Binance completes the 8th quarterly burn of BNB tokens


Binance exchange completes another quarterly burn of BNB tokens destroying more than 800,000 coins in the process. According to the present BNB price, we are talking about more than $22 million.
The BNB quarterly burn processes are included in the Binance Coin whitepaper where it’s indicated that the Binance team keeps 80 million from the total of 200 million units. This means about 40% of the total BNB supply.
In the end, after multiple Binance Coin burning events, the BNB total supply will remain at 100 million tokens. At the moment, there are 189 million BNB, so 89 million tokens still need to be burned.
The exchange reps indicated that the team’s allocated 80 million BNB tokens will continue to be burned in the following events and finally the remaining 9 million BNB tokens will be burned by the exchange itself.
For many specialists in the blockchain space, BNB burning events act mostly as an indicator of the quarterly profits of Binance as this information is relevant for those looking to have a glimpse on the health of the industry.
Since most trading volume in the market is processed by Binance, we can have a general idea at every three months on how many crypto fans arrived in the space and how many are not participating anymore in trading activities.
At the same time, BNB burning events have become a kind of marketing tool that emphasizes the fact that BNB tokens come in limited supply and they are decreasing every 3 months. So, you better buy now before the price is too high for you!
Binance remains at the heart of the industry as they continue to improve their trading platform with new products and services.
The exchange has recently launched margin trading options and is getting ready to deliver Bitcoin futures contracts in the following months. At the same time, Binance Launchpad continues to launch successful blockchain-based products that promise to improve the industry.

Leave a Reply

Your email address will not be published. Required fields are marked *