The token burning procedure went through the Auto-Burn and Pioneer Burn programs.
“Auto-Burn provides an objective and independent verification process. The figures are reported quarterly and the mechanism is independent of the centralized Binance exchange,” assured representatives of the exchange itself.
In total, the company is going to burn 50% of the total token supply to reach a volume of BNB 100 million. The exchange is next set to burn a new batch of more than 2 million tokens worth $512 million some time later.
The BNB token is now trading at $241.8, Coingecko data says.
BNB was launched in 2017 on the Efirium blockchain. After the launch of Binance Smart Chain, tokens were transferred to this network. Initially, 200 million BNBs were issued, but with quarterly burn downs, the exchange is gradually reducing the number of available coins to 100 million. The number of tokens to be burned is determined by trading volumes on the Binance exchange. With the lion’s share of cryptocurrency transactions now taking place on the platform, the volume of BNB being burned is steadily increasing.
In January, Binance destroyed 2.06 million BNB worth more than $575 million
Bits Media recently ran a piece on the prospects for the BNB token.