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Major cryptocurrency exchange Binance has announced the completion of the 25th BNB burn. A total of 2.13 million BNB tokens were burned in this latest event.
Details of the 25th BNB Burn
Binance, the world’s largest cryptocurrency exchange by trading volume, announced the completion of the 25th BNB burn. According to the announcement, approximately 2.13 million BNB tokens, worth around $501.6 million, were burned.
In July, Binance announced the 24th BNB burn, during which approximately 1.99 million BNB tokens, worth around $484 million, were burned.
What You Need to Know About BNB Burns
BNB, which powers the BNB Chain ecosystem, acts as the native asset for BNB Beacon Chain, BNB Smart Chain, opBNB L2s, and BNB Greenfield Blockchains. It also serves as a governance token, allowing holders to participate in projects built on these Blockchains.
When BNB was launched in 2017, it was promised that 100 million BNB tokens (half of the total supply) would be burned through a burning process. The goal is to have only 100 million BNB tokens in circulation through quarterly burns. This commitment is automatically fulfilled every quarter, and the number of BNB tokens to be burned is calculated according to the automated burning mechanism formula.
BNB’s automated burning process provides a transparent and objective mechanism that can be independently audited. The figures are reported every three months, and the burning mechanism operates independently of Binance. Furthermore, BNB Chain continues to burn a portion of the gas fees in real-time using its real-time burning mechanism.