BNB Has Completed 28th Token Burn, $971 Million BNB in Total

Bittime - Binance revealed that has completed its 28th BNB token burn. This token burn was carried out by BNB Chain and announced by the BNB Foundation as part of their efforts to gradually reduce the total supply of BNB.

28th BNB Token Burn

BNB is the native token of the BNB Chain ecosystem, which is essential for supporting various transactions in Web3. In addition to serving as a transaction fee on the BNB Smart Chain (BSC), BNB also functions as a governance token that provides holders with the ability to participate in the on-chain decentralized governance of the BNB Chain.

Since launching on mainnet on April 18, 2019, BNB has switched from the Ethereum Network to the BNB Chain. The "Build and Build" philosophy reflects its role in driving development in this ecosystem. 

BNB Auto-Burn

The BNB Auto-Burn system is designed to gradually reduce the total supply of BNB until it reaches 100,000,000 BNB. The burn amount is adjusted based on the price of BNB and the number of blocks generated on BSC during the quarter, ensuring transparency and predictability.

BNB's Auto-Burn system provides an independently and objectively auditable process. These numbers are reported quarterly, and this mechanism is independent from the centralized exchange Binance. 

Unlike the previous quarter's Auto-Burn, this time the burn will be carried out directly on BSC due to the ongoing BNB Chain Fusion. Here is some important information from the 28th BNB token burn.

• Auto-Burn (Total BNB burned): 1.643.698,8 BNB
• Estimated Value in USD on Burn: $971 million

BNB Real-time Burn

Apart from that, BNB also implements a real-time burn mechanism based on gas fees. BSC validators determine the cost ratio of the gas collected in each block, which is then burned at a fixed rate. Since introduction BEP95, approximately 234,000 BNB has been burned under this mechanism.

BNB Pioneer Burn Program

BNB's Pioneer Burn program helps users recover BNB lost and tokenized tokens due to honest mistakes, by covering these losses through BNB quarterly token burns. 

The program provides a way for users to reclaim their lost assets, which are then calculated and integrated into regular token burns.

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