Binance conducted its 24th quarterly BNB token burn, which removed 1,991,854 BNB from circulation, worth approximately $484 million at the time of writing.
The 24th quarterly $BNB token burn has been completed through #BNB Auto burn.
Here’s everything you need to know about the third quarterly burn of 2023 as well as some insight into what lies ahead for the BNB ecosystem https://t.co/urAhKrDv6r
— Binance (@binance) July 19, 2023
The procedure was carried out through the Auto-Burn and Pioneer Burn programs. Overall, the Binance exchange plans to burn 50% of the total supply to reach 100 million BNB.
Currently, 48 million coins have been withdrawn from circulation. Binance will burn almost 2.1 million tokens worth $512 million next time, according to BNBBurn.
At the time of writing, the BNB token is trading at $242:
On April 14, Binance conducted its 23rd BNB burn. Then 2.02 million tokens worth $676.7 million were withdrawn from circulation.
The company also recently announced the completion of the integration of the Lightning Network L2 solution on its trading platform. Users were able to deposit and withdraw funds in bitcoins through a network of micropayments.
Source: bitcoinlinux.com
