

2019-5-28 13:30


Did the $41M Bitcoin Theft Create a Buying Opportunity for Binance Coin (BNB)?

Binance Token (BNB) has taken a significant due to the Binance Bitcoin hack but is the recent pullback an opportunity for buyers? BNB Maybe a Steal as Binance Reels Since topping out at $25. 49 Binance Token (BNB) has pulled back by nearly 27% and the fallout from last week’s Tether – Bitfinex scandal along with Binance’s recent $41 million bitcoin theft are taking their toll on the exchange’s native token.

2019-5-11 01:00


Фото:

Crypto Market Wrap: Bitcoin Eats Altcoins as Dominance Hits 4 Month High

Crypto markets pulling back; Bitcoin dominance rising, BNB and Cardano falling, BAT getting attention. Market Wrap Crypto markets have held gains largely thanks to Bitcoin’s rally yesterday. Total market capitalization remains over $180 billion at the time of writing as BTC eats into the altcoins while its dominance climbs to the highest levels this year.

2019-4-24 09:00


Биржа Binance провела еще одну операцию по сжиганию токенов BNB

Криптовалютная биржа Binance провела седьмую по счету процедуру сжигания токенов BNB. With #Binance's 7th $BNB burn complete, @cz_binance takes a look back on the quarter and shares his thoughts on the road ahead.

2019-4-16 11:37


дальше еще 40 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Latest Binance Coin Burn has Nothing to do with Profits

Recently, Binance performed its tenth quarterly burn of BNB coins. Up until Q2 of last year, the total coins burned were determined by 20 percent of its profits for every quarter. This often painted successive pretty pictures for the well-known exchange.