Binance announced the 20th quarterly Binance BNB burn from their native token. This quarter, they completed a total of $444.6 million BNB and will be doing a total of 20th burns throughout the span of 5 years.
The BNB coin is used and generates revenue in the Binance centralized exchange.
The platform is replacing BNB Auto-Burn, which will likely make the process more objective and clearer to the community.
In November 2021, the BEP-95 protocol was released and set the stage for Binance’s auto-burn mechanism, which helped burn BNB tokens faster.
BNB’s price suffers from a rapid decline. There is significant turmoil in the market in the past couple of months.
It seems that Binance is indeed making good use of its new “auto-burn” feature, as nearly 1.96M BNB (around $444.6 million) was burned in the process over the past three quarters. This is a testament to the platform’s continued growth and adoption by traders and investors around the world, and it highlights just how valuable this new feature can be for helping to keep Binance thriving and sustainable into the future. Congratulations to everyone involved in making this happen.
The token price has dropped by almost 60% since the beginning of the year. It started at $500 and is now at $230.
The CEO of the Binance exchange Changpeng Zhao CZ said that sentiment is bearish and there is a lot of fear in the market right now.
Here are the details latest BNB burn
The total BNB burned was 1,959,595.29 BNB
Amount of USD 4.46 (million dollars)
Find transaction ID (TXID) for BNB burn: View Transaction here
Changpeng Zhao CZ provides insights and reflections on the life changes that will help with a five-year BURN plan
Binance purpose is to support the ecosystem and create value for all users. As a result, our goal during downturns and long market cycles is to continue investing in industry and projects to spur adoption and further infrastructure growth.
Binance Labs is optimistic about bear markets and sees them as a great opportunity for founders to focus on long-term problems. At the moment, our portfolio includes one of the strongest examples of this with Polygon during the 2018-2019 market.
Binance commitment to users is evident in the past five years. Binance has always put them first and kept the best interests in its heart and its values. Binance also wants to emphasize that is committed to regulatory compliance and that Binance wants to work with regulators and policymakers to sustain innovation. Looking ahead to five years, Binance has an enormous number of innovators in the ecosystem, and they will create amazing things. Binance works with regulators to create new ways to protect people while using Blockchain.