The 26th quarterly BNB token burn by BNB Chain has been successfully completed, as publicly stated by the BNB Foundation.
The 26th quarterly $BNB token burn has been completed through #BNB Auto Burn.
🔥 2.14m #BNB has been burned 🔥
View burn details ⬇️https://t.co/X87qqzEdFv pic.twitter.com/0zaLCkfs39
— BNB Chain (@BNBCHAIN) January 17, 2024
These are the numbers and details from the most recent burn:
- Auto-Burn (2,141,487.27 BNB burned in total)
- About $636 million USD is the approximate value at the time of burn.
- The BNB burn transaction ID (TXID) is: View the transaction
- 1542.15 BNB were burned as part of the Pioneer Burn Program.
- 2,139,945.12 BNB is the actual burn (Auto-Burn – Pioneer Burn).
Everything You Should Know About BNB Burn
The coin that powers the BNB Chain network is called BNB. It functions as the native currency of the opBNB L2s, BNB Greenfield blockchain, BNB Smart Chain, and BNB Beacon Chain. In addition, holders can deal with projects developed on those chains using it as a governance token.
When BNB was first introduced in 2017, it was promised that 100 million BNB, or half of its total quantity, would be burned out of circulation. Only 100 million BNB will remain in circulation as a result of this. This commitment is computed using the Auto-Burn methodology and is automatically honored every quarter.
An impartial, independently auditable method is offered by the BNB Auto-Burn. The process is separate from the controlled Binance exchange, and the numbers are released on a quarterly basis. Furthermore, BNB Chain keeps utilizing the Real-Time-Burn technique to burn a part of its gas expenses in real-time.
The Pioneer Burning Program
Additionally, a portion of BNB that may be verified as lost by qualified BNB Chain users is permanently removed from circulation as part of the Pioneer Burn Program. After that, this amount is added to the overall quarterly burn figure. Here are further specifics.
Approximately 210K BNB have been burned via this mechanism since BEP95 was introduced.
