Binance, the largest cryptocurrency exchange, announced the successful 25th quarterly Binance Coin (BNB) burn.
BNB is a cryptocurrency that supports the Binance Chain ecosystem. It operates as a proprietary coin of the BNB Beacon Chain, BNB Smart Chain, and the opBNB L2s and BNB Greenfield blockchains, serving as a management token and allowing holders to transact with projects built on these chains. Following the token's launch in 2017, the exchange committed to removing 100 million BNBs (50% of the total) from circulation through a burn-in process.
During the most recent burn, 2,139,182.98 BNB tokens worth approximately $501,617,017 were removed from circulation. Binance highlighted that under the quarterly burn initiative, 314.69 BNB were liquidated through the Pioneer Burn program and 2,138,868.29 BNB through the Real Burn.
The Pioneer Burn program permanently removes from circulation an amount of BNB equal to the proven lost funds of the respective BNB chain users.
Token burning is an important part of Binance's efforts to maintain the value of BNB, as well as the exchange's intentions to create a robust and sustainable ecosystem for its own cryptocurrency by systematically reducing the current supply.
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