BNB Foundation Announces Successful Completion of 29th Quarterly BNB Token Burn by BNB Chain

The BNB Foundation has announced the successful completion of the 29th quarterly BNB token burn by BNB Chain. This announcement was made via the

BNB Foundation Announces Completion of 29th Quarterly BNB Token Burn

BNB Chain recently announced the successful completion of the 29th quarterly burn of BNB tokens. The announcement was made through the official X account of BNB Chain, highlighting key statistics from the latest burn.

The 29th quarterly $BNB token burn has been completed directly on BNB Smart Chain (BSC), burning 1772712.363 $BNB.

View burn details below 👇https://t.co/QjGO4lmhDP pic.twitter.com/SrEKXtAc4Y

BNB Burn Addresses Previous User Losses with Pioneer Program

In total, 1,772,712.363 BNB tokens were burned this quarter. According to the BNB Chain blog post, this total comprises two components: 1,710,142.733 BNB from the Auto-Burn and an additional burn of 62,569.63 BNB for BTokens. The latter addresses a previous issue where some BSC users lost their BTokens after transferring them to inactive wallets. These users were compensated by the Pioneer Burn Program, and the missing tokens were included in this burn.

At the time of the burn, the total BNB burned was approximately $1.07 billion. The TXID for this burn is available online: Notably, there was no BNB burned by the Pioneer Burn Program this quarter. Currently, there is 144,099,981.1 BNB in circulation and 43,533,387.84 BNB pending to be burned.

BNB Powers Web3 Functionality on BNB Smart Chain

BNB is the native utility token of the BNB Chain ecosystem, facilitating Web3 functionality. It enables transactions on BNB Smart Chain (BSC), opBNB L2s, and the BNB Greenfield chain. In addition to transaction fees, BNB serves as an instrument of decentralized governance for its holders.

Launched on April 18, 2019, as part of the Ethereum Network, BNB Chain (formerly BNB) derives its name (“Build and Build”) from its role in fostering the creation of the ecosystem. BNB operates on an Auto-Burn system, aiming to reduce its total supply to 100,000,000 BNB, determined by the price of BNB in USD and the number of blocks in a quarter.

Notably, the BNB Auto-Burn is separate and fully auditable. Moreover, the gas fee-based real-time burning mechanism has burned around 242000 BNB since the implementation of BEP95. Finally, the BNB Pioneer Burn Program continues to assist users in recovering their lost BNB and pegged tokens, ensuring the strength of the BNB ecosystem.