Kraken Lists BNB, Price Jumps 1.225%

BNB's latest price was $590.14, up 1.225% in the last 24 hours. Kraken Exchange, a prominent player in the cryptocurrency market, recently made a significant move by listing Binance Coin (BNB) on its platform. This decision came as a surprise to many crypto traders, as Kraken had not previously listed BNB despite its status as one of the top five cryptocurrencies by market capitalization. The listing, which went live on April 22, allows for deposits and withdrawals of BNB against the U.S. dollar, the EUR, USDC, and USDT. However, Kraken has imposed geographical restrictions where applicable, which may limit access for some users.

The announcement sparked a range of reactions from the crypto community. Some were surprised that Kraken had not listed BNB earlier, given its market position. Binance co-founder Changpeng Zhao, however, downplayed the significance of the listing, referring to BNB as a 'memecoin.' This comment reflects the ongoing debate within the crypto community about the nature and value of various cryptocurrencies.

The strategic decision to list BNB at Kraken Exchange can be attributed to several factors. Over the past few years, BNB has gained significant regulatory clarity, particularly in the United States. This regulatory environment has allowed Kraken to expand its services and compete more effectively with other exchanges. Additionally, the adoption of BNB has grown substantially, driven by the Binance exchange and the rising on-chain activity on the BNB chain. This increased activity has led to the burning of over 60 million tokens, worth over $34 billion, further reducing the circulating supply and potentially increasing the value of remaining tokens.

The BNB Foundation recently completed its 31st quarterly token burn, removing 1,579,207 tokens from circulation. This burn, valued at approximately $916 million, is part of the project's long-standing commitment to reduce its overall supply. The latest burn marks a slight decline from the previous quarter's all-time record, which destroyed 1.634 million tokens worth approximately $1.16 billion. The earlier burn included tokens from both the Auto-Burn system and the Pioneer Burn Program, while the latest burn did not see any tokens from the Pioneer program. The 31st quarterly burn was completed directly on the BNB Smart Chain (BSC), with all burned tokens directed into a provable 'black hole' address where they are irretrievable from circulation.

By means of this last cut, BNB has collectively burned around 40.89 million tokens now. At a price of $581 per token, this equates to the value of some $23.75 billion eradicated from supply forever. The original plan in the ecosystem as described in its whitepaper has been to halve the entire supply from 200 million down to 100 million tokens. The supply that exists now amounts to about 139.311 million tokens, leaving the token almost halfway toward its final mark.

Despite the ongoing global trade war and weak market sentiment, BNB has shown significant market resilience, similar to Bitcoin. This resilience is backed by strong fundamentals and adoption within the Binance ecosystem, where BNB is used extensively for transactions, trading fees, and interactions within the Binance Smart Chain (BSC). The native chain of BNB has recorded stable network growth and adoption, with active addresses spiking to nearly 3 million users in February. This strong network traction has been partly attributed to the meme mania that shifted from Solana to the BNB chain during that period.

The total value locked (TVL) in the BNB chain surged from $4 billion to $7 billion during a massive rally in late 2024. Despite the weak market sentiment in 2025, the TVL has stayed above $6 billion in the past few months, reinforcing investor confidence in the chain. This stability has allowed BNB to outperform other large-cap altcoins like Solana and Ethereum, which have seen significant declines from their recent highs. BNB investors have outperformed their Solana and Ethereum counterparts in the past few months, with BNB only down 10% relative to Bitcoin, compared to Solana's 44% and Ethereum's 60% declines.

BNB Chain, the community-driven blockchain ecosystem, recently announced its Delegation Support for the fifth iteration of its TVL Incentive Program. This initiative, which concluded on March 21, 2025, was launched to support and accelerate innovation in decentralized finance and the broader restaking ecosystem. By allocating up to 5% of each protocol’s incremental staked BNB as Delegation Support, the program plays a key role in driving protocol-level growth and reinforcing BNB Chain’s DeFi infrastructure. The top five protocols earning Delegation Support were KernelDAO, Astherus, YieldNest, Tranchess, and Lista-DAO, with rewards calculated according to their respective performance tiers.

The reward assets will be distributed in BNB within 10 days following the announcement. Delegation Support will remain active for a period of one to three months, depending on each protocol’s overall performance and adherence to robust security and risk management practices. BNB Chain reserves the right to withdraw Delegation Support in cases where a protocol is assessed to present a high level of risk. As BNB Chain continues to strengthen its support for the DeFi ecosystem, efforts are underway to optimize the TVL Incentive Program to deliver greater value to participating projects. The community is encouraged to provide suggestions and feedback to help evolve this initiative further and contribute to BNB Chain’s mission of onboarding the next billion Web3 users.

BNB Chain is composed of BNB Smart Chain (BSC), a secure DeFi hub with the lowest gas fees of any EVM-compatible L1, opBNB, a scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds, and BNB Greenfield, which meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program. Users can learn more about the TVL Incentive Program or view the full details on the BNB Chain website.

BNB Chain recently announced the winners of the BNB AI Hackathon Quarter 1, including DeFAI Operating System BINK AI, AI Autonomous Trading Platform Botzilla, AI Eco Assistant Tutorial Agent, AI Trading Assistant Tokrio, NFT Platform Polycruz, On-chain AI Agent Protocol WORLD3 Protocol, Multi-agent Platform Sentism AI, Web3 Game Platform iDos Games, AI Token Deployment Bot Boomie, AI Agent Marketplace VitaminAI, Decentralized Knowledge Hub Stitch AI, and Web3 Automation Eco Tearline. This hackathon highlights the growing integration of artificial intelligence within the blockchain ecosystem and the innovative projects being developed on the BNB Chain.