BNB Chain Burns BNB worth almost $490 Million
Blockchain BNB Chain has burned 1.99 million tokens, a move to decrease total BNB supply in a strategic action.
Today, Blockchain BNB Chain burned more than 1.99 million BNB tokens. This is a planned event under the token's "auto-burn" system. The burn represents the token's 24th quarterly burn event.
This action has removed about $484 million worth of tokens from use. A token burn means these coins are permanently removed from the total available coins.
BNB is the main coin for the BNB Smart Chain and other networks like Greenfield. The coin was first created by the Binance crypto exchange in 2017.
The goal of BNB's auto-burn system is to reduce the total amount of BNB to 100 million from the original 200 million. The system changes the number of BNB to be burned based on its price and the number of new blocks on the BNB Smart Chain each quarter.
