Bitcoin exchange Binance: BNB Coin Burn is a success

the The Hype about Binance seems to have no end. The Chinese Bitcoin exchange, has burned in April for more BNB-Coins. The aim of the Coin Burns is to reduce the Supply in the future by 50 percent to 100,000,000 by BNB.

Sebastian wood
19. April 2019BTC$5.248,00 -0.14%part Facebook Twitter LinkedIn xing mail

As the Chinese Bitcoin exchange Binance recently on their Blog announced that the company destroyed this month for more BNB-Coins. The in-house Binance Token (BNB), is on a 200 million tokens limited. NBB serves as a Utility Token for the Binance platforms and is used for example for the payment of new Token Listings, as well as to Pay fees. For the Binance announced DEX of the BNB is to serve Token as a basis and, in addition, the basis for all the projects around the Binance Launch Pad.

Like a Coin Burn?

The quarterly Coin Burn be destroyed BNB-Coins permanently, thus the total is expected to reduce supply by BNB Coins in the long run. Through the use of Smart Contracts, is referred to as the Burn feature, to be destroyed at some point up to 100 million BNB is final. This corresponds to exactly 50 percent of the total ever spent 200 million BNB-Coins. The amount of the quarterly to burning Token depends on the number of transactions that have been made to the stock exchange within a period of three months.

How many Coins have been burnt?

Meanwhile, have been burned since the first Coin Burn in October 2017, up to the last Coin Burn in April 2019 exactly 11.654.359 BNB. The following table gives an Overview of the period of the Coin Burns, and Details on the number, price in U.S. dollars, and destroyed Total Supply:

Coin Burn ∑ NBB-Coins BNB price ∑ U.S. dollars % of Total Supply

#1 (2017) 986.000 $1,52 $1.500.000 0,49 %

#2 burned (2017) 1.821.586 $21,96 $40.000.000 0,91 %

#3 (2018) 2.220.314 $13,52 $30.000.000 1,11 %

#4 (2018) 2.528.767 $12,93 $32.000.000 1,26 %

#5 (2018) 1.643.986 $10,34 $17.000.000 0,82 %

#6 (2018) 1.623.818 $5,83 $9.400.000 0,81 %

#7 (2019) 829.888 $18,79 $15.600.000 0,41 %

total 11.654.359 – $146.200.000 5,82 %

However, a record of all the Coin Burns as transactions in the Blockchain. Thus, you are according to Binance to be 100 percent transparent. The records in the Blockchain to allow outsiders to check whether the BNB Coins were destroyed. As soon as one of the quarterly Coin Burns takes place, Binance, the so in an official announcement on binance.com . This notification will contain the amount of the to burning BNB-Coins, based on the trading volume for the current quarter and the total value of the crushing Token in US dollars. Interested parties can view to ether scan the Details of the current Coin of Burn-transactions.

You're a Blockchain or crypto-Investor? The digital crypto-compass is the first market letter for digital currencies, and provides you with monthly exclusive assessments and comprehensive analysis of the current situation on the Blockchain and crypto-markets. the for free Now