How often does Binance conduct coin burns and what is the process behind it?

3 answers

• Dr. Damian MartinezNov 18, 2024 · 7 months ago
  Binance conducts coin burns on a quarterly basis. During a coin burn, Binance destroys a certain amount of its native token, BNB, to reduce the total supply and increase its value. The process involves sending the tokens to a burn address, where they become permanently unspendable. This mechanism helps maintain the scarcity and utility of BNB.
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• ADARSH RAJDec 05, 2022 · 3 years ago
  Coin burns are like a magic trick performed by Binance. They happen every quarter and involve the destruction of BNB tokens. Binance sends these tokens to a burn address, where they vanish into thin air. Poof! This reduces the total supply and can potentially increase the value of BNB. It's a clever way to create scarcity and demand for the token.
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• Jensby LuDec 03, 2023 · 2 years ago
  Binance, one of the leading cryptocurrency exchanges, conducts coin burns every quarter. This process involves destroying a portion of their native token, BNB, to maintain its value. By reducing the supply of BNB, Binance aims to create a deflationary effect, which may benefit token holders in the long run. Coin burns are a strategic move by Binance to enhance the utility and value of their token.
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