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The BNB Foundation has officially announced the successful completion of the 26th quarterly BNB token burn by BNB Chain.
Here are the facts and figures from the latest burn:
- Auto-Burn (Total BNB burned): 2,141,487.27 BNB
- Approximate value in USD around the time of burn: ~$636M
- Transaction ID (TXID) for BNB burn: View transaction
- BNB burned from the Pioneer Burn Program: 1542.15 BNB
- Actual Burn (Auto-Burn – Pioneer Burn): 2,139,945.12 BNB
What You Need to Know About the BNB Burn
BNB is the cryptocurrency that fuels the BNB Chain ecosystem. It acts as the native coin of the BNB Beacon Chain, the BNB Smart Chain, the opBNB L2s and BNB Greenfield blockchain. It also serves as a governance token and allows holders to transact with projects built on those chains.
When BNB was launched in 2017, a commitment was made to remove 100 million BNB (half of its total supply) from circulation through a burning process. This ultimately will keep only 100 million BNB in circulation. This commitment is automatically honored each quarter and calculated according to the Auto-Burn formula.
The BNB Auto-Burn provides an independently auditable, objective process. The figures are reported quarterly, and the mechanism is independent of the Binance centralized exchange. On top of that, BNB Chain continues to burn a portion of BNB Chain’s gas fees in real-time using the Real-Time-Burn mechanism.
Pioneer Burn Program
The Pioneer Burn Program also permanently removes an amount of BNB from circulation equal to provable lost funds by eligible BNB Chain users. This number is then counted towards the total quarterly burn figure. More details can be found here.
Since the introduction of BEP95, roughly 210K BNB has been burnt under this mechanism.
Further Reading
- 25th BNB Burn
- Design Mechanisms of the BNB Token
- Real-Time Burning Mechanism
- What is BNB Greenfield?
- What is opBNB?
