BNB Chain completed its 22nd BNB burn and first quarterly burn of 2023. Burning includes automatic burning as well as the Pioneer Burn program.

Last burn statistics:

Auto Burn (Total BNB Burned): 2,064,494.32 BNB

Approximate amount in USD: $575,458,677.66

BNB Burn Transaction ID (TXID): View Transaction

Pioneer Burn: 7181.03 BNB

Actually burned (automatic burn - Pioneer Burn): 2,057,313.29 BNB

What you need to know about burning BNB

When BNB launched in 2017, there was a commitment to remove 100 million BNB (half of the total supply) from circulation through a burn and ultimately leave only 100 million BNB in ​​circulation. This obligation is automatically fulfilled every quarter and is calculated according to the automatic burn-off formula.

Automatic burning of BNB is an independent, verifiable and objective process. Data is reported quarterly, and the mechanism is independent of the centralized exchange Binance. Additionally, BNB Chain still continues to burn a portion of the BNB Chain gas fee using a real-time burning mechanism.

Learn more about burning BNB in ​​this Binance Academy article.

Pioneer Burn to protect users

The Pioneer Burn program also permanently removes from circulation an amount of BNB equal to the proven lost funds of eligible BNB Chain users. This amount is then counted towards the overall quarterly burn rate. Detailed information is here.

Regarding the Pioneer Burn, Automatic BNB Burn, and Real-Time Burn (BEP95) mechanisms, nothing has changed since the 21st BNB Burn. All these processes are transparent and independently verifiable.

Since the introduction of BEP95, over 145,000 BNB have been burned under this mechanism.

Hacking a cross-chain bridge

In the last quarter, there was an incident that affected the burning of BNB. On October 7, 2022, the BSC Token Hub bridge was hacked and approximately two million additional BNB were released. This increased the maximum supply of BNB to 202 million, but 1.02 million was locked after a vote by BNB community validators and then burned. The rest will be burned through the normal combustion process.

Real-time BNB burning information is located on the third party BNB community site bnbburn.info. There you can also learn more about the current circulation of BNB.

BNB migration with ERC20

Since the launch of the native BNB blockchains, migration processes have been launched from the ERC20 version of BNB to the native (BEP2) version.

However, some holders still retained ERC20 versions, totaling around 16 million ERC20 BNB, that were not converted during the early migration phase. Binance.com continued to accept (old) ERC20 version BNB deposits, but only allowed BEP2 version BNB withdrawals. This allowed the accumulation of BNB ERC20 on the exchange.

Most of the 16 million BNB ERC20 remaining in circulation are actually already on Binance.com. Thus, Binance will exchange all BNB ERC20 in Ethereum wallets for BNB BEP2. The process involves burning ERC20 BNB and issuing an equivalent amount from the native BNB address.

It is important to note that burning these ERC20 tokens will not count towards the quarterly burn, will not affect the total number of BNB in ​​circulation, and will not change the total circulation of BNB.

The first burn of 2023 is complete and we now have the rest of the year and its possibilities ahead of us. Looking at the state of the market, we hope and expect that the industry will continue to grow in the long term and gradually recover.

Development continues.

Changpeng Zhao (CZ)