Binance reports largest BNB fiat burn of all time
Binance cryptocurrency exchange today announced the successful completion of the thirteenth quarterly BNB token burn from July to September.
A total of 2,253,888 BNBs were withdrawn from circulation, of which 867 BNBs – as part of a new program to recover assets lost by users. The total cost of BNB burned was $ 68 million. The company notes that the latest burn was the largest ever when converted to fiat currency and the fourth largest in BNB.
Binance CEO Changpeng Zhao said that the decentralized finance (DeFi) space played a significant role in his company’s activities in this segment. “I believe that in the long term, DeFi will define the future, that is, it will surpass centralized exchanges, but this will not happen immediately,” he writes..
Zhao also notes that the third quarter was not devoid of negative developments for the industry, and expects that bubbles in the DeFi space will continue to deflate in the coming months, including under the influence of exit scams, but in the long term this will lead to a strengthening market. Binance, for its part, intends to continue developing the Binance Smart Chain blockchain and add new fiat channels to the centralized platform..
According to CoinGecko, BNB has gained 7% over the past week, making it the most successful asset in the top 15 market.
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