Key Points
- BNB Foundation officially announces the completion of the 27th quarterly BNB token burn by BNB Chain.
- The total BNB burned is about 1,94 million BNB, approximately worth $1.17B at the time of burn.
The BNB Foundation has officially announced the successful completion of the 27th quarterly BNB token burn by BNB Chain.
In the announcement, BNB Chain reveals the following important details:
- Auto-Burn (Total BNB burned): 1,944,452.51 BNB
- Approximate value in USD around the time of burn: ~$1.17B
- Transaction ID (TXID) for BNB burn
What is the BNB burn?
BNB is the digital asset that fuels the BNB Chain ecosystem. This acts as the native coin of the BNB Smart Chain (BSC), the opBNB L2s, and the BNB Greenfield blockchain. BNB also serves as a governance token, allowing holders to make transactions with projects built on the chains.
BNB was launched back in 2017, and then, a commitment was made to remove 100 million BNB, which represented half of the total supply from circulation via a burning process.
The purpose is to keep only 100 million BNB in circulation. The commitment is automatically honored each quarter of the year, and it’s calculated according to the Auto-Burn formula.
The BNB Auto-Burn offers an independently auditable and objective process, and the figures are reported on a quarterly basis. The mechanism is not related to the Binance centralized exchange.
BNB Chain continues to burn a portion of BNB Chain’s gas fees in real time via the Real-Time-Burn mechanism.
The announcement notes that unlike the previous quarterly Auto-Burn, the one from Q1 2024 and the subsequent burn take place directly on the BNB Smart Chain (BSC). This is due to the ongoing BNB Chain Fusion.
The Corresponding BNB amount will be transferred to the “blackhole” address: 0x000000000000000000000000000000000000dEaD.
Regarding BNB’s price today, at the moment of writing this article, BNB is trading at over $616, up by more than 2% on CoinMarketCap.
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What is the Pioneer Burn Program?
The Pioneer Burn Program permanently removes an amount of BNB from circulation that’s equal to provable lost funds by eligible BNB Chain users. The number is counted towards the total quarterly burn figure.
The notes reveal that since the introduction of BEP95, only 210K BNB have been burned under this specific mechanism. BEP95 is a Binance Evolution Proposal that introduces a real-time burning mechanism to BNB Smart Chain (BSC).
The BNB Chain is a decentralized blockchain ecosystem that is focused on offering a strong infrastructure for the Web3 economy. BNB Chain provides a vast palette of services, and it also promotes decentralized management, Layer 2 scaling, and various innovative solutions for DeFi.
The BNB Foundation is committed to empowering students from underserved high schools through scholarships, professional development, and coaching to ensure that the scholars meet their full potential in college and in life.