In a recent announcement, the BNB Foundation confirmed the successful execution of its 27th quarterly [ccpw id=60495] token obliteration. This latest event saw a substantial number of BNB tokens removed from circulation, precisely 1,944,452.51 BNB, with an estimated market value of approximately $1.17 billion at the time of the burn.
The burn was conducted under the auto-burn mechanism, ensuring a transparent and independent process free from the influence of the centralized exchange of Binance. This quarter’s event notably occurred on the BNB Smart Chain (BSC) as part of the ongoing BNB Chain Fusion initiative. The removed tokens were transferred to a “blackhole” address, permanently removing them from availability. This quarter, no BNB tokens were burned under the Pioneer Burn Program, which aims to eliminate tokens equivalent to verifiably lost funds from eligible BNB Chain users.
BNB, the principal cryptocurrency powering the BNB Chain ecosystem, is central to the operations on the BNB Smart Chain, the opBNB L2s, and the BNB Greenfield blockchain. The token also plays a crucial role in governance and facilitating transactions within projects developed on these platforms.
Long-Term Supply Strategy
Since its inception in 2017, BNB’s creators have committed to halving its total supply to 100 million BNB through a systematic burning strategy. This commitment is realized through the Auto-Burn formula, which calculates the amount to be destroyed each quarter.
In addition to the Auto-Burn, BNB Chain diminishes its supply by burning a portion of the gas fees accrued, a process conducted in real time via the Real-Time-Burn mechanism. Since the introduction of BEP95, approximately 210K BNB has been incinerated under this newer method.
