The Binance cryptocurrency exchange conducted 14 quarterly BNB coin burns, which became the largest in history – 3.6 million coins were withdrawn from circulation in the amount of $ 165.8 million.
In the IV quarter of 2020, 3,619,888 BNB worth $ 165,791,000 were burned. The total number of available coins on the market decreased from 174,152,713 BNB to 170,532,825 BNB. The exchange plans to burn 100 million coins, which could take up to 27 years. Although recently, Binance has been trying to speed up the process. Binance CEO Changpeng Zhao said in an official statement:
“How much do we want to speed up this process? We’re not 100% sure. Now the process has accelerated and at this rate we will complete the burning of 100 million BNB in 5-8 years. But this process is influenced by many factors, including fluctuations in the price of cryptocurrency, general market conditions, and so on. ”
The volume of coins burned is calculated according to the volume of transactions carried out on the exchange for the quarter. However, Zhao said the acceleration of the BNB burn process would make it impossible for analysts to “reverse count” Binance’s earnings in the past quarter. As a reminder, in the third quarter of 2020, Binance burned 2.2 million BNB coins worth $ 68 million.
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