Binance has completed its 14th quarterly Binance Coin (BNB) burn, according to CEO Changpeng Zhao.
A total of 3,619,888 Binance Coin (BNB) were burned, totaling $165.8 million. It made Binance’s biggest burn to date. After the burn, the total supply of BNB decreased from 174.2 million BNB to 170.5 million BNB.
This burn also makes the burn rate faster. Below the current burn rate, it will take Binance only 5 to 8 years to reach this goal, although rates may change in the future. The downside to this accelerated burn is that users won’t be able to use the burn number to determine Binance’s earnings.
Below its previous burn level, it took Binance 27 years to complete its goal of burning half of the BNB supply and bringing the total supply down to 100 million BNB.
16 Million BNB Tokens Unlocked
Zhao also stated that Binance has unlocked 16 million BNB tokens. This token was supposed to be unlocked in July 2022 and moved to the Binance team’s allocation address, but the team forgot to do so.
Zhao added that not a single token from the team allocation has been sold or moved at any time. The tokens are “cashed out, and transferred to a publicly visible address, [dan] never moved beyond that, other than being burned.”
Looks like unlocked tokens will be destroyed in future burn.
Binance originally announced plans to stop all team allocations in July 2022. The decision was meant to reassure users that Binance is aiming to increase the usability of BNB, not just profit from it.