Binance, the world's largest cryptocurrency exchange, permanently burned $547 million in BNB tokens in its 21st quarterly burning event, yet markets remained stable.
Binance made an announcement that it has burned a total of 2,065,152 BNB tokens, valued at just under $600 million at the time of writing. The exchange also stated that an additional 4,833.25 BNB was burnt through its Pioneer Burn Program.
Depending on the circumstances, the exchange will cover these losses and return the tokens to users. Binance then deducts these tokens from the overall quarterly burn.
Binance previously promised to burn 20% of its profits each quarter. The latest burn might have resulted in a $2.7 billion profit for the exchange during the third quarter of 2022.
In terms of fiat value, the 21st quarterly BNB burn is one of the largest in BNB burn history. In 2021, almost $600 million in BNB was burned, setting the record for the largest BNB burn.
Despite the massive amount burned, the burning activities do not appear to be having a significant influence on the Binance Coin markets at the time, with BNB values gradually falling alongside the rest of the crypto market.
On October 3, the exchange also fulfilled its commitment to help the Terra Luna Classic (LUNC) investors by burning LUNC trading fees collected on its LUNC/BUSD and LUNC/USDT spot and margin pairs. The exchange stated that around $1.8 million in LUNC tokens were burnt in the initial burn.
While some members of the community burn tokens, others burn artworks worth millions of dollars. Damien Hirst, a British artist, set some of his actual artworks on fire during a livestream on Oct. 12 to complete his nonfungible token (NFT) project named "The Currency."
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