Binance, the cryptocurrency exchange, conducted its 25th quarterly burn of Binance Coin (BNB), removing 2.14 million coins from circulation valued at $453.5 million.
#Binance completes the 25th Quarterly #BNB Burn!
? 2.14m #BNB has been burned ? pic.twitter.com/3KtkE1y6f5
— Binance (@binance) October 16, 2023
The volume of BNB burned represented roughly 1.38% of the asset’s total supply.
The procedure also included 314.69 BNB burned under the Pioneer Burn program.
When BNB was launched in 2017, BEP-95 was adopted, obligating the destruction of 100 million coins — half of the total supply — by burning. The issuance is automatically carried out every quarter and is calculated by the Auto-Burn formula.
This provides a ‘transparent, verifiable and objective process’, independent of a centralized exchange, according to Binance representatives. In addition, the BNB Chain continually burns a portion of gas fees on the blockchain in real time.
In July, Binance burned about 1.99 million BNB, worth $484 million at the time.