The BNB Foundation officially announced the successful completion of the 27th quarterly BNB token burn by BNB Chain, marking another milestone in the ongoing efforts to reduce the circulating supply of the token.
BNB Foundation Completes 27th Quarterly Token Burn
Here are the important details from the final cremation:
Automatic Burn (Total BNB burned): 1,944,452.51 BNB
Approximate value in US dollars at the time of burning: US$1.17 billion
Transaction ID (TXID) for BNB burning: (Link not provided for privacy and security reasons)
BNB is the native cryptocurrency of the BNB Chain ecosystem and powers various functions on platforms such as BNB Smart Chain (BSC), opBNB L2s and the BNB Greenfield blockchain.
BNB serves as a utility token, governance asset, and transaction tool within the Ecosystem.
Since its launch in 2017, BNB has committed to removing 100 million tokens (half of its total supply) from circulation through a systematic burning process.
This commitment is fulfilled every quarter through an Automatic Burn mechanism, and it is anticipated that only 100 million BNB will remain in circulation over time.
The Auto-Burn process ensures transparency and objectivity independent of the Binance central exchange. In addition, BNB Chain implements a Real-Time Burn mechanism, constantly burning a portion of BNB Chain's gas fees.
*This is not investment advice.