![]() The most recent BNB burn took place on October 18, 2021, when Binance burned a total of 1,335,888 BNB (roughly $639,462,868 equivalent) in its 17th quarterly BNB token burn. These burning activities have been held by Binance on a regular basis. Binance spends one-fifth of its revenues every quarter to repurchase and permanently destroy Binance tokens held in its treasury, a process known as "burning." ( Must Read: What is a Blockchain and How does it work? )Īlthough the initial ICO provided 100 million Binance tokens, the actual total supply is smaller. Through the ICO process, it provided 10%, or 20 million BNB tokens, to angel investors, 40%, or 80 million, to the founding team, and the remaining 50%, or 100 million, to the various participants.Īlmost half of the funds raised during the ICO were intended for Binance branding and marketing, with the remaining one-third going toward building the Binance platform and making essential updates to the Binance ecosystem.īNB is the native currency of Binance's own blockchain, the Binance chain, and was originally based on the Ethereum network. ![]() It was launched in July 2017 as part of an initial coin offering (ICO) with a cap of 200 million BNB tokens. ![]() This coin is limited to 200 million BNB tokens and runs on the Ethereum blockchain using the standard ERC 20 protocol.īinance currency was originally based on the Ethereum blockchain and followed the ERC 20 standard, but it has subsequently become the Binance chain's native token. Binance coin is a cryptocurrency that is issued by the Binance exchange and has the symbol BNB. ![]()
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