Binance cryptocurrency exchange has announced that the quarterly BNB burn has gone swimmingly as the exchange burned nearly one million Binance Coins worth around $24 million with the current market price.
This was nothing new as it was the eighth quarterly burn of the promised 100 million BNB over the course of the next couple of years.
In the beginning, when BNB first came out, the team received around 80 million BNB, 40% of the overall circulation. All of which will be burned eventually per the white paper.
Binance CEO has mentioned that they are sticking to burning BNB according to the trading volumes on the exchange and has promised that the first tokens to go will be the ones owned by the team themselves. Meaning that nearly $2.5 billion’s worth of BNB will soon be gone from the market.
But since it was just the eight quarter of burning the tokens. there are still 10 years worth of BNB remaining to burn, so the progress is going to be gradual.
Currently, there are around 189 million BNB in circulation, only 100 million of which will remain after burns have been finished by the team. It’s expected that around 89 more will be burned throughout those ten years.
The burn hasn’t affected the price too much per reports, but it’s going to be a gradual growth as supply is reduced by nearly half within a decade.