Cryptocurrency exchanges are now embracing token burn mechanisms to enhance the value and sustainability of their native tokens. Remember, these exchanges are doing so because they have the user’s best interest at heart. The plan is to reduce the circulating supply of their token. Of course, this will directly have significant impact on the price on the token. Here’s a look at the top 5 cryptocurrency exchanges with active token burn programs:
Note: This list are selected randomly
Binance Cryptocurrency Exchange Token Burn
Recently, BNB Chain is recently celebrating its 25th quarterly BNB burn, an event integral to the BNB ecosystem’s deflationary approach. Notably, the Auto-Burn for the quarter amounts to a staggering 2,139,182.98 BNB, worth approximately $501,617,017.
#Binance completes the 25th Quarterly #BNB Burn!
🔥 2.14m #BNB has been burned 🔥 pic.twitter.com/3KtkE1y6f5
— Binance (@binance) October 16, 2023
Progressively, The Pioneer Burn Program has a successful 314.69 BNB burn, contributing to a total Real Burn of 2,138,868.29 BNB.
MEXC Cryptocurrency Exchange Token Burn
Another cryptocurrency exchange, having active burn records is the MEXC exchange. Notably, the exchange is recording a token burn in Q1 2023 due to community voting. In that case, a total of 2,115,168.05 MX tokens are now out of circulation. Also, In Q2 2023, MEXC proceeds to record the burning a total of 1,562,500 MX tokens.
$MX Burn of Q3 2023 – Creating value and maintaining a healthy ecosystem!#MEXC has burned 1,640,798.5 $MX tokens this Q3 according to the results of MX Token 2.0 community voting.
Buyback & Burn Announcement： https://t.co/wzr5GB8nZc pic.twitter.com/sEIURuPsZo
— MEXC (@MEXC_Official) October 15, 2023
Finally, in Q3, MEXC reports burning 1,640,798.5 $MX tokens due to MX Token 2.0 community voting.
KuCoin (KCS) Cryptocurrency Exchange Token Burn
Furthermore, another exchange with active token burn is the KuCoin. It is actively burning KCS tokens to manage the circulating supply and counteract inflation.
The KCS team has completed the 41st $KCS burn for June 2023. Below are the figures from our latest burn:
Total KCS burned: 61,209 $KCS
Approximate value in USDT: 402,977Details of the Burn TXID, current circulating and total supply in the article below ⤵️
— KuCoin (@kucoincom) July 31, 2023
Notably, The 41st KCS burn for June 2023 has a record burning of 61,209 KCS tokens, with value at approximately $402,977. Also, in May 2023, KuCoin has a record of the 40th KCS burn, eliminating 39,307 KCS tokens from circulation ($3,898,142).
Furthermore, in April 2023, the KCS team has a record of 141,233 KCS token burn, with the burning amount sitting at $1,188,808.
Other record history includes:
- 184,096 KCS ($1,609,687) were out of circulation during the 38th KCS burn for March 2023.
- In February 2023, the 37th KCS burn resulted in 150,451 KCS tokens being burned ($1,289,179)
Gate.io (GT) Cryptocurrency Exchange Token Burn
Gate.io exchange is a top cryptocurrency exchange with active token burn. Notably, in the second quarter of 2023, a notable 1,651,331.6113899 GT tokens were transferred to the burning address, decreasing the total supply.
Also, 1,954,153 GT tokens were burned in Q1 2023. For now, there’s currently approximately 162.6 million GT tokens that’s out of circulation. There’s just 107 million GT tokens remaining in circulation.
OKX (OKB) Crypto Exchange Token Burn
Finally, we have OKX in our book. OKX is still part of the top exchanges recording notable regular token burn.
📣 21st round of $OKB Buy-back & Burn 📣
We have repurchased and burned another 6,140,520.48 #OKB
Including this latest event, a total of 70,182,835.18 OKB has been successfully burned to date.
Details: https://t.co/kluSzPLFNx pic.twitter.com/6glWZNfKrf
— OKX (@okx) September 18, 2023
Of course, the 21st OKB burn event in September 2023 saw 6,140,520.48 OKB tokens burned. These events are to reduce the overall OKB circulating supply. In total, as of that date, 70,182,835.18 OKB tokens have been burned.
OKX Burn Report
- 21th 6,140,520.48 OKB
- 20th 5,497,312.77 OKB
- 19th 5,183,976.43 OKB
- 18th 4,988,637.56 OKB
- 17th 4,760,479.82 OKB
- 16th 3,755,642.45 OKB
- 15th 2,536,277.49 OKB
- 14th 2,435,426.87 OKB
- 13th 2,320,679.53 OKB
- 12th 2,008,753.54 OKB
- 11th 2,006,412.69 OKB
- 10th 4,060,773.48 OKB
To conclude, Token burn events are crucial for managing supply, enhancing token value. Also, they show a commitment to long-term sustainability in the cryptocurrency industry. These exchange are offering a chance of confidence from their users.
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