Binance CEO Changpeng Zhao confirmed in a tweet, that $741,840,738 worth of #BNB will be taken out of circulation soon. The burn would be conducted at an average price of $403 per BNB, the data show. $741,840,738 worth of #BNB will be taken out of circulation soon. Real time info: 👇https://t.co/BikWciOHY7#BNB is deflationary. If you don't know what that means, you lack basic financial knowledge to get lucky in this world. Harsh but true. Time to learn.🙏 — CZ 🔶 Binance (@cz_binance) April 19, 2022 BNB is the native coin of the BNB Beacon Chain and BNB Smart Chain, and it fuels the BNB Chain ecosystem. Binance, a cryptocurrency exchange, issued it following its ICO in 2017. To lower its total supply to 100,000,000 BNB, BNB uses an auto-burn method. Based on the price of BNB and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter, the auto-burn mechanism modifies the amount of BNB to be burned. Meanwhile, data shows that an estimated 1.8 million BNB would be burned next quarter, with the date set for August. BNB is currently trading at $419, up 4.9 percent in the last 24 hours.The post BNB Chain will Burn over 1.8M Binance Coins first appeared on Cryptoknowmics-Crypto News and Media Platform.The post BNB Chain will Burn over 1.8M Binance Coins appeared first on Cryptoknowmics-Crypto News and Media Platform.
