BNB Chain will burn over 1.8 million binance coins (BNB), worth over $740 million, in its first burn this quarter. By shauryamalwa
. The burn would be conducted at an average price of $403 per BNB, the data show.
BNB powers the BNB Chain ecosystem and is the native coin of the BNB Beacon Chain and BNB Smart Chain. It was issued by crypto exchange Binance after an initial coin offering in 2017. BNB uses an auto-burn system to reduce its total supply to 100,000,000 BNB. The auto-burn mechanism adjusts the amount of BNB to be burned based on BNB's price and the number of blocks generated on the BNB Smart Chain during the quarter.
Meanwhile, data show an estimated 1.8 million BNB are on track to be burned next quarter, expected sometime in August. BNB trades at $419 at writing time and is up 4.9% in the past 24 hours.Save a Seat NowThe leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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