Binance irreversibly burned $574 million worth of BNB as part of its ongoing efforts to enhance its deflationary properties and improve community transparency in its 21st quarterly burning event.
The largest cryptocurrency exchange platform Binance has finished its 21st quarterly BNB burn, depleting its supply of BNB tokens by almost $574 million.
2,065,152 BNB tokens, which at the time of writing are worth slightly under $600 million, were destroyed, according to a statement from Binance. Additionally, the exchange noted that 4,833.25 BNB more were burned through its Pioneer Burn Program, a feature that aids users who have misplaced their digital assets.
The total quantity of BNB burnt as of this writing is little under 39 million, which is equal to $10.84 billion at today’s rates, meaning that there are still over 161 million BNB in circulation.
The next burning event will take place at the conclusion of Q4, and according to BNBBurn’s current estimates, more than two million BNB will be removed.
Depending on the circumstances, the exchange pays for losses and returns the tokens to users. The overall quarterly burn by Binance is then reduced by the amount of these tokens.
Previously, Binance pledged to burn 20% of its quarterly profits. The most recent burn prevented the exchange from making $2.7 billion in profit in the third quarter of 2022.
The 21st quarterly BNB burn marks one of the highest burn volumes ever in terms of its fiat value. Approximately $600 million worth of BNB was destroyed back in 2021, making it the biggest BNB burn ever.
Despite the enormous amount destroyed, it doesn’t appear that the burning efforts have had much of an influence on the price of Binance Coin at this time, with BNB prices slowly declining along with the rest of the cryptocurrency market.