Binance carried out the largest BNB token burn in fiat terms

The cryptocurrency exchange Binance conducted the 13th quarterly burn of BNB tokens. 2,253,888 BNB have been taken out of circulation, including 867 BNB under a new program to recover assets lost by users.

The total value of the burned BNB amounted to $68 million. Binance CEO Changpeng Zhao noted that this burn was the largest to date in dollar terms and the fourth-largest in BNB history.

Source: binance.com.

Binance CEO also commented on the latest industry trends, noting that the decentralized finance (DeFi) sector had a material impact on its development over the last quarter.

“I believe that in the long term DeFi will define the future and surpass centralized exchanges, but that won’t happen right away,” Zhao wrote.

He is convinced that innovative solutions such as liquidity pools and on-chain lending will continue to exist, but yields will gradually fall to “reasonable” levels, and bubbles will continue to burst, including amid exit scams.

Zhao also noted the launch of the mainnet Binance Smart Chain, which enables creating smart contracts and earning from staking BNB. He said the company intends to invest additional funds in this project.

Earlier this week Binance selected the first batch of projects that will receive grants from a seed investment fund with $100 million in capital. Among the winners are automated market makers AnySwap and BakerySwap, Arkane Network (a data platform for gaming solutions providers), PancakeSwap—the leading liquidity provider on Binance Smart Chain—and the projects Bitquery and Proxima.

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