BNB Chain Ecosystem Completes 29th Quarterly Burn, Destroying $1.07B Worth of BNB Tokens

The BNB Chain ecosystem has concluded a fresh quarterly burn, destroying 1,772,712.363 BNB tokens from the available supply.

The BNB Chain ecosystem has concluded its 29th quarterly burn, destroying 1,772,712.363 BNB tokens from the available supply. At the time of the burn, the approximate value of the total BNB burned was around $1.07 billion.

This latest development follows the chain’s announcement on November 1, revealing the burn details. The burn figure notably includes two components.

The first part is the Auto-Burn, which accounted for 1,710,142.733 BNB. Meanwhile, the second component reflects an extra burn of 62,569.63 BNB.

This amount addressed previous losses some users experienced with BTokens sent to inactive addresses. These users were later repaid through the Pioneer Burn Program. While some of these BTokens were initially miscalculated in prior Auto-Burns, this quarter’s burn has now rectified that oversight.

However, no BNB was burned from the Pioneer Burn Program this time. Following this latest token destruction, BNB now has a total supply of 144,099,981.1 tokens in circulation.

As a quick refresher, BNB has a goal of reducing the total supply to just 100 million tokens. Essentially, there are still 43,533,387.84 BNB tokens remaining to be burned.

To provide some context, BNB was initially launched in 2017 with a total supply of 200 million tokens. However, following the mainnet launch in April 2019, the total supply was adjusted to 165,162,864.99 BNB.

Since then, BNB has been burned on a quarterly basis, with the aim of reducing the total supply to 100 million tokens. This burn mechanism is designed to increase the scarcity of BNB and potentially drive up its value.

BNB in the BNB Ecosystem

Since its mainnet launch in April 2019, BNB has evolved from its origins on the Ethereum network to become a key component of the BNB Chain. BNB is the native asset of the BNB Chain ecosystem, facilitating transactions across various platforms, including the BNB Greenfield blockchain and opBNB Layer 2 solutions.

Currently, BNB has a market value of $584 and a market cap of $84.22 billion, ranking as the fourth largest crypto asset.

To manage its total supply, BNB utilizes an Auto-Burn mechanism, which aims to gradually reduce the total supply to 100 million BNB. The amount burned is determined by BNB’s market price and the number of blocks produced on the BSC each quarter.

In addition to the Auto-Burn, BNB features a real-time burn mechanism tied to gas fees. BSC validators assess the ratio of gas fees collected in each block, with a portion burned at a fixed rate. Since the implementation of the BEP95 protocol, approximately 242,000 BNB has been burned through this initiative.