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Binance Completes 20th Quarterly BNB Burn, Worth Over $444 Million

Last night, July 13, cryptocurrency exchange Binance completed a quarterly BNB burn, burning a total of 1,959,595 BNB, worth more than $444 million. Compared to the most recent BNB burn in April, the latest burn was higher in terms of BNB burned, but lower in USD value as the BNB price crashed in recent times.

This is the 20th quarterly BNB burn in history, marking the 5th anniversary of the founding of Binance, and also the 3rd burning using a new mechanism called BNB Auto Burn.

According to the BNB Auto Burn mechanism, instead of calculating the value of BNB burned based on the exchange’s revenue, Binance will now use a formula to calculate the number of coins burned based on the BNB price and the number of BNB Chain blocks generated in the BNB Auto Burn mechanism. respective time period. Quarterly BNB burns will take place until the total supply of BNB is brought back to the 100 million mark.

In addition, the BNB Chain ecosystem has another coin burning mechanism that works in parallel, called BEP-95. Similar to Ethereum’s proposed EIP-1559, BEP-95 will burn transaction fees on the BNB Chain, with over 102,335 BNB (worth over $23 million) burned since its adoption in December 2021. .

BNB price in the past 3 months has suffered heavy losses in the direction of the cryptocurrency market, falling 51% from $460 in early April to only $227 at the time of update.