BNB Chain Burns $971M Worth of BNB in its 28th Quarterly Token Burn

BNB Chain Burns $971M Worth of BNB in its 28th Quarterly Token Burn

BNB Chain, the blockchain underlying Binance, recently completed its 28th quarterly token burn, destroying 1,643,698.8 BNB tokens worth approximately $971 million. This burn is part of BNB Chain's commitment to reducing its total token supply and maintaining the long-term value of BNB. The burn was conducted on January 16, 2023, and the tokens were taken from the Binance Smart Chain (BSC) BEP-20 token supply. The total supply of BNB has now been reduced to 162,766,763.41 BNB. This is the 18th consecutive quarterly burn that BNB Chain has conducted, and the largest burn to date in terms of USD value. The total value of BNB burned to date now exceeds $3.7 billion. BNB Chain's token burn mechanism is designed to reduce the total supply of BNB and maintain its long-term value. The tokens that are burned are taken out of circulation permanently, reducing the overall supply of BNB and making each remaining BNB token more valuable. The burn mechanism has been a key factor in the strong performance of BNB over the past year. Despite the recent market downturn, BNB has outperformed many other cryptocurrencies and is currently trading at around $360 per token. The recent burn is a positive sign for BNB Chain and its users. It demonstrates the team's commitment to maintaining the long-term value of BNB and is likely to be well received by the market.