BNB Foundation Burns $971M Worth of BNB in 28th Quarterly Token Burn

The $BNB Foundation has recently announced the completion of its 28th quarterly $BNB token burn to manage its token supply and bolster its price action over time.

According to the latest disclosure, this quarter saw 1,643,698.8 $BNB tokens, valued at around $971 million, removed from circulation.

The 28th quarterly $BNB token burn has been completed directly on $BNB Smart Chain (BSC), with 1,643,699 #$BNB has been burned.🔥

🧐 View burn details: https://t.co/gE4IEsQlg3 pic.twitter.com/jTZqZqcjhH

— $BNB Chain (@BNBCHAIN) July 22, 2024

$BNB’s Auto-Burn system aims to gradually decrease the total supply of the token to 100,000,000. This system decides the amount to be burned based on the $BNB value and the number of blocks BSC generates in a quarter.

According to the announcement, the most recent burn occurred directly on the BSC due to the ongoing $BNB Chain Fusion. This will be the same approach for future burns. The burned tokens will be sent to the “blackhole” address: 0x0000000000000000000000000000dEaD.

The $BNB Auto-Burn method is independently auditable and reports figure quarterly, independent of any centralized control from the Binance exchange.

Notably, the $BNB Chain announced its last quarterly burn on April 24. The event removed 1,944,452.51 $BNB tokens from circulation, worth around $1.17 billion at the time of burn. Last October, the 25th annual burn saw the incineration of over 2.1 million $BNB, the single highest burn in two years at the time.

Other $BNB Burning Methods

In addition to the Auto-Burn, $BNB has a real-time burning method depending on gas fees collected in each block. Since the introduction of BEP95, this method has burnt around 234,000 $BNB.

Moreover, the $BNB Pioneer Burn Program supports users who have lost $BNB or pegged tokens. This program covers these losses through quarterly token burn events, ensuring that users are not permanently disadvantaged by their “honest mistakes.”

$BNB Chain continues to innovate and enhance its network. In May, it announced major upgrades to their layer-2 network, opBNB, aimed at increasing transaction efficiency and decreasing gas costs.