Token

Read

Time

<ul>
 <li>BNB Chain burns 1.64M BNB worth $971M, boosting token value.</li>
 <li>Quarterly BNB burn reduces supply, enhancing scarcity and value.</li>
 <li>BNB Chain’s $971M burn highlights commitment to tokenomics strategy.</li>
</ul>
<p><a href="https://cryptonewsland.com/bnb-chain-sees-1-year-transaction-high-demonstrates-network-reliability-after-bsc-surge/" rel="noopener noreferrer nofollow">BNB </a><a href="https://cryptonewsland.com/bnb-chain-sees-1-year-transaction-high-demonstrates-network-reliability-after-bsc-surge/" target="_blank" rel="noopener noreferrer nofollow">Chain</a> recently executed its 28th quarterly BNB token burn, removing a staggering 1,643,698.8 BNB from circulation. Valued at approximately $971 million, this burn marks one of the largest in the network’s history.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">JUST IN: BNB CHAIN COMPLETES 28TH QUARTERLY BNB TOKEN BURN, BURNING A TOTAL OF 1,643,698.8 BNB VALUED AT ~$971M</p>— BSCN Headlines (@BSCNheadlines) <a href="https://twitter.com/BSCNheadlines/status/1815268915389333940?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 22, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="h-significance-of-token-burning-nbsp">Significance of Token Burning&nbsp;</h2>
<p>The BNB <a href="https://www.coinbase.com/learn/crypto-glossary/what-is-token-burning" rel="noopener noreferrer nofollow">token </a><a href="https://www.coinbase.com/learn/crypto-glossary/what-is-token-burning" target="_blank" rel="noopener noreferrer nofollow">burn</a> is a critical component of BNB Chain’s economic model, designed to reduce the total supply and increase the value of remaining tokens. The quarterly burns follow a well-established protocol aimed at enhancing scarcity and promoting long-term price appreciation.&nbsp;</p>
<p>Token burns are not random events; they are carefully planned and executed to benefit the BNB community and investors. By reducing the total supply, BNB Chain creates a deflationary effect, potentially increasing the token’s value over time.</p>
<p>Despite market volatility, BNB has shown resilience, maintaining its position as one of the <a href="https://cryptonewsland.com/top-cryptocurrencies-that-can-explode-in-summer-2024/" rel="noopener noreferrer nofollow">top </a><a href="https://cryptonewsland.com/top-cryptocurrencies-that-can-explode-in-summer-2024/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrencies</a> by market capitalization. The $971 million burn underscores the network’s commitment to its tokenomics strategy and its confidence in BNB’s future prospects.</p>
<p>Binance, the company behind BNB Chain, has consistently emphasized the importance of these token burns. <a href="https://ae.linkedin.com/in/cpzhao" rel="noopener noreferrer nofollow">CEO </a><a href="https://ae.linkedin.com/in/cpzhao" target="_blank" rel="noopener noreferrer nofollow">Changpeng</a><a href="https://ae.linkedin.com/in/cpzhao" rel="noopener noreferrer nofollow"> Zhao (CZ)</a> has often highlighted the role of burns in driving value for token holders.&nbsp;</p>
<p>The transparency and regularity of these burns have fostered trust and optimism within the BNB community. In recent months, BNB Chain has rolled out several upgrades and partnerships aimed at expanding its utility and adoption.&nbsp;</p>
<p>From DeFi projects to NFT marketplaces, BNB Chain continues to diversify its offerings, attracting a wide range of developers and users. Looking forward, BNB Chain plans to continue the quarterly burns until it reduces the total supply of BNB tokens by 50%. As of writing, BNB was trading at $594 with a total supply of 145.9M BNB.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also&nbsp;</h4>
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/bitcoin-sees-4-straight-red-quarters-for-the-first-time/" rel="noopener noreferrer nofollow">Bitcoin Sees 4 Straight Red Quarters For The First Time</a></li>
 <li><a href="https://cryptonewsland.com/cracking-bitcoins-future/" rel="noopener noreferrer nofollow">Cracking Bitcoin’s Future: The November 28th Cycle Theory Unveiled</a></li>
 <li><a href="https://cryptonewsland.com/binance-burns-500m-worth-of-bnb-cz-writes-scary-message/" rel="noopener noreferrer nofollow">Binance Burns $500M Worth of BNB, CZ Writes ‘Scary’ Message</a></li>
 <li><a href="https://cryptonewsland.com/bnb-chains-explosive-development-activity-leaves-investors-awestruck/" rel="noopener noreferrer nofollow">BNB Chain’s Explosive Development Activity Leaves Investors Awestruck</a></li>
 <li><a href="https://cryptonewsland.com/bnb-price-rally-continues-with-record-breaking-4m-user-surge/" rel="noopener noreferrer nofollow">BNB Price Rally Continues With Record-Breaking 4M User Surge</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/bnb-chain-burns-tokens-worth-over-970m/" rel="noopener noreferrer nofollow">BNB Chain Burns Tokens Worth Over $970M in 28th Quarterly Event</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

BNB Chain Burns Tokens Worth Over $970M in 28th Quarterly Event

قائمة المحتويات

Crypto News Land

المزيد من المقالات نُشرت في ٢٢ يوليو ٢٠٢٤

Earn $SAND by playing The Sandbox featured experiences of the week

POPCAT’s price peaks but volumes wane: A short-lived rally?

The Comeback of TON: How Telegram is Pioneering Blockchain Adoption

Rollblock Has Become The Fastest Growing Crypto Presale Of July; Analysts Foresee Further Drops F...

MoonBag Amasses Huge Sign-Ups as Investors Abandon THORChain

Ethereum Poised for Breakout? SEC ETF Approval (July 23rd) Could Be a Game Changer

انضم إلى مجلتنا الإخبارية المجانية لآخر تحديثات مجال العملات المشفرة يوميًا.