# BNB #Binance #BinanceCoinBurn
Binance Coin Burn | BNB Is Gonna Skyrocket Soon
BNB is a native asset of the Binance blockchain, called Binance Chain. Binance’s entire ecosystem was structured around this coin, and BNB fuels this very ecosystem. BNB provides rewards, makes in-store payments, and allows Binance users to gain significant discounts on transaction fees, amongst a plethora of other things. Binance also offers a significant rebate as an incentive for its use.
Though it has been around since 2017, the maximum value it ever reached was only $40, that is until January 2023.
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Binance Coin Burn | BNB Is Gonna Skyrocket Soon!
What is Binance Coin or BNB?
BNB is a native asset of the Binance blockchain, called Binance Chain. Binance’s entire ecosystem was structured around this coin, and BNB fuels this very ecosystem. BNB provides rewards, makes in-store payments, and allows Binance users to gain significant discounts on transaction fees, amongst a plethora of other things.
Binance also offers a significant rebate as an incentive for its use. That’s pretty neat, isn’t it?
Though it has been around since 2017, the maximum value it ever reached was only $40, that is until January 2023. So did things change in the world of Binance? Was it for the better, or for the worse?
As it is stated in BNB’s whitepaper, the coin goes through a ‘burning’ process every quarter in which Binance buys and destroys BNB worth around 20% of the company’s quarterly profits. Soon after the quarterly Coin Burn occurs, Binance makes an official announcement, specifying the number of BNB coins that were burned.
In the 14th Burn, in 2023’s last quarter, Binance burned a total of 3,619,888 BNB, which is equivalent to around $165,791,000 USD worth of tokens. But this number might just be about to be beaten.
But in January 2023, Binance decided to move towards an ‘accelerated burn rate’, to reduce the time to achieve its goal of burning 100 million BNB. This accelerated rate would make the goal attainable in the next five to eight years.
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