Leading cryptocurrency exchange Binance has announced that its latest quarterly $BNB token burn has seen it destroy more than 2 million tokens, worth over $575 million at the time of writing.
According to Binance’s announcement, a total of 2,065,152.42 $BNB tokens have been burned as part of the latest quarterly burn, with a total of 4,833.25 $BNB coming from the exchange’s Pioneer Burn Program, in which Binance counts as burned BNB tokens that users have lost after mistakenly sending them to unrecoverable addresses, and cover their losses with BNB that was set to be burned.
Binance’s $BNB burning mechanism is meant to help reduce the cryptocurrency’s supply from 200 million to 100 million over time. The mechanism has suffered numerous changes over time, in part to help accelerate burns after $BNB’s price surged.
As CryptoGlobe reported, the native asset of the Binance-backed BNB Chain, $BNB, saw its price surge early last month after the blockchain network announced it’s embracing zero-knowledge (ZK) rollups, which can speed up transaction times and reduce fees.
The upgrade is expected to allow BNB to process between 5,000 and 10,000 transactions per second, vastly outperforming the blockchain’s current capabilities. BNB Chain, it’s worth noting, is the largest smart contract network in terms of users and transaction volumes, although Ethereum’s $34 billion in total value locked dwarfs the $5.3 billion on BNB Chain.
Also read: Guide to Binance Identity Verification: How Long Does It Take?
As CryptoGlobe reported the BNB Chain, formerly known as the Binance Smart Chain, has been outperforming other Ethereum ($ETH) competitors in what has been dubbed a “breakout year,” in part when it comes to its non-fungible token (NFT) market.
BNB Chain’s non-fungible token sector has experienced exponential growth so far this year, with a significant rise in secondary sales volumes and the number of unique NFT buyers on the network.
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