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20th BNB Burn | 5 Year Insights from CZ

2022-07-13

For this past quarter, landing on our fifth anniversary, BNB completed its third quarterly BNB Auto-Burn. A total of 1,959,595.29 BNB, or the equivalent of $444,632,106 USD, was removed from circulation. This includes 4,181.77 BNB that was burned from the Pioneer Burn Program

Here are the facts and figures from our latest burn:

  • Total BNB burned: 1,959,595.29 BNB

  • Approximate value in USD: ~$444,632,106 USD

  • Transaction ID (TXID) for BNB burn: View transaction

  • BNB burned from the Pioneer Burn Program: 4,181.77 BNB

What You Need to Know About BNB Burn

Since the launch of BNB and Binance in 2017, we’ve committed to removing 100 million BNB, or half of the total supply from circulation, through a process called burning. The number of tokens removed is automatically calculated according to the Auto-Burn formula. This burn mechanism was introduced in the last quarter of 2021.

Previously, 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 has replaced the previous burn mechanism in favor of a more objective process completely independent of the Binance centralized exchange. On top of that, BNB Chain will still continue to burn a portion of BNB Chain’s gas fees in real-time

The real-time BNB burning information can be found on bnbburn.info, a third-party website built by the BNB community.

CZ’s Insights and Reflections for ‘5 Year Burn’ 

At Binance our focus is always on supporting ecosystem growth. During this downturn and all market cycles, our goal is to continue building and investing in the industry and projects to spur adoption and further infrastructure growth. 

Historically, bear markets have been great periods for focused and long-term-minded builders. You need only look at Polygon during the 2018-2019 bear market as a leading example, which is one of Binance Labs’ strongest portfolio companies. This time, we continue to be bullish on our capability to support founders looking to build innovative, long-term solutions for our industry.

As we look back over the past five years, our hard work to adapt and evolve from a disruptive startup to a respected global institution is evident. We have always put our users first and at the center of our core values, ensuring their best interest and protection. We also want to underline our commitment to regulatory compliance and achieving the highest standards alongside regulators, policymakers, and industry players. We will continue to be involved and support smart regulations that protect users and encourage innovation in a sustainable manner. 

Looking five years ahead, we’ve got an incredible number of innovators working in our ecosystem. They will do amazing things. Naturally, we’ll continue collaborating with regulators to achieve our mutual goal of protecting users and consumers. We’ll also work to further establish the industry and bring more adoption and legitimacy as a responsible player. The vision is clear, the goals are set, and Binance is as ready as ever.