• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Cryptos

Binance burns $783 million worth of BNB as it launches auto-burn

Ajibola Akamo by Ajibola Akamo
January 18, 2022
in Cryptos
Binance auto-burn

Binance burns $783 million worth of BNB as it launches auto-burn

Share on FacebookShare on TwitterShare on Linkedin

Binance, the largest cryptocurrency exchange by volume, announced it had implemented its first-ever Binance token (BNB) auto-burn program last quarter, where 1,684,387.11 BNB tokens worth $783 million were removed from circulation.

Under the new program, the number of tokens to be burned is arrived at using a formula based on the total number of blocks produced on the Binance Smart Chain, a blockchain with smart contracts functionalities and running parallel to Binance Chain, and BNB’s average dollar-denominated price during the quarter.

All you need to know about token burns

Cryptocurrency tokens or coins are considered “burned” when they have been purposely and permanently removed from circulation. Token burning is usually performed by the development team behind a particular cryptocurrency asset. It can be done in several ways, most commonly by sending the coins to a so-called “eater address” where its current balance is publicly visible on the blockchain, but access to its contents is unavailable to anyone.

RelatedStories

FIRS, Tax

FIRS seeks court’s dismissal of Binance’s application to vacate ex-parte order amid $79.5 billion tax lawsuit 

April 30, 2025
Binance

BINANCE: Court admits FIRS documents allegedly confirming cryptocurrency platform’s financial transactions in Nigeria

April 13, 2025

The practice of burning may involve the project’s developers buying tokens back from the market or burning parts of the supply already available to them.

Burning can be done with different goals in mind, but most often it is used for deflationary purposes: the decrease in the circulating supply tends to drive an asset’s price upward, incentivizing traders and investors to get involved. Another important use case for token burning is to maintain the price peg of stablecoins (cryptocurrencies whose value corresponds to another asset, like the U.S. dollar).

What more to know

  • Since BNB and Binance launched in 2017, Binance has committed to removing 100 million BNB, or half of the total supply from circulation, through a process called burning. Unlike our previous quarterly burns, the number of tokens removed for this quarter was automatically calculated according to the Auto-Burn formula.
  • In the past, BNB burns reflected the tokens’ usage and revenue generated in the Binance centralized exchange. As a result of the community’s feedback, the BNB Auto-Burn effectively replaces the previous burn mechanism in favour of a more objective process independent of the Binance centralized ecosystem. In the announcement, Binance stated that BNB will still continue to burn a portion of Binance Smart Chain’s (BSC) gas fees in real-time.
  • Changpeng Zhao (CZ), co-founder and CEO of Binance stated, “The implementation of the BNB Auto-Burn is a natural next step in BNB’s journey and will help the BNB community grow through providing greater autonomy, transparency and predictability.”

Binance CEO, who recently got a valuation of $96 billion according to Bloomberg’s Billionaire Index, also tweeted along side the announcement, “BNB is deflationary.” The BNB token trades $465, down 3.38% as of the time of this writing.

Tags: BinanceBNBBNB tokenChangpeng Zhao
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

Related Posts

FIRS, Tax
Legal & Regulations

FIRS seeks court’s dismissal of Binance’s application to vacate ex-parte order amid $79.5 billion tax lawsuit 

April 30, 2025
Binance
Cryptos

BINANCE: Court admits FIRS documents allegedly confirming cryptocurrency platform’s financial transactions in Nigeria

April 13, 2025
Bitcoin
Cryptos

Binance delists five cryptocurrencies following routine assessment 

March 21, 2025
FG detains two Binance Executives over alleged FX manipulations  
Breaking News

FG seeks Court order for Binance to pay Nigeria $79 billion economic loss fine, $2 billion tax 

February 19, 2025
Federal High Court, REA
Economy

FIRS begins alleged tax evasion trial of Binance services in Nigeria  

February 17, 2025
Blockchain group warns legal issues with Binance could damage Nigeria’s reputation 
Business News

Rights Group faults FG, lawmakers’ approach over Binance executive’s $150m bribery allegations  

February 17, 2025
Next Post
Brent crude drops to $25, oil demand drops by about 10% of world’s consumption, Brent Crude Oil hits $26, as Nigeria's Sweet Crude demand falls, Oil price pushes up before OPEC meeting, Asian equity markets mixed, NIGERIA OIL: Darker days ahead as Brent falls below production cost, Brent crude drops, as oil traders focus on OPEC+ meeting

Tight supply pushes Brent oil above $87, its highest in 7 years

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • TikTok removes over 3.6 million Nigerian videos in Q1 2025  
  • Superman opens with N133.7 million ticket sales at Nigerian box office
  • WHO, UNICEF warn of rising immunization gaps as nearly 20 million infants missed vaccination in 2024 

Follow us on social media:

Recent News

TikTok

TikTok removes over 3.6 million Nigerian videos in Q1 2025  

July 15, 2025
Superman opens with N133.7 million ticket sales at Nigerian box office

Superman opens with N133.7 million ticket sales at Nigerian box office

July 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics