(Twitter) Around $741,840,738 worth of Binance coins will be taken out of circulation soon according to the crypto exchange’s Changpeng Zhao.
The total number of Binance coins to be burned will be more than 1.8 million, with the process conducted at an average price of $403 per BNB.
The tokens will be burned automatically for the first time this quarter.
Binance’s auto-burn mechanism determines the number of coins to be burned based on BNB’s price and the blocks generated on the BNB Smart Chain during the quarter. The burn mechanism reduces the total supply of BNB to 100,000,000.
BNB is the cryptocurrency that powers the BNB Chain ecosystem and also serves as the native coin for the BNB Beacon Chain and BNB Smart Chain.
BNBUSD is up +1.27%
