Binance, the world’s largest exchange in terms of trading volume, completes the eight-quarterly “burn” its native Binance coin tokens (BNB), as per an post by it on Friday.
The industry term for destroying tokens is the burn. This particular burn is in line with BNB’s whitepaper and includes 808,888 BNB that were previously allocated to Binance. Binance states that the value of the burned tokens is $23.8 million. CoinDesk, however, suggests a much higher figure of $26.4 million.
According to CoinMarketCap, BNB has risen 5.95 percent in 24 hours. The burn transaction can also be viewed. According to the exchange:
Binance will begin with this burn and relinquish all BNB tokens that were allocated to Binance. This BNB will be used to contribute to our goal of burning 100 million BNB.
According to the exchange, the 80,000,000 BNB that were allocated to the team account for 40% of total BNB supply. Further, the firm adds a blog article on burn. This token is given as a reward for the hard work that they have done to build the Binance ecosystem.
“The final total supply of BNB will remain at 100,000,000 BNB. BNB’s current total supply is 189,000,000 BNB. This means that 89,000,000 BNB need to be burnt. Binance.com will then burn the remaining 9,000,000 BNB.
