Binance Completes the 15th, and Largest, BNB Burn Event

Top crypto exchange and ecosystem Binance have just initiated and concluded its 15th quarterly burn event. More than 1 million BNB was burned, with the current value reaching $600 Million USD at today’s rate.

By
Wilfred Victor
on
April 16, 2021
Category:
Blockchain News

15th Burn Event

The 15th Burn event, which took place a few hours ago at the time of this report, is the largest burn of the BNB coin. For the Quarterly burn event (January to March 2021), Binance burned a total of 1,099,888 BNB, equivalent to $595,314,380 (USD) worth of coins.

The Burn event is part of the Binance strategy to reduce the BNB coins’ supply and increase their value as the coins’ total supply is officially decreased from 170,532,825 BNB to 169,432,937 BNB.

Transaction hash and details of the burn can be found on the Binance DEX explorer.

The 15th burn follows a series of burn events, said to be the most significant and the most expensive in history owing to the current value of BNB, its increasing use-case as the sole coin that fuels all of the features and activities on the Binance ecosystem.

In his usual tradition after each burn, Binance Chief Changpeng Zhao, popularly known as CZ, shares a few thoughts through the officially released burn blog post from Binance.

Changpeng Zhao

The Chief highlights factors that have been responsible for the coin’s growth over the years, in his words:

People ask me which factors have contributed to the increase in BNB price. While I don’t have definite answers for that, there are several I think have helped;
  • Constant BUIDLing by the community and the team over the last 3.5 years.
  • Growth of DeFi and other projects on Binance Smart Chain (BSC). 
  • Coinbase IPO. Yes, it helps BNB as well.
  • The overall growth of the crypto industry.
  • And most importantly, your support and contributions to our ecosystem.
Table showing all of the Burn Event in the Past, the BNB Burned, % of supply, USD Value, and BNB Price

About Binance

Binance exchange is the parent company of the Binance Dex and the Binance Smart Chain network. The network has witnessed an impressive rise, with massive adoption over the past months.

The BSC network has grown to 4.9 million daily transactions as of April 8, that’s 300% all-time high of Ethereum daily transactions. The total unique wallet on the network has reached 64 million in just eight months; however, still lower compared to Ethereum 148 million. 

The ecosystem is responsible for several DeFi based projects, Gaming and NFT dApps, wallets, and communities.

Over the last 30 days, the BNB coin has surged to nearly 100% according to coin data platform Coingecko and a Year to Date (Y2D) growth of 3400%. Coin burn events are planned along the tokenomics and project roadmap to reduce the token supply and take it out of circulation forever. 

According to the exchange, the quarterly burn event will continue until there is a total supply of 100 million BNB or half of the total supply ever issued is burnt. 

Naturally, the BNB coin burn events are usually accompanied by a price surge, and the biggest burn in its history, which just occurred today, is no different. Just this quarter, the coin has rallied from $30 to an All-Time High (ATH) of nearly $640 per coin.



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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.

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