BNB Chain Destroys 1,772,712 BNB Worth $1 Billion in 29th Quarterly Burn

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

This latest development is the 29th iteration in the series of BNB Chain’s quarterly burn. At the time of the burn, the approximate value of the total BNB burned was around $1.07 billion.

This 1.77 million BNB figure marked a significant increase from the previous quarter’s burn. At the time, 1.64 million BNB tokens, valued at approximately $971 million, were incinerated.

The 29th quarterly $BNB token burn has been completed directly on BNB Smart Chain (BSC), with 1772712.363 $BNB being burned 🔥

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

— BNB Chain (@BNBCHAIN) November 1, 2024

Further Details of the Latest BNB Burn

Notably, the latest burn figure comprises two key 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. Notably, these users were 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.

Furthermore, the report noted that 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, with the goal of reducing the supply to just 100 million tokens. Essentially, there are still 43,533,387.84 BNB tokens remaining to be burned.

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.