KEYTAKEAWAYS
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BNB burned $916 million worth of tokens in its 31st quarterly burn, continuing its deflation plan despite limited impact on price due to market fear.
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Mantra’s CEO proposed burning personal OM tokens to restore investor trust after a 90% crash, but concerns over token transfers and motives remain.
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Canada will launch the first spot Solana ETF this week, offering staking via TD Bank, boosting accessibility and Solana’s position in institutional markets.
CONTENT
BNB FOUNDATION COMPLETES 31ST QUARTERLY BNB BURN
On April 16, the BNB Foundation officially announced that BNB Chain has completed its 31st quarterly BNB token burn. Here are the key figures:
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Total Burned (Auto-Burn): 1,579,207.72 BNB
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Estimated USD Value: Around $916.07 million
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Remaining to Be Burned: 40,886,572.43 BNB
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Current Total Supply: 139,311,899.514 BNB
Analysis:
This $916 million burn continues BNB’s deflationary strategy. With 41 million BNB left to burn, it could take 6–8 years to reach the target (assuming ~1.5M per quarter).
Despite the large burn, BNB’s price hasn’t increased much (still around $580), likely due to market fear (index at 31) and high interest rate expectations limiting investor activity.
MANTRA CEO PROPOSES BURNING PERSONAL OM TOKENS TO REGAIN INVESTOR TRUST
On April 16, according to CryptoSlate, Mantra CEO John Patrick Mullin proposed burning his personal OM token holdings to restore investor confidence after a sharp price drop. He holds part of the 300 million OM tokens reserved for the team, which are locked until April 2027.
Analysis:
Mullin plans to burn 772,000 OM tokens (out of a potential 300 million), responding to a 90% price crash that wiped out $5.5 billion in market cap. While this burn is similar to BNB’s deflation model, it’s larger and more complicated in motive.
A 31% price rebound to $0.7796 shows some short-term support, but concerns remain about a $70 million OM token transfer and doubts surrounding Laser Digital. Whether the burn can truly restore trust is still unclear.
SPOT SOLANA ETF TO LAUNCH IN CANADA THIS WEEK
On April 14, Bloomberg ETF analyst Eric Balchunas posted on social media that Canada will launch a spot Solana ETF this week. Regulators have approved firms like Purpose, Evolve, CI, and 3iQ. These ETFs will offer staking services through TD Bank.
Analysis:
The launch of a spot Solana ETF in Canada is a major step for the crypto market. With 6–8% staking yields and easy access (no wallet needed), it could attract both retail and institutional investors. This strengthens Solana’s position as a leading “Ethereum killer.”
Also Read：
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Crypto Weekly Outlook (4/14-4/20)｜China’s Q1 Economic Data & Powell’s Speech
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