1.7 Million Binance Coin (BNB) Successfully Burned: BNB Foundation Completes 29th Burn

Bittime - The BNB Foundation has just announced the successful completion of its 29th quarterly BNB burn, which is an important milestone in its token supply reduction strategy.

Massive Burning

In this automated process, a total of 1,772,712,363 BNB, equivalent to almost $1.07 billion, was removed from circulation. This burning process is carried out directly on the BNB Smart Chain (BSC) network, with the same amount of BNB transferred to a “black hole” address, thereby permanently removing it from circulation. This effort is in line with the long-term goal of reducing the total supply of BNB to 100 million tokens.

Also read: 7 Telegram Airdrops that Will Be Listing This November

Dual Approach: Auto-Burn and Real-Time Burn

This quarterly burn uses Auto-Burn technology, which automatically adjusts the amount of BNB burned each quarter based on two variables: the price of BNB and the number of blocks generated on BSC in that quarter. This strategy aims to ensure consistency and transparency, so that the community is always informed and active.

The design of the Auto-Burn system is quite unique because it uses a formula to determine the amount of BNB burned, so it can respond to market conditions and remain committed to reducing the total token supply.

In addition to the Auto-Burn system, BNB also implements a real-time burning mechanism tied to gas fees, which was introduced through the BEP-95 update. From daily network operations, approximately 234,000 BNB has been burned through this update. With these two mechanisms working simultaneously, BNB continues to reduce the circulating supply, thereby increasing the long-term value of the token. 

Commitment to the Burning Program

The previous quarterly burn, the 28th, occurred in July 2024, where 1,643,698.8 BNB was removed from circulation with a value of approximately $971,000. This ongoing process confirms BNB's commitment to its burning program, which supports a deflationary approach and the goal of creating scarcity.

Each burn gradually reduces the available supply, a strategy designed to support the value of the BNB token on the open market over the long term.

Related News from Binance

Additionally, during Binance Blockchain Week in Dubai, Changpeng Zhao (CZ), founder of Binance, revealed that he was the “poorest defendant” with only $200 in his account when detained in the past. At the same event, CZ also launched Giggle Academy, a new learning tool aimed at providing digital education to millions of people around the world.

At the time of writing, the price of BNB was trading around $577.57, down 1.30% in the last 24 hours in line with the crypto market correction that occurred in early November.

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