Binance has successfully completed the 29th BNB coin burn on the BNB Smart Chain (BSC). A total of 1.77 million BNB has been burned, removing it from circulation. The value of the burned BNB is recorded at approximately 1.07 billion dollars, conducted to reduce the circulating supply of BNB while adhering to Binance’s transparency policy by sharing transaction details with the public.
Automatic Coin Burn and Additional Burn Details
Out of the total burn, 1.71 million BNB is based on Binance’s Auto-Burn system. This Auto-Burn mechanism is determined by the price of BNB and the number of blocks produced on BSC.
Additionally, an extra burn of 62,569 BNB occurred this quarter, representing a compensation for BTokens mistakenly sent to inactive wallet addresses by some BSC users through the Pioneer Burn Program. This amount, previously calculated as BNB, was burned this quarter since it was mistakenly not included in the prior Auto-Burn process.
Pioneer Burn Program
Another critical aspect of Binance’s BNB burn process is the Pioneer Burn Program, aimed at recovering lost BNB and bridged coins. Coins lost due to honest mistakes are compensated for in the quarterly burns. This quarter, the Pioneer Burn Program announced that no new burn had been conducted.
Furthermore, BNB employs a real-time coin burn mechanism based on transaction fees through the BEP95 protocol. Transaction fees on BSC are reduced according to the burn rate, with 242,000 BNB being burned in this manner so far. These coin burns are part of Binance’s objective to reduce the total supply of BNB to 100 million as the ecosystem continues to grow.
As of the reporting time, the price of BNB has decreased by 0.93% in the last 24 hours, trading at $577.30.
