Binance burned $760 million worth of BNB tokens
Cryptocurrency exchange Binance announced the end of its 19th quarterly token burn of BNB tokens. A total of 1.8 million exchange tokens worth $765 million as of April 19 were destroyed. This is a text from site cryptodefix. The Auto-Burn mechanism was used to remove BNB from circulation.
The previous time in January 2022, 1,684,387 BNBs were burned, which amounted to $795 million in USD equivalent. BNB token burning will stop when the limit of 100 million tokens is reached. The automatic token burning mechanism is based on the price of Binance Coin and the number of blocks mined per quarter. The higher the value of BNB, the fewer tokens will be taken out of circulation.