Investing.com - Financial Markets Worldwide
💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Binance Sets Fire to $444M Worth of BNB in Quarterly Burning Event

Published 07/14/2022, 06:15 AM
Updated 07/14/2022, 07:00 AM
© Reuters Binance Sets Fire to $444M Worth of BNB in Quarterly Burning Event
TWTR
-
LUNAt/USD
-

  • Binance’s 5th anniversary giveaway has a prize pool of $10K BNB
  • $444M BNB burned using the new Auto-Burn solution
  • BNB token is up by 5.2% in the last fortnight

“Have a whale of a time!” – the ‘Binancians’ are chanting today. As Binance celebrates its 5th anniversary, the crypto giant also disclosed long-term plans to burn half of the initial BNB circulation. As the company is focused on “growth of the ecosystem,” the BNB can now burn faster, thanks to the freshly-introduced BEP-95 protocol.

Auto-Burn Formula for Transparency and Efficiency

As Binance started the burning campaigns back in 2017, it’s no surprise that this was already the 20th burning event. However, the community had a choice to make in 2021, as Binance introduced Auto-Burn, which is meant to be the “more objective process” when compared to the centralized Binance exchange.

In this anniversary burning event, 1,959,595.29 BNB went up in smoke, totaling $444,632,107. Additionally, another 4,000 BNB was burned in the satellite Pioneer Burn Program, which was started in 2020 to help eligible users who made an honest mistake on BNB Smart Chain.

The Party Is Going on for BNB

The 5th anniversary of Binance came not without some pleasant surprises for the loyal customers. For instance, one could grab a Mystery Box by staking as little as 0.1 BNB. Today, as Binance turns 5 years old, hashtags like #BinanceTurns5 and “Binance giveaway” are trending on Twitter (NYSE:TWTR).

The total prize pool to mark this day is set to $10,000 BNB. Moreover, the Binance team has put up three fun challenges for crypto enthusiasts to get a piece of the birthday cake. The activities are as follows:

  • Make a song about Binance. The winner will get $2,000 in BNB. To participate, a person or a group of people have to record a song with a video and add the hashtag #BinanceSong.
  • Bake a #BinanceTurns5 birthday cake. Win $250 in BNB when you bake a Binance-themed cake and post it on social media. Here’s a tip: there’s no tasting competition, so appearance might make it or break it.
  • Draw a birthday hat for Changpeng Zhao. Last but not least, there’s another $100 in BNB up for grabs if you feel like drawing a birthday hat for CZ. Don’t forget to tag #BinanceTurns5 when you suggest Mr. CZ a stylish hat for the occasion.
    • The last day to participate in any of these fun activities is July 15th. Therefore, Binancians who want to grab a piece of the cake should act swiftly. Despite the crypto market still being shattered by the crypto hurricane, Binance’s CEO is rather optimistic about the future, emphasizing the once-in-a-blue-moon opportunities that it brings: “Historically, bear markets have been great periods for focused and long-term-minded builders. This time, we continue to be bullish on our capability to support founders looking to build innovative, long-term solutions for our industry.”

    Latest comments

    Install Our App
    Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
    Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
    Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
    It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
    Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
    © 2007-2024 - Fusion Media Limited. All Rights Reserved.