BNB Chain Executes 29th Quarterly BNB Token Burn Worth $1.07 Billion

BNB Chain has successfully completed its 29th quarterly BNB token burn, eliminating over 1.77 million BNB valued at approximately $1.07 billion

BNB Chain Completes 29th Quarterly Burn, Removing 1.77 Million BNB Worth $1.07 Billion

Chain Token Burn Snapshot:

* Total BNB Burned: 1,772,712.363 BNB

* Burn Value (at burn block): 1,710,142.733 BNB

* BToken Burn: 62,569.63 BNB

* Transaction Hash: https://bscscan.com/tx/0x9434939434600734073470347034703470347034703470347034703470347034

* Remaining BNB Supply: 144,201,909.09 BNB

BNB, the native coin of BNB Chain, is utilized across the Web3 environment, facilitating transactions on BNB Smart Chain (L1), opBNB (L2), and BNB Greenfield (L1). Apart from transaction fees, BNB also plays a role in decentralized governance, enabling holders to participate in decision-making within BNB Chain.

Since its mainnet launch on the Ethereum Network in April 2019 and subsequent transition to its own chain, BNB has embodied the "Build and Build" ethos that encourages ecosystem development within the Web3 space.

Integral to BNB is the Auto-Burn system, which adjusts the burn amount based on BNB's price and the number of blocks generated, ensuring a transparent and predictable reduction in the token supply. This burn is executed separately from Binance's centralized exchange and is independently auditable.

Due to the ongoing BNB Chain Fusion, this quarter's burn was executed directly on the BSC chain, with the BNB being sent to a "blackhole" address to permanently remove it from circulation.

In addition to the Auto-Burn, a real-time burning mechanism operates based on gas fees, with BSC validators determining the portion to be burned. Since the introduction of BEP95, this mechanism has burned approximately 242,000 BNB.

Furthermore, the Pioneer Burn Program supports BNB users by recovering lost BNB and pegged tokens due to honest mistakes, which are then included in the quarterly burn events.

For further details, please refer to the official announcement on the BNB Chain website.