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The BNB Foundation has officially announced the successful completion of the 32nd quarterly BNB token burn by BNB Chain.
Here are the facts and figures from the latest burn:
- Total BNB burned: 1,595,599.78 BNB
- This total includes two components:
- Actual burn: 1,595,470.69 BNB
- BNB burned in Pioneer Burn as explained below: 129.10 BNB
- This total includes two components:
- Approximate value in USD around the time of burn: ~$1.024B
- Transaction ID (TXID) for BNB burn: View transaction
- Remaining to be burned: Check real-time data here
- Remaining total supply: 139,289,513.94 BNB
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.
Besides transaction fees, BNB serves as a governance token, granting holders the ability to participate in the BNB Chain’s decentralized on-chain governance. Additionally, BNB functions as a strategic reserve asset and enters the radar of more mainstream financial institutions, driving ecosystem growth and incentivizing adoption.
Following its mainnet launch on April 18, 2019, BNB transitioned from the Ethereum Network to 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.
This quarter’s burn and future burns will occur directly on BSC due to the BNB Chain Fusion. The corresponding BNB amount will be sent to the “blackhole” address: 0x000000000000000000000000000000000000dEaD.
Note: Due to the recent Lorentz and Maxwell Upgrades, BSC is producing blocks more frequently, compared with the time when the Auto Burn formula was originally defined. The parameters used in the formula have been adjusted to keep the idea and spirit consistent.
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 265K 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
- 31st BNB Burn
- Design Mechanisms of the BNB Token
- Real-Time Burning Mechanism
- What is BNB Greenfield?
- What is opBNB?
