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Reading: BNB Foundation Completes Major Coin Burn, Removing $1.16 Billion from Circulation!
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COINTURK NEWS > Binance Coin (BNB) > BNB Foundation Completes Major Coin Burn, Removing $1.16 Billion from Circulation!
Binance Coin (BNB)

BNB Foundation Completes Major Coin Burn, Removing $1.16 Billion from Circulation!

In Brief

  • BNB Foundation completed a significant coin burn, removing 1.63 million BNB from circulation.

  • The total value of this burn operation was approximately $1.16 billion.

  • BNB serves critical functions within the BNB Chain ecosystem, impacting fees and governance.

Fatih Uçar
Fatih Uçar 4 months ago
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BNB Coin is seeing significant movement as the BNB Foundation successfully announced the completion of the 30th quarterly coin burn executed by BNB Chain. A total of 1.63 million BNB tokens were burned, effectively removing them from circulation. At the time of the burn, the total value of this operation was estimated at approximately $1.16 billion.

Contents
Details of the Coin Burn OperationThe Significance of BNB Coin Burns

Details of the Coin Burn Operation

The total amount burned during this period comprised two components. Under the Automatic Burn and Pioneer Burn Program, 1.52 million BNB were incinerated, while an additional 110,000 BNB were removed through the Pioneer Burn Program. Within the framework of the Pioneer Burn Program, BNB Beacon Chain validators permanently left 110,000 BNB from their own investments on the Beacon Chain, making this amount irretrievable. Validators were compensated for this loss through the Pioneer Burn Program.

Altcoin BNB

Following the burn executed this quarter, there are still 42.46 million BNB tokens that need to be removed from circulation. The total supply post-burn is recorded at 142.46 million BNB.

The Significance of BNB Coin Burns

BNB stands out as the core network coin of the BNB Chain ecosystem. It is used to cover transaction fees and participate in governance processes across infrastructures like BNB Smart Chain, opBNB, and BNB Greenfield. Additionally, as a strategic reserve asset, BNB plays a critical role in the Total Value Locked (TVL) campaign.

To reduce the circulating supply to 100 million coins, an automatic burn system known as Auto-Burn is implemented. This system adjusts the amount to be burned based on the coin’s price and the number of blocks produced in a specific quarter, ensuring a transparent and predictable process. The burned coins are sent to an address referred to as a “blackhole,” making them irretrievable.

Furthermore, BNB Chain operates a real-time coin burn mechanism based on transaction fees. Under the BEP95 protocol, validators burn a portion of the fees collected in each block. To date, approximately 248,000 BNB have been removed from circulation using this method. Additionally, through the Pioneer Burn Program, lost coins from erroneous transfers are included in the burn process.

This process reflects BNB’s “Build and Build” philosophy, continually strengthening BNB Chain’s long-term growth strategies and community-supported governance approach.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 23 January, 2025 - 10:35 am 23 January, 2025 - 10:35 am
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