The blockchain launched by the world's top cryptocurrency exchange Binance has burned (cryptospeak for permanently destroying an asset) about 1.84 million Binance Coins (CRYPTO: BNB) this quarter, equivalent to nearly $742 million as of press time.
What Happened: BNB burn tracker BNBBurn shows that the burn was successfully processed by the blockchain on Tuesday. Binance CEO Changpeng Zhao commented on the burn, tweeting that "BNB is deflationary. If you don't know what that means, you lack basic financial knowledge to get lucky in this world."
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This is the number of tokens burned with the autoburn that Binance Chain introduced at the end of last year. As Benzinga reported in late December 2021, the system results in BNB being burned automatically and replaces the usual network's quarterly burn.
Ever since this mechanism was introduced, the chain started automatically burning coins little by little on a continuous basis, even multiple times in a single minute. Binance plans to spend part of its revenue to buy back about half of BNB's total supply of 200 million BNB.
BNB Price Action: As of press time, BNB is trading at $420 after seeing its price increase by about 4.4% over the last 24 hours.
Photo: Courtesy of Дмитрий Шустов on Flickr
