Home CryptocurrencyAnalysis More than 2 million tokens disappear, valued at $636 million

More than 2 million tokens disappear, valued at $636 million

by SuperiorInvest

In a recent Binance announcement, the BNB Foundation declared the successful completion of the 26th quarterly report binance coin burning of tokens through the BNB chain. The burn, which included Auto-Burn and the Pioneer Burn Program, removed a significant amount of the exchange’s native token from circulation.

BEP95 Initiative Results in 210,000 BNB Burned Permanently

During this last burning eventthe Auto-Burn process removed 2,141,487.27 BNB from circulation, equivalent to approximately $636 million in dollars.

It is worth noting that the Auto-Burn mechanism operates independently of Binance’s centralized exchange (CEX), providing an objective and auditable process, according to the exchange’s statement.

Furthermore, the Pioneer burning program contributed by withdrawing 1542.15 tokens from circulation. This program permanently removes an amount of BNB equal to eligible users’ demonstrable lost funds.

Since the introduction of BEP95, it is estimated that around 210,000 tokens have been permanently burned under this mechanism. As announced, the Pioneer Burn Program helps maintain the integrity of the ecosystem and ensures that lost funds do not influence the circulating supply.

Furthermore, the BNB chain Real-time recording mechanism continually reduces the supply of tokens. This mechanism allows a portion of BNB chain gas fees to be burned in real time, further contributing to ongoing supply reduction efforts.

Completing the 26th quarterly BNB token burn marks another important milestone for the BNB ecosystem. The independent auto-burning mechanism, combined with the Pioneer Burn program and real-time burning mechanism, showcases BNB Chain’s approach to reducing token supply and fostering long-term value.

Strong user adoption

In addition to its quarterly token burn, BNB has recently shown notable strength and progress, as revealed by Token Terminal’s on-chain report. data.

With a circulating market capitalization of $47.86 billion, BNB Chain has seen a 30.45% increase in market capitalization. This increase in value reflects the growing confidence and demand for the token among investors.

BNB Chain’s financial metrics are equally impressive. The platform has witnessed a revenue growth of 30.47% in the last 30 days, generating $1.72 million in revenue during this period, as seen in the chart below.

BNB trading volume and revenue so far this year. Source: Token Terminal

Extrapolating this data on an annualized basis, the chain’s revenue is noteworthy at $20.96 million, reflecting strong financial stability and sustainable growth.

Token Terminal data also highlights the rise of the BNB chain. user adoption and development activity. The platform has seen an increase in the number of daily active users, with a 30-day average of 1.42 million, representing a solid growth of 48.6%.

Binance Coin’s price performance has been stable, with a decrease of 2.14% in the last 24 hours, while showing a positive trend for longer periods.

The token recorded an increase of 4.38% in the last seven days and in the last 30 days it achieved an impressive growth of 30.51%. Furthermore, BNB’s performance over the past 180 days has been significant, with a growth rate of 29.92%.

BNB
The daily chart shows BNB price valuation at $308. Source: BNBUSDT on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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