The BNB Foundation has successfully completed its 29th quarterly token burn, removing approximately 1.77 million BNB from circulation, valued at around $1.07 billion at the time of the burn. This latest burn, carried out by BNB Chain’s Auto-Burn mechanism, reinforces the network’s goal of gradually reducing the total BNB supply to 100 million.
Key Figures from the 29th BNB Token Burn
The total burn of 1,772,712.363 BNB includes two major components:
- 1,710,142.733 BNB from the Auto-Burn.
- 62,569.63 BNB as an additional component related to the Pioneer Burn Program, which compensates users who lost BNB-backed BTokens due to accidental transfers to inactive addresses. This previously excluded amount was now added to this quarter’s burn.
The burn transaction is recorded on the BNB Chain, with further details accessible via the transaction ID.
The Mechanics Behind BNB’s Burning Process
BNB burns occur through an Auto-Burn system that adjusts the burn amount quarterly based on the market price of BNB and the number of blocks generated on the BNB Smart Chain (BSC). This approach ensures a transparent and predictable reduction in supply, with real-time burn mechanisms in place for gas fees collected from BSC transactions.
BNB, the native coin powering the BNB Chain, is used across various blockchain services, from transactions on the BNB Smart Chain and opBNB Layer 2 chains to the BNB Greenfield blockchain for data storage. It also functions as a governance token, allowing holders to participate in the BNB Chain’s decentralized governance.
The Pioneer Burn Program
The Pioneer Burn Program, designed to assist users who accidentally lost BNB or pegged tokens, enables the network to reimburse affected users by including these amounts in the quarterly burns. This quarter, there were no new tokens burned under this program.
Future Outlook
As BNB Chain progresses with its ongoing Fusion initiative, future burns will be executed directly on BSC, with burned tokens sent to the “blackhole” address to permanently remove them from circulation. Currently, around 43.5 million BNB remain to be burned to reach the 100 million target supply cap.
