The total assets withdrawn amounted to 1,595,599 BNB, equivalent to $1.024 billion at the time of the burn event. Following this, the total supply of BNB decreased to 139.3 million.
The destruction of coins is carried out through the Auto-Burn mechanism, which aims to reduce the total supply to 100 million BNB. The amount burned each quarter depends on the price of BNB and the number of blocks generated on the network during that period.
At the time of writing, BNB is trading at $670.85 (+1.4% overnight), according to CoinGecko.
BNB Chain currently ranks fourth among networks in the DeFi ecosystem by total value locked (TVL).
BNB Reserves and Institutional Expansion
Venture capital firm YZi Labs, linked to ex-Binance CEO Changpeng Zhao, and 10X Capital are working together to create a BNB Treasury Company. In the future, shares of this company are planned to be listed on a U.S. stock exchange.
The initiative aims to provide both retail and institutional investors in the US with access to the BNB Chain ecosystem. According to representatives of 10X Capital, such users currently have limited opportunities to invest in BNB. This new structure will serve as a gateway for investors to access decentralized finance.
The project will be developed by a team of top managers, including Galaxy Digital co-founder David Namdar, former IT director of investment fund CalPERS Russell Reed, and ex-director of Kraken, Saad Naja.
10X Capital will act as the asset manager for the new company. It has partnered with Cohen & Company Capital Markets and Clear Street LLC to raise capital and purchase BNB. Previously, 10X Capital participated in the creation of a similar treasury company, Nakamoto (NAKA), whose shares are traded on Nasdaq.
Ella Zhang, head of YZi Labs, noted that BNB Chain is one of the most widely used blockchain ecosystems. She added that increased institutional participation will benefit a wide range of users.
The funding round is expected to close in the coming weeks.
As a reminder, in April, BNB Chain developers implemented the Pascal hard fork, aimed at improving EVM compatibility of the blockchain.
