- 31st BNB burn removed 1.58M tokens ($916M), sent to a dead wallet to cut supply.
- BNB burn aims for 100M total supply from 200M; 139.3M left, using Auto Burn.
- BNB supports BNB Chain fees, voting; real time burns and Recovery Program help users.
The BNB Foundation announced the 31st quarterly burn of BNB, which took out 1,579,207.72 BNB tokens, or approximately $916 million, from circulation.
They were sent to a “dead wallet” that does not have a private key, so they’re lost forever. The blockchain keeps the transaction record for openness.
BNB Burn Process and Purpose
The BNB burn decreases the supply of tokens, and that can support the value of existing tokens. BNB will decrease its total supply from 200 million to 100 million.
Today, around 139.3 million tokens remain, with 40.88 million remaining to be burned in upcoming BNB burn events.
Role of BNB in the Network
BNB is the ecosystem’s native token of the BNB Chain, which is employed for fee payments on the BNB Smart Chain, opBNB Layer 2, and BNB Greenfield blockchain.
It also enables voters to decide on matters in BNB Chain and funds expansion through initiatives like the Total Value Locked campaign.
The Auto Burn mechanism computes every quarter’s burn depending on BNB’s price and blocks on the BNB Smart Chain, making it self sustaining from Binance.
An actual burn of BNB in real time also occurs, where certain gas fees from each block are burnt. Up till now, this has gotten rid of approximately 259,400 BNB.
The recovery Burn Program also assists individuals Who lose BNB or backed tokens by reimbursing them for those losses in the quarterly BNB burn.
Binance CEO CZ reported that $916 million worth of tokens was destroyed. Every BNB burn brings the ecosystem closer to its 100 million token target, which helps in fostering a clear and effective Web3 world.
