The BNB Foundation has announced the successful completion of the 29th quarterly BNB token burn by BNB Chain. This announcement was made via the official X account of BNB Chain, highlighting significant figures from the recent burn.
BNB Burn Addresses Previous User Losses with Pioneer Program
In total, 1,772,712.363 $BNB were burned during this quarter. According to the blog post of BNB Chain, this total consists of two components: 1,710,142.733 BNB from the Auto-Burn and 62,569.63 BNB as an additional burn for BTokens. The latter responded to a previous problem that saw some BSC users lose their BTokens after transferring them to inactive wallets. Such users were compensated by the Pioneer Burn Program, and the tokens missing at the moment were included in this burn.
At the time of the burn, the total BNB burned was around $1.07 billion as of the burn. The TXID for this burn can be found online: Significantly, there was no BNB burned by the Pioneer Burn Program for this quarter. As of now, there is 144,099,981.1 BNB in circulation and 43,533,387.84 BNB that will be burned in the future.
BNB Powers Web3 Functionality on BNB Smart Chain
BNB is the native utility token of the BNB Chain ecosystem and is necessary for the ecosystem’s Web3 functionality. It enables trading on BNB Smart Chain (BSC), opBNB L2s, and the BNB Greenfield chain. Apart from the transaction fees, BNB is an instrument of the decentralized governance of the BNB Chain for its holders.
Launched on April 18, 2019, from the Ethereum Network, BNB is now BNB Chain. The name “Build and Build” correlates to its part in ecosystem creation. BNB uses the Auto-Burn system to decrease its total supply to 100,000,000 BNB depending on the price of BNB in USD and the number of blocks in a quarter.
Moving forward, the BNB Auto-Burn mechanism is still separate and fully verifiable. Additionally, the real-time burning mechanism based on gas fees have led to about 242000 BNB being burned since the implementation of BEP95. Ultimately, the BNB Pioneer Burn Program is still active to help users reclaim their lost $BNB and pegged tokens in order to maintain a strong BNB ecosystem.
