Popular cryptocurrency exchange, Binance has completed its record 7,181.03 BNB burn. The exchange announced the development in a blog post on Tuesday. As announced, the exchange completed its 22nd quarterly BNB token burn of 2,064,494.32 BNB using the Auto-Burn procedure. Notably, the burn also includes 7,181.03 BNB, burned via the Pioneer Burn Program.
Recall that in October 2022, Binance burned about 2,065,152.42 BNB token. Notably, the exchange revealed that the burning is a part of it’s 21st quarterly BNB token Burn. According to CoinCodex analysis, the token burned worth about $574,800,583.92.
Worth noting that about 4,833.25 token was also burned through it’s pioneer Burn Program. The exchange further noted that the token was worth $1,283,179. The burning program became established in 2021 as part of Binance commitment towards improving the value of BNB token. Since the inception of BNB Auto-burn, over 100 million BNB has been burned.
During its launch in 2021, the exchange had plans to remove about 100 million of the token from circulation. Notably, Binance planned to calculate the burned tokens through the BNB Auto-Burn formula. As revealed, the Auto-Burn formula can as well eliminate half of the total BNB in circulation.
Binance seeking to stabilize BNB with persistent burns
Meanwhile, the burning program manifested to support the tokens and aid them in the maintenance of a stable value. Notably, BNB runs as a deflationary coin built to offer price stability against the volatility of cryptocurrency. Earlier, Binance cautioned users not to mistake BNB for a stablecoin as it’s not pegged to a fiat not possess a reserve.
Now, the Binance token has gone beyond a means of payment for on-chain activity on the BNB chain ecosystem. Various platforms, enterprises, and businesses are now using the token as a means of payment. Recently, it launched an auto-burn for BNB. The new burning mechanism entails a real-time burning of a percentage of gas fees on the Binance smart Chain. According to Binance, introduction of BNB Auto-Burn is the begining of a new phase in the development of BNB and BSC.
In October 2022, the exchange announced the deployment of an upgraded version of the BNB smart chain. According to Binance, the deployment was as a result of a $100 million exploitation that rocked the cross-chain bridge.
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