Crypto exchange Binance is likely to soon launch more coin burns for its own cryptocurrency - Binance Coin (BNB).
Binance CEO Changpeng Zhao (CZ) said he was investigating and consulting with the community whether to do more BNB burns at a faster rate and reduce the overall supply of the coin. add or not.
In a recent tweet, CZ said:
“This weekend, our development team discussed Accelerated Burn for BNB coin. We welcome any positive suggestions or ideas from the community ”
At the time of writing, Binance has completed 13 burns. In October, the exchange raised a total of 10 BNB worth $ 2,253,888 million, the highest ever in terms of fiat value.
Binance do coin burning events every quarter until 100 million BNB is destroyed - half of the total 200 million BNB ever issued.
The amount of BNB burned depends on the number of transactions made on the exchange over a three-month period. The purpose of Binance's coin burning is to reduce the supply of BNB, thereby helping this coin increase in value.
So far, Binance has burned 23,593,399 BNB - nearly 24% of the exchange's coin burning journey. BNB is currently the 8th largest cryptocurrency by market cap.
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