Binance co-founder and former CEO Changpeng Zhao has reacted to the staggering numbers of Binance Coin (BNB) tokens burned every minute.
BNB implemented the auto-burn mechanism in December 2021, which automatically chalks off a portion of its supply from circulation. Interestingly, the latest burn figures have left CZ stunned, as he took to X to share the dollar value of the Binance-affiliated token being burned every minute.
“I Didn’t Even Put It in That Perspective Before”
The Binance co-founder reposted a statistic shared by TCC, a widely followed BNB enthusiast. The tweet disclosed that over the past three months, the auto-burn program has burned a staggering 1,441,281.413 BNB tokens.
Notably, the user went on to break these numbers down into their equivalents per minute. It showed that roughly 11.2 BNB tokens are burned every minute, calculated by dividing the total number by 129,600 (covering the conversion from month to minute).
CZ introduced his own calculation by multiplying the number in minutes by the price of BNB. He arrived at roughly $11,000 worth of BNB burned per minute. However, at the current market price of $1,152, the 11.21 BNB tokens are worth $12,811.
The prominent industry figure went on to insist that the burn data had not occurred to him in this perspective before. He added that this reflects the coin’s deflationary nature.
BNB is Deflationary: CZ
Notably, the 1.44 million BNB tokens burned came from a recent 33rd quarterly burn report released by the BNB Chain today. Further details show that the tokens burned have a dollar value of $1.208 billion, bringing the remaining total supply to 137.7 million tokens.
The chain implemented these burn mechanisms in alignment with its move to keep BNB deflationary and gradually reduce its total supply cap to 100 million BNB. Remarkably, the mechanism automatically incinerates BNB tokens based on price and the number of blocks produced each quarter.
Notably, CZ has repeatedly emphasized this strength as a catalyst for BNB’s price growth. He highlighted the token’s deflationary design, the BNB ecosystem builders, and the vibrant community as reasons why BNB is strong.
CZ also revealed that BNB does not have market makers. This suggests that the trading activity on the BNB Chain is purely organic, driven by retail and institutional interest. Among other things, he noted that this is why BNB withstood market crashes and reached new all-time highs while others struggled.
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