18th BNB Burn
For this past quarter, BNB completed its first quarterly BNB Auto-Burn. A total of 1,684,387.11 BNB was removed from circulation. This includes 6296.305493 BNB that was burned from the Pioneer Burn Program. Here are the facts and figures behind BNB’s first Auto-Burn:
Total BNB burned: 1,684,387.11 BNB
Transaction ID (TXID) for BNB burn: View Transaction
BNB burned from the Pioneer Burn Program: 6296.305493 BNB
What You Need to Know:
Since BNB and Binance launched in 2017, Binance has committed to removing 100 million BNB, or half of the total supply from circulation, through a process called burning. Unlike our previous quarterly burns, the number of tokens removed for this quarter was automatically calculated according to the Auto-Burn formula.
In the past, BNB burns reflected the tokens’ usage and revenue generated in the Binance centralized exchange. As a result of the community’s feedback, the BNB Auto-Burn effectively replaces the previous burn mechanism in favor of a more objective process independent of the Binance centralized ecosystem. That being said, BNB will still continue to burn a portion of BNB Chain’s (former BSC) gas fees in real-time.
“The implementation of the BNB Auto-Burn is a natural next step in BNB’s journey and will help the BNB community grow through providing greater autonomy, transparency and predictability,” says Changpeng Zhao (CZ), co-founder and CEO of Binance.
How the BNB Auto-Burn is Calculated
The BNB Auto-Burn formula calculates how many tokens to remove from circulation according to BNB’s price, which reflects supply and demand, and the number of blocks produced for that quarter.
While this formula is the next step in BNB’s evolution as its own blockchain ecosystem, it will continue to follow the same quarterly burn schedule as planned. The data and numbers for each BNB burn can be publicly tracked on https://www.bnbburn.info/, a website built by the BNB Chain community.