On the occasion of its 28th quarterly burn, the BNB Chain ecosystem destroyed 1.64 million BNB, or approximately $971 million.
BNB Chain Ecosystem Burns 1.64 Million BNB Tokens
Every quarter, it is an important meeting for the BNB Chain ecosystem: BNB token burnThis time, the equivalent of $971 million was destroyed during the operation, or more than 1.64 million BNB.
💡 Find our guide on the BNB Chain ecosystem
This quarterly meeting therefore makes it possible to reduce the number of tokens in circulation, and the quantity destroyed depends in particular on the demand on the networks. BNB Smart Chain (BSC), layer 2 opBNB and BNB Greenfield :
BNB uses an automatic burn system to gradually reduce its total supply to 100,000,000 BNB. The burn amount is adjusted based on the price of BNB and the number of blocks generated on BSC in a quarter, ensuring transparency and predictability.
While the amount destroyed this time is significant, it is less than in the previous quarter, when 1.94 million BNB were burned, equivalent to $1.17 billion.
👉 How to buy BNB easily in 2024?
Meanwhile, BNB is trading at $590 as of this writing, with a market cap of $86.22 billion. This is 18.5% below the asset’s all-time high of $724, reached on June 6. In terms of market cap, The asset ranks 4th in the cryptocurrency rankings.
When it comes to decentralized finance (DeFi), BNB Smart Chain ranks 4th among blockchains with $4.88 billion in total value locked (TVL) on the network.
Binance: the leading crypto exchange platform
Source: Press release
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Since 2021, I have devoted my free time to seriously training myself on cryptocurrencies in order to acquire as much knowledge and credibility as possible. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyses on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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