In a significant development, Binance has wrapped up its 25th quarterly BNB burn, marking another substantial step in the ongoing effort to reduce the total supply of BNB tokens. This quarter’s burn encompasses both the Auto-Burn process and the Pioneer Burn Program, aiming to maintain the rarity and integrity of the token.A remarkable 2,139,182.98 BNB tokens were effectively removed from circulation through the Auto-Burn process, a key element of BNB Chain’s commitment to its tokenomics. The estimated value of these tokens in USD stands at approximately $501,617,017, underlining the considerable financial impact of the operation. For those interested in scrutinizing the process, a <a href="https://explorer.bnbchain.org/tx/F756A40911AC12732A8B2463F57FDC0E49B689D76BF7C53BA8B7A5CC8E5307F4" rel="noopener noreferrer nofollow">Transaction ID (TXID)</a> has been provided for verification.In conjunction with the Auto-Burn, the Pioneer Burn Program contributed by permanently eliminating 314.69 BNB tokens from circulation. This program targets provable lost funds by eligible BNB Chain users, furthering the ecosystem’s commitment to responsible token management. The Real Burn total, calculated as Auto-Burn minus the Pioneer Burn contribution, results in a substantial 2,138,868.29 BNB tokens being removed from the circulating supply. This calculation ensures clarity and transparency in the BNB burning process.<h2 id="header-0">Binance’s Ongoing Commitment</h2>BNB is the lifeblood of the BNB Chain ecosystem, serving as the native cryptocurrency for multiple chains and platforms within the BNB ecosystem. This includes BNB Beacon Chain, BNB Smart Chain, opBNB L2s, and BNB Greenfield blockchain. It also functions as a governance token, providing holders with the ability to engage in transactions within projects built on these chains.Launched in 2017, BNB Chain made a commitment to reduce its total supply by eliminating 100 million BNB tokens, effectively halving the initial total supply. This commitment is automatically honored each quarter, following a precise calculation known as the Auto-Burn formula. The BNB Auto-Burn mechanism offers transparency and independence in the <a href="https://www.bnbburn.info/" rel="noopener noreferrer nofollow">BNB burning</a> process, distinct from the Binance centralized exchange.It is an objectively auditable procedure, providing figures on a quarterly basis. Additionally, BNB Chain continues its real-time burning of a portion of BNB Chain’s gas fees through the Real-Time-Burn mechanism, further contributing to token scarcity. Meanwhile, the Pioneer Burn Program plays a vital role in reducing the circulating supply of BNB. It permanently removes BNB tokens from circulation, equal to the amount of provable lost funds by eligible BNB Chain users, thereby minimizing the risk of dilution within the ecosystem.The 25th quarterly BNB burn, including the Pioneer Burn Program, BNB Auto-Burn, and Real-Time-Burn mechanisms, maintains the transparency and accountability established in the 24th BNB burn. Since the introduction of <a href="https://github.com/bnb-chain/BEPs/blob/master/BEP95.md" rel="noopener noreferrer nofollow">BEP95</a>, approximately 146,650 BNB tokens have been removed from circulation using this mechanism, highlighting the effectiveness of the program.Overall, the 25th quarterly BNB burn by BNB Chain represents a substantial milestone in the ongoing effort to preserve the scarcity and value of BNB tokens. This consistent commitment to token burning demonstrates BNB Chain’s dedication to transparency, independence, and the responsible management of its ecosystem. As the Binance ecosystem continues to evolve, these regular burns will continue to play a pivotal role in shaping its future.

Binance Completes 25th Quarterly BNB Burn, Over 2M BNB Tokens Burned

Table of Contents

BlockchainReporter

Other articles published on Oct 16, 2023

Pepe hype ends, NuggetRush aims to take over meme coin scene in 2023

Trust Wallet announces rebranding and interface update

Crypto companies seek more time amid new MiCA regulations

Saudi Central Bank Calls IMF for “Good Supervision” of Crypto Activities

OpenAI Shifts Core Values, Emphasizing AGI Focus and Intensity

The Current State of XRP Coin: Will XRP Coin Rise? XRP Coin Analysis

Join our free newsletter for daily crypto updates!