Binance has completed its fourteenth quarterly Binance Coin (BNB) burn, according to CEO Changpeng Zhao.
The burning will accelerate
A total of 3,619,888 Binance Coin (BNB) have been burned, an amount of $ 165.8 million. That makes this Binance the biggest burn to date. As a result of the burning, the total supply of BNB has decreased from 174.2 million BNB to 170.5 million BNB.
This burning also causes the start of a faster burning rate. At the current consumption rate, it will only take Binance 5-8 years to achieve this goal, although the rate may change in the future. The downside to this accelerated burn is that users will not be able to use the burn number to determine Binance income.
Under the previous consumption rate, it would have taken Binance 27 years to complete its goal of burning half the BNB supply and reducing the total supply to 100 million BNB.
Tokens will also be unlocked
Zhao too declared that Binance has unlocked 16 million BNB tokens. These tokens were supposed to be unlocked in July 2020 and moved to the Binance team's allocation address, but the team forgot to do so.
Zhao added that not a single piece of the team's assignment has been sold or moved at any time. The tokens “were thawed and transferred to publicly visible addresses, and they never moved beyond that, other than being burned,” Zhao said.
Presumably, the unlocked tokens will be destroyed in a future burn.
Binance originally announced plans to burn its entire team allocation in July 2019. That decision is intended to reassure users that Binance aims to increase the utility of BNB, not just profit from it.