The BNB Foundation completed its 27th quarterly BNB token burn, automatically destroying 1,944,452.51 BNB, worth approximately $1.17 billion at the time of destruction. 🔥

The burning procedure took place on Binance Smart Chain (BSC), with the corresponding amount being transferred to the burning address. The process operates autonomously from the centralized exchange Binance.

It was also announced that BNB tokens equivalent to the lost funds of BNB Chain users will be burned as part of a new initiative - the Pioneer Burn Program.

The BNB token plays a central role in the BNB Chain ecosystem, functioning as the native token for BSC, BNB Greenfield and opBNB Layer 2 networks. It also serves as a governance token, allowing users and holders to participate in transactions on projects built on the aforementioned blockchains. 🌐

At the time of writing, the token is trading at $605, reflecting a 0.57% increase over the last 24 hours. It ranks 4th in the cryptocurrency rankings, with a capitalization of $90.603 billion.