Binance burns $390M worth of BNB tokens
July 19, 2021. Summarized by summa-bot.
Compression ratio: 45.1%. 1 min read.
The BNB markets are trending sideways despite $390 million worth of supply being destroyed.
Major cryptocurrency exchange Binance has completed its 16th quarterly Binance Coin (BNB) burn, destroying over $390 million worth of BNB.
On July 18, Binance reported that it had destroyed 1,296,728 BNB tokens valued at just under $400 million at the time.
The exchange noted an additional 5,163 BNB that were destroyed through its Pioneer Burn Program — an incentive that aims to help users who have lost tokens through honestly mistaken transactions to smart contracts.
Binance has pledged to burn 20% of the exchange’s profits every quarter, with the latest burn suggesting the exchange could have profited by $2 billion during the second quarter of 2021.
The latest burn is the second-largest in Binance Coin's history by fiat value, with a whopping $600 million worth BNB having been destroyed in March.
Despite the scale of the burn, the event appears to have had little impact on the Binance Coin markets, with BNB prices trending sideways over the weekend.