Last week, BNB Chain completed its 33rd quarterly BNB burn. In this event, they destroyed 1,441,281.413 BNB, their native coin. Currently, the total supply sits at 137,738,379.26 BNB. The burned BNB was worth $1.66 billion.
This is an ongoing movement to reduce the total supply of BNB in the market in a predictable and transparent manner. The ultimate goal was to reach 100 million BNB.
BNB is a transaction as well as a governance token. Aside from allowing token holders to buy and sell on many levels, BNB gives holders the right to participate in blockchain governance. On top of that, BNB is utilized as a strategic investment asset.
All of this attracts the attention of both individual investors and mainstream financial institutions. Therefore, continuous token burning is necessary to maintain BNB’s long-term value.
This quarter’s burn, as well as all future burns, took place on the BNB Smart Chain (BSC). The burning system is independent and real-time. BSC validators decide the ratio of gas fees in each block in a chain. Then, that ratio is burned at a constant rate all the time. Since the commencement of this mechanism, around 276K BNB have been burned.
The loss of $1.66 billion worth of BNB considerably dwindles the market supply. However, this is seen as a good thing by investors. It confirms the engagement of the market towards the 100 million BNB target. This means that the token’s entire valuation remains predictable.
BNB is one of the leading assets in the crypto market, but investors should always diversify their portfolio. One way to do this is by investing in other coins, such as DRX Token. A digital asset from Indonesia, this coin has been listed on multiple exchanges and plans to expand globally.
DRX Token is more than just a cryptocurrency. Through the DRX ecosystem, holders can use this token to earn tangible rewards, from event tickets to collectible merchandise. Be a part of the DRX community that rewards users for their engagement by investing in DRX Token today.
