Crypto Exchange Binance has completed the quarterly burning of BNB, burning a total of 1,099,888 Binance Coin (BNB) worth $595,314,380.
With the recent explosion of BNBThe total supply of this coin has officially dropped from 170,532,825 BNB to 169,432,937 BNB. This 15th quarterly BNB burn has the highest value ever converted to USD.
Binance’s quarterly burning of BNB aims to reduce the supply with the expectation that the scarcity of BNB will help it increase in value in the future. In its official report, Binance said that to burn BNB, they used 20% of their profit to buy back BNB on the open market and burn them up to 50% of the supply.
Speaking of coin burning this time, Changpeng ZhaoThe CEO of Binance said:
“BNB is the base currency of Binance chain và B. BNB use cases have been extended to hundreds of applications on multiple platforms and projects in the cryptocurrency ecosystem. BNB is used to pay transaction fees on Binance.com, Binance DEX, Binance Chain and BSC. “
“BNB is also used on many DeFi platforms that are based on BSC and offer financial payment solutions. With the remarkable development of BSC, it will attract more and more people to use BNB, and as it has more and more utilities and is widely used, its value will increase in the future. “
In the first quarter 1 Binance transaction volume and users recorded a growth of 260% and 346%, respectively, while the total market capitalization of cryptocurrencies recently exceeded USD 2 trillion.
This shows that the adoption of cryptocurrencies is increasing from individuals to large institutions.
At the time of writing price NBB are declining and trading around the 511 USD.