The cryptocurrency exchange Binance carried out the nineteenth quarterly burn of Binance Coin (BNB) using the Auto-Burn mechanism.
From circulation was withdrawn 1,839,786.26 BNB (~$741.8 million at the time of writing), including 9,403.78 BNB under the Pioneer Burn programme.
In the previous round, in January 2022, Binance burned 1,684,387.11 BNB, worth about $795 million in fiat terms.
At the end of 2021, Binance refused the quarterly destruction concept in favour of the Auto-Burn mechanism.
The algorithm does not take into account revenues generated by the Binance trading platform, and is based solely on the price of BNB and the number of blocks mined during the quarter. The programme will be wound down when the total number of burned coins reaches 100 million.
In December 2021, on block 13,082,000 a Bruno hard fork took place, under which the fixed gas-burn mechanism in each block was activated.
Follow ForkLog news on Telegram: ForkLog Feed — the full feed of news, ForkLog — the most important news, infographics and opinions