The global cryptocurrency exchange Binance may soon torch more of its own utility token, Binance Coin (BNB).
Binance CEO Changpeng Zhao says he’s exploring whether to destroy BNB at a faster rate and reduce the coin’s overall supply.
“This weekend, our team has been discussing an Accelerated Burn program for BNB. More details to come. Also welcoming any suggestions or bright ideas.”
As of writing, the crypto exchange giant has completed 13 burns. In October, Binance torched a total of 2,253,888 BNB worth $68 million, which represents the highest-ever in terms of fiat value.
Binance performs coin burning events every quarter until it destroys 100 million BNB from circulation – half of the total 200 million BNB ever issued.
The number of BNB tokens to be burned depends on the number of trades performed on the exchange in a three-month period. Binance burns its own utility token in an effort to reduce BNB supply and potentially increase its value.
The crypto exchange has burned 23,593,399 BNB tokens thus far, putting the exchange at nearly 24% of its coin-burning journey.
Binance created BNB in 2017 as a utility token that traders can use in the exchange to get discounts on fees or trade in the open market. BNB is now the ninth-largest cryptocurrency by market cap.
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