Binance conducted the burning of BNB in the amount of $444 million
The Binance cryptocurrency exchange announced the completion of the 20th quarterly burning of BNB coins
As reported, as a result, about 1.96 million BNB worth $444.6 million were burned, and the process itself was carried out thanks to the new "auto-ignition" function. During the previous BNB burnings, the use of the asset and the income generated on the Binance exchange were taken into account.
However, later the "auto-ignition" function was introduced, with the help of which the platform expects to make the process more objective and understandable for the community. The basis for this function was laid by the introduction of BEP-95 in November 2021, while one of the advantages was called the acceleration of BNB burning rates.
The 20th anniversary burning took place against the background of significant market turmoil. The BNB exchange rate has also suffered a significant decline over the past couple of months. At the beginning of the year, BNB was trading above $ 500, but since then the rate has fallen by about 60%.
The CEO of the Binance exchange Changpeng Zhao shared his thoughts about the bearish mood in the market:
"During the market decline and any cycles, our goals are to continue development and investment in the industry and projects, which will help stimulate the introduction and further growth of infrastructure. Historically, bear markets have been a great period for developers who have focused their goals on longevity. Now we are still optimistic about our own opportunities to support project founders who want to develop long-term innovative solutions for the crypto industry."
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