Last Thursday, April 15, Binance announced the fifteenth quarterly BNB burn, where the crypto exchange eliminated a total of 1,099,888 BNB.We tell you all the important details!
Binance burns $ 595 million in crypto
As we have reported on CryptoTrend, Binance’s cryptocurrency BNB has seen a wave of continued bullish momentum. In this regard, BNB has managed to rise from USD 38 at the beginning of the year to USD 521 today.
Also, let’s remember that, since its launch, Binance committed to burning 100 million BNB. Basically this involves the repurchase and subsequent destruction of BNB tokens every year to reduce the total supply.
You may wonder: Where do these BNBs that are eliminated come from? From crypto investors? No, Binance has burned tokens from the team’s treasury.
Therefore, taking these two factors into account, on Thursday, Binance carried out its fifteenth quarterly burn where they claim to have burned 1,099,888 BNB. This translates into having removed USD 595,314,380 from circulation, being the highest burn in history in terms of US dollars.
In this way, with the recent burning, the total supply of BNB has officially decreased from 170,532,825 BNB to 169,432,937 BNB.
Changpeng Zhao’s Reviews
As usual, Changpeng Zhao took the opportunity to share some important insights about BNB and the crypto market. But especially, and something that many wonder, is how BNB has managed to increase so much in price.
In this regard, Changpeng Zhao, CEO of Binance, listed the following factors:
- Constant construction by the community and the team for the last 3 years.
- Growth of DeFi and other projects on Binance Smart Chain (BSC).
- Coinbase IPO. Yes, it also helped.
- General growth of the crypto industry.
- And most importantly, your support and contributions to our ecosystem.
Furthermore, he explained that BNB use cases have expanded to hundreds of applications across numerous platforms and projects within the crypto ecosystem. It is used to pay transaction fees on Binance.com, Binance DEX, and BSC. It is used in multiple DeFi platforms built on BSC that provide financial payment solutions. With the growth of the Binance Smart Chain, more people are using crypto, and the more utility it has, the more value it gains.
He also celebrated the growth of the Binance Smart Chain community. In fact, he assured that, during this quarter, BSC reached up to 4.9 million daily transactions (as of April 8). That’s 300% more than Ethereum’s all-time high in daily transactions.