The largest crypto exchange, Binance, has undergone its largest token burn in history, worth $165 million. Now, the circulation supply of the Binance native token BNB has declined by more than 3.5 million.
In a tweet, Binance highlighted the details of the burn. The also said that Binance CEO Changpeng Zhao has also revealed plans to “significantly increase the speed of burning BNB.”
As noted in a Beincrypto, the Binance team plans to burn 100 million BNB, representing 50% of the token’s total supply. Currently, the exchange has burned about 13%, which is currently worth $426.3 million.
Although the burn is expected to last for about 30 years, Binance is working on accelerating the plan. On the 19th of December, CEO Zhao said in a that the Binance team has been discussing an “Accelerated Burn program” for BNB.
There has been a rise in the use of the Binance trading platform as the crypto space attracts more users. This may be tied to the increase in value of several crypto assets.
With nearly $46.5 billion in market capitalization, BNB has lost 4.75% in the last 24 hours. At press time, the Binance token is down 4.50% to $41.81.