BNB Chain Burned More Than $770 Million Worth Of Tokens

The BNB Chain burned more than $770 million worth of tokens and they have burnt automatically for the first time this quarter so let’s read more in today’s latest binance news.

BNB Chain burned more than $770 million coins or 1.8 million BNB coins in the first quarter. The burn was executed on Tuesday via the “bnb1ultyhpw2p2ktvr68swz56570lgj2rdsadq3ym2” tied to the Binance exchange. The CEO also announced the token burn and it is conducted at an average price of $403 per BNB.

$741,840,738 worth of #BNB will be taken out of circulation soon.

Real time info: 👇https://t.co/BikWciOHY7#BNB is deflationary. If you don't know what that means, you lack basic financial knowledge to get lucky in this world. Harsh but true. Time to learn.🙏

— CZ 🔶 Binance (@cz_binance) April 19, 2022

The Binance coin powers the BNB Chain ecosystem and the native coin of the BNB Beacon Chain and the smart chain and was also issued by the exchange after an initial coin offering in 2017. BNB users an auto-burn system to reduce the total supply to 100,000,000 BNB and the auto-burn mechanism adjusted the number of coins to be burned based on the price of the coin and the number of blocks generated on the smart chain. In the meantime, the data shows an estimated 1.8 million coins are on track to be burned in August while BNB trades at $419 at the time of writing.

As recently reported, Speaking at the annual Paris Blockchain Week Summit, Binance’s CEO Changpeng Zhao praised France’s crypto regulations and annoucned that the exchange is getting a floorspace in Paris and it’s Station F incubator. CZ said that France is uniquely positioned to be the leader of the industry in Europe and the exchange CEO described the country as a pro-crypto business and regulations saying that the government’s attitude towards the industry has been quite phenomenal. Station F is now the world’s largest business incubator and the building accommodates over a thousand startups listing Google, Facebook, and Microsoft. The deal means that the Binance’s startups list will get free accommodation and access to different resources at Station F in their incubation period but they will also have access to support from Binance’s team and the rest of the partners.

Underscoring the role of India in Web3 and the metaverse, the Binance founder and CEO Changpeng Zhao said that India is the natural frontrunner in the next generation of blockchain applications. Reaffirming the commitment to web3 and metaverse, Zhao thinks blockchain technology will power the future of digital lives and the internet.