BNB Chain Burns 1.6M BNB Tokens as Part of its 28th Quarterly Token Burn
The BNB Foundation has completed the 28th quarterly token burn on the BNB Chain, further reducing the total supply of BNB tokens.
The burn saw a total of 1,643,698.8 BNB tokens being removed from circulation, BNB Chain said in a Monday blog post.
The platform added that the approximate value of the tokens stood at around $971 million at the time of the burn.
BNB serves as the native coin of the BNB Chain ecosystem, playing a crucial role in powering its multifaceted Web3 environment.
It facilitates transactions on the BNB Smart Chain (BSC), opBNB L2s, and BNB Greenfield blockchain.
Additionally, BNB holds governance utility, enabling holders to participate in the decentralized on-chain governance of the BNB Chain.
The Auto-Burn system implemented by BNB gradually reduces the token’s total supply to 100,000,000 BNB.
The burn amount is adjusted based on the price of BNB and the number of blocks generated on the BSC during each quarter.
Unlike previous quarterly burns, the recent burn, as well as future burns, will occur directly on the BSC due to the ongoing BNB Chain Fusion.
In addition to the quarterly burns, BNB implements a real-time burning mechanism based on gas fees.
BSC validators determine the ratio of gas fees collected in each block, which is then burned at a fixed rate.
Since the introduction of BEP95, approximately 234,000 BNB tokens have been burnt through this mechanism.
The BNB Pioneer Burn Program is another noteworthy initiative that supports users in recovering lost BNB and pegged tokens due to honest mistakes.
The program covers these losses through quarterly token burn events, providing a safety net for users within the ecosystem.
By reducing the total coin supply, the BNB Foundation aims to create a deflationary
