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BNB Chain: Burn 24º is Approaching
The fourth token burn in BNB Chain this year is approaching, marking a significant step in Binance’s commitment to reducing its total supply and advancing towards decentralization.
Since its launch in 2017, Binance committed to conducting regular burns of BNB tokens as part of its strategy to gradually eliminate half of the total BNB supply in circulation.
The token burn process in BNB involves permanently removing a specific amount of Binance Coin tokens from circulation.
This practice is carried out regularly as part of Binance’s strategy to gradually reduce the total supply of BNB in the market.
Burned tokens are irreversibly taken out of circulation, which can help increase the value of the remaining tokens and promote scarcity.
This approach has been a testament to Binance’s commitment to transparency and sustainability in the cryptocurrency market.
To date, Binance has successfully completed 24 burns, removing over 46 million BNB tokens from public circulation. This measure has significantly contributed to the increase in the value of BNB in the market.
BNB and its Initial Distribution With Transparency
Changpeng Zhao (CZ), CEO of Binance, has emphasized on multiple occasions that BNB was fairly launched, highlighting that no one received BNB tokens for free during its initial release.
#BNB is a fair launch token. Ie, no one got free BNB tokens from the initial supply. The "team tokens" was never moved or used, it was only burnt.
Speaking of which, another burn coming up in a few days! ? https://t.co/6YM7O7dPMr
— CZ ? Binance (@cz_binance) October 10, 2023
Even tokens allocated to the Binance team have remained intact and have been burned instead of being sold in the market, demonstrating Binance’s commitment to fairness and non-market manipulation.
Current Status of BNB Chain on the Market
As for the current state of BNB Chain in the market, the announcement of the upcoming burn comes at a time when BNB appears to be in a period of decline.
Registering a slight loss of -0.20% in the last 24 hours. However, its trading volume has notably increased, rising by about 70% in the last day.
At the time of writing this article, the price of BNB stands at $207.20 per token.
