BNB Foundation Continues to Burn BNB Worth Up to $1 Billion

The BNB Foundation has announced its 32nd token burn, destroying 1,595,599.78 BNB, equivalent to approximately $1.024 billion. This reduces the total remaining supply to 139,289,513.94 BNB.

Bnb Foundation Continues To Burn Bnb Worth Up To $1 Billion

The BNB Foundation has announced the completion of its 32nd quarterly BNB token burn, eliminating a total of 1,595,599.78 BNB, equivalent to approximately $1.024 billion. This is a significant step in the deflationary strategy of the BNB ecosystem, bringing the remaining total supply of BNB down to 139,289,513.94 BNB, closer to the long-term goal of only 100 million BNB.

Details of the Token Burn

In this burn event:

  • 1,595,470.69 BNB were burned through the Auto-Burn mechanism, which automatically calculates the amount of BNB to be burned based on the price of BNB and the number of blocks created on the BNB Chain.
  • 129.10 BNB were burned under the Pioneer Burn program, which helps users recover tokens lost due to accidental transaction errors.

Related: Bitcoin Surpasses Google to Become the Sixth Most Valuable Asset Globally

BNB’s Deflationary Strategy

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Since the BNB Chain launched its mainnet in April 2019, quarterly token burns have become a strategic feature of Binance, aimed at reducing the total supply from the initial 200 million BNB to 100 million BNB. The 32nd burn marks an important milestone in this journey, contributing to the intrinsic value of BNB and strengthening the ecosystem.

Since 2022, the Auto-Burn mechanism has been implemented to ensure transparency and independence. The amount of BNB burned each quarter is calculated based on the price of BNB and network activity, rather than being directly tied to Binance’s exchange revenue. This makes the token burn process more auditable and less influenced by centralized factors.

Additionally, the BNB Chain has implemented a real-time burn mechanism under proposal BEP-95, automatically burning a portion of the gas fees from each block. To date, approximately 265,000 BNB have been burned through this method, further promoting the deflationary nature of the ecosystem.

The Pioneer Burn program continues to be a highlight, assisting users in recovering BNB lost due to valid transaction errors. The corresponding BNB is burned in each quarterly burn, reflecting the BNB Foundation’s commitment to protecting community interests.

Despite the announcement of the 32nd token burn, the price of BNB has shown little volatility, similar to previous burn events. Currently, BNB is trading around $670, nearly identical to the price at the time of the 30th burn earlier this year.

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