On January 22, Binance has scheduled a major burning of cryptocurrencies associated with the exchange across different blockchains.

Binance has not disclosed the specific names of the digital assets and the exact timing of their burning.

In response to a user's question about whether the announced initiative will increase the total supply of BNB, representatives of the exchange provided the following answer:

In 2017, the company launched a burning program with the goal of removing 100 million BNB from circulation, which represents half of the total issuance. Since the beginning of 2021, the number of coins to be removed is automatically calculated using the Auto-Burn formula.

On January 17, Binance conducted its 26th BNB burning, removing 2.1 million coins (1.41% of the total issuance) at the time of the event, which amounted to approximately $636 million.

Additionally, Binance plays a significant role in the destruction of Terra Classic (LUNC), aimed at supporting the value of this coin, which has sharply declined. This mechanism includes burning fees earned from spot and margin trading in LUNC/BUSD and LUNC/USDT pairs.

As a reminder, at the end of 2023, the community of the decentralized crypto exchange PancakeSwap approved a proposal to reduce the issuance of their native token by 300 million CAKE. As a result, on December 26, 10 million CAKE were burned, amounting to $34 million. In response to this, the token's value increased by 25%.