Binance Burns 50 Million BNB as the First Step to Migrate From Ethereum to Binance Chain
Binance Coin has taken the first step towards migrating to its own Binance Chain as 50 million of Ethereum-based BNB tokens are now burned.
The world’s largest cryptocurrency exchange by trading volume Binance has burned a small chunk of its native token Binance Coin (BNB), per the announcement made by its CEO Changpeng Zhao.
Just burned 5mm ERC20 BNB, commencing swap to the real #BNB.
— CZ Binance (@cz_binance) April 23, 2019
These 5 million tokens amount to more than $119 million as per its current price of $23.95 with 24-hours loss of just about 0.50 percent. Just recently, BNB surpassed its all-time high going to $25.54 on April 20, becoming the first crypto to touch a new peak while other top cryptos are down about 70 to 90 percent still.
According to the data provided by Coinmarketcap, BNB’s current circulating supply is 141,175,490 BNB and after this deduction, there are still just over 135 million BNB left to burn. This news got the BNB community excited as slowly but surely BNB is making a shift to its own chain.
Taking BNB To Home
This is not the first time a coin has been burned as previously Ethereum-based projects EOS and Tron had did the same when they launched their mainnet and migrated to their own blockchain. Given the fact that Ethereum has been a popular ICO platform, a number of projects started at Ethereum blockchain and once they developed their own, they made the shift.
The migration of BNB has also been a highly anticipated event as just recently Binance launched its blockchain – Binance Chain, a major success for the exchange.
Testnet for the chain was first released in February, this year for which Binance invited users and developers to use it and share their thoughts. Now, two months later, the mainnet has been launched and Binance is ready to take the next step forward.
Launched in July 2017, in this short period, Binance has come a long way. The crypto winter that has been brutal to many has been rather proved to be good for the exchange that according to Zhao has been all about
Apart from launching its own Chain, the exchange also brought back the ICO fever back but in the form of IEO (Initial Exchange Offering), a new token sale model via Binance Launchpad which received instant success and popularity.
Now long ago, it launched its fiat-to-crypto exchange Binance Jersey to target the European markets and is further planning to cover other territories. But it's into all, the exchange is working on its decentralized exchange (DEX) as well. And in the heart of it all is the Binance Coin which keeps on rising in value.