The Binance Crypt Currency Exchange announced the successful thirteenth quarterly burning of 2.2 million BNB coins worth $68 million.
The Exchange reported that 2,253,021 BNB were destroyed in the last quarter, as well as 867 BNB under the "Pioneer Burn Program", which aims to return coins lost due to errors in interaction with the Binance Smart Chain. The total number of burned coins was 2,253,888 BNB (1.13% of the total BNB) worth $68 million.
This incineration was the largest BNB destruction in the history of this cryptovoltaic currency converted into US dollars. According to CoinMarketCap, currently there are 144,406,561 BNB in circulation and the current value of the coin is $30.3.
Binance General Manager Changpeng Zhao said that the rapid growth of the Decentralized Finance (DeFi) industry has greatly influenced the development of his projects. With DeFi, the cryptovoltaic exchange rate has become more resilient to the alarming news, given the growing number of crypto assets blocked in the liquidity pools. According to Zhao, in the long run the DeFi industry will outperform centralized exchanges, but this will not happen soon.
Zhao explained that despite the large amount of assets blocked in DeFi, the number of active users is still small. The head of Binance already said that 99.9% of all money in the world is in fiat currencies, so the centralized exchanges will serve as a link between crypt currencies and traditional finance.