BNB Foundation has successfully completed its 28th quarterly BNB token burn, marking another milestone for the BNB Chain. The final burn, performed through BNB's Auto-Burn system, resulted in a significant reduction in the circulating supply of the token.
BNB Foundation Completes 28th Quarterly BNB Token Burn
Total BNB burned: 1,643,698.8 BNB
Approximate value in US dollars at the time of burning: $971 million
BNB, the native token of the BNB Chain ecosystem, plays an important role in supporting transactions on the BNB Smart Chain (BSC), opBNB Layer 2 solutions and the BNB Greenfield blockchain.
In addition to facilitating transactions, BNB also serves as a governance token that allows holders to participate in the decentralized on-chain governance of the BNB Chain.
The BNB Auto-Burn system is designed to gradually reduce the total BNB supply to 100,000,000. The burn amount is adjusted based on the price of BNB and the number of blocks produced in BSC each quarter, ensuring transparency and predictability.
This system provides an independently auditable and objective process where figures are reported quarterly.
In addition to Automatic Burning, BNB implements a real-time burning mechanism based on gas fees. BSC validators determine the rate of gas fees collected in each block, which are then burned at a fixed rate.
Since the launch of BEP95, approximately 234,000 BNB has been burned through this mechanism.
The BNB Foundation's ongoing commitment to reducing the total BNB supply not only aims to increase the value and utility of the token, but also underscores its commitment to maintaining a robust and transparent ecosystem.
*This is not investment advice.