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The BNB Foundation has officially announced the successful completion of the 28th quarterly BNB token burn by BNB Chain.
Here are the facts and figures from the latest burn:
- Auto-Burn (Total BNB burned): 1,643,698.8 BNB
- Approximate value in USD around the time of burn: ~$971M
- Transaction ID (TXID) for BNB burn: View Transaction
- BNB burned from the Pioneer Burn Program: Nil
What You Need to Know About the BNB Burn
BNB is the native coin of the BNB Chain ecosystem, essential for powering its multifaceted Web3 environment. It supports transactions on the BNB Smart Chain (BSC), the opBNB L2s and BNB Greenfield blockchain. Besides transaction fees, BNB serves as a governance token, granting holders the ability to participate in the BNB Chain’s decentralized on-chain governance.
Following its mainnet launch on April 18, 2019, BNB transitioned from the Ethereum Network to the BNB Chain. “Build and Build” is the philosophy behind BNB, reflecting its role in fostering development within the ecosystem.
BNB employs an Auto-Burn system to gradually reduce its total supply to 100,000,000 BNB. The burn amount is adjusted based on BNB’s price and the number of blocks generated on BSC during a quarter, ensuring transparency and predictability.
BNB Auto-Burn
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.
Unlike previous quarterly Auto-Burns, this quarter’s burn, along with future burns, will occur directly on BSC due to the ongoing BNB Chain Fusion. The corresponding BNB amount will be sent to the “blackhole” address: 0x000000000000000000000000000000000000dEaD.
BNB Real-time Burn
Additionally, BNB implements a real-time burning mechanism based on gas fees. BSC validators determine the ratio of gas fees collected in each block, which is burned at a fixed rate. Since the introduction of BEP95, roughly 234K BNB has been burnt under this mechanism.
Pioneer Burn Program
The BNB Pioneer Burn Program helps users recover lost BNB and pegged tokens due to honest mistakes, by covering these losses through their quarterly token burn events.
Further Reading
- 27th BNB Burn
- Design Mechanisms of the BNB Token
- What is BNB
- Real-Time Burning Mechanism
- What is BNB Greenfield?
- What is opBNB?
