Binance Destroys 2 Million BNB From Circulation, Equivalent To IDR 9.1 Trillion

Binance is holding a new BNB coin burning program. (Photo; Doc. CoinKurier)

JAKARTA – The original cryptocurrency in the Binance ecosystem, BNB, has been removed from circulation using the burning or burning mechanism. It was noted that 2.06 million BNB tokens were removed from circulation. The two million coins are worth 600 million US dollars or around IDR 9.1 trillion.

This information was shared by Binance in its official statement on January 17. Binance claims the BNB token burn is the 22nd burning activity in the first quarterly burn in 2023.

Binance discloses that burning is done through its automatic burning mechanism. Meanwhile, the Pioneer Burn Program has contributed around 7,181 BNB from the token destruction activity.

Binance says that the BNB burn program is designed to remove half of the total token supply (100 million) from circulation honored through the quarterly burn program.

Launching CryptoSlate, Binance also introduced other burning mechanisms such as the Pioneer Burn Program. This program permanently removes BNB tokens from circulation. Then, there is also a real-time burn program that writes off a portion of the BNB Chain gas fee immediately.

Then, there is also an auto-burn mechanism which is determined by the price of the asset and the number of blocks generated in the BNB Smart Chain (BSC) network throughout the quarter.

For information, BNB has a maximum supply of 200 million BNB. Meanwhile, the circulating supply is 157,904,410 BNB. At the time of writing, the BNB price was trading at the level of IDR 4,579,270 based on CoinMarketCap data.