BNB Foundation Removes Over $1 Billion in Lates Quarterly Token Burn

The BNB Foundation has recently completed its 29th quarterly token burn, effectively removing about 1.77 million BNB from circulation, which was valued at roughly $1.07 billion at the time of the burn.

This latest burn was executed through BNB Chain’s Auto-Burn mechanism, aligning with the platform’s strategy to gradually decrease the total supply of BNB to a capped amount of 100 million tokens.

In total, 1,772,712.363 BNB was burned this quarter, consisting of two primary components. The Auto-Burn process accounted for 1,710,142.733 BNB, while the remaining 62,569.63 BNB originated from the Pioneer Burn Program. This program reimburses users who accidentally transferred their BNB-backed tokens to inactive addresses, and this portion was included in the burn for the first time.

The details of the burn transaction are recorded on the BNB Chain, and further information can be accessed through the transaction ID.

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The burn mechanism operates automatically every three months, adjusting the burn amount based on the current market price of BNB and the total number of blocks produced on the BNB Smart Chain (BSC). This ensures a transparent and consistent reduction in supply, utilizing real-time mechanisms for burning gas fees collected from BSC transactions.

As BNB Chain progresses with its ongoing Fusion initiative, future token burns will occur directly on the BSC, with burned tokens sent to a “blackhole” address to be permanently removed from circulation. Currently, approximately 43.5 million BNB tokens remain to be burned in order to reach the target supply cap of 100 million tokens.

Alexander Stefanov