BNB Burn Coming Soon: Another Step Towards a Decentralized Future

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BNB Burn Coming Soon: Another Step Towards a Decentralized Future
  • Binance CEO Changpeng Zhao told community members to anticipate BNB burn in a few days.
  • The BNB burn will be the fourth this year and the 25th overall.
  • The quarterly burns follow a 2017 commitment to remove 100 BNB tokens from circulation.

Changpeng Zhao, co-founder and chief executive officer of crypto exchange Binance, in a recent tweet on X – formerly X – told the Binance community members to anticipate a BNB burn in a few days. The upcoming burn will be the fourth this year, after a previous burn in July.

Notably, Zhao hailed BNB as a fair launch token. According to him, no one got free BNB tokens from the initial supply. He continued that even the tokens allocated to the team remained untouched and were only burnt.

Furthermore, Zhao referenced a 2021 tweet where he listed the four addresses that hold the BNB team tokens. In the tweet, he also mentioned that the Binance team has never sold a single BNB token from the wallet. He added that the tokens are available for the public to view via the addresses and have only been burnt so far.

The quarterly BNB burns are part of a 2017 commitment made after the token’s launch to remove half of its total supply from circulation. In July, over 1.99 million BNB tokens, worth $484 million, were burned in what marked the 24th burn.

So far, over 46 million BNB tokens have been removed from public circulation, with over 53 million left to burn going forward. At present time, the 153 million BNB tokens are worth $32 billion, making it the fourth largest cryptocurrency network by market cap.

Data from CoinMarketCap shows that BNB has recorded a marginal gain of 0.27% in the past 24 hours. The gain is an uptick following steep declines in the token’s value over previous days. Its trade volume has also increased by 70.45% in the last 24 hours. At the time of press, the token is exchanging hands at $209.22 apiece.

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