The recent BNB burn conducted by the Binance Foundation has drawn attention to the impact of this process on the cryptocurrency's price and the activity on the BNB Chain platform.
BNB Quarterly Burn
The Binance Foundation has concluded its latest quarterly burn, removing over 1.5 million BNB coins, approximately 1.15% of the current supply. Following this, around 139 million coins remain in circulation, with a market cap exceeding $96 billion.
BNB Price Dynamics
At the time of writing, the price of BNB stood at approximately $689, up 42,000% from its historic low. The price also neared its all-time high, being just 15% away. Open interest in derivatives has risen by $70 million in the last two weeks.
DEX Volumes on BNB Chain
Recent weeks have seen a surge in DeFi activity, reflected in the volumes on decentralized exchanges. Over the past 30 days, volumes on BNB Chain reached over $182 billion, making it the leader in this category among all chains.
The BNB burn and the surge in trading activity on the platform may have both short-term and long-term implications for BNB's price, creating additional incentives for coin holders.
