Cryptocurrency exchange Binance has just conducted its twenty-fourth quarterly BNB token burn.
The platform has reportedly removed 1.99 million coins valued at more than $484 million from circulation.
The company launched a burn program back in 2017 to retire 100 million BNB, half of its total supply. Starting in 2021, the amount of coins being disposed of is calculated automatically using the Auto-Burn formula.
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Of the total number of coins destroyed in the second quarter of the year, 747.5 BNB came from the Pioneer Burn program. Under its framework, tokens whose loss has been verified by eligible owners are removed from circulation.
As part of the previous round in April 2023, Binance burned 2.02 million coins valued at $676 million.