Binance Introduces the BNB Pioneer Burn Program, Adjusts BNB Token Burn Mechanics
Binance is introducing the BNB Pioneer Burn Program, a new initiative that aims to help eligible users who lose tokens as part of mistakes they made while trying out the newly-launched Binance Smart Chain. Under the BNB Pioneer Burn Program, Binance will cover users’ losses for accepted cases and count the lost tokens under our quarterly BNB token burn activities instead.
As a result of this program, we are making adjustments to mechanics of the quarterly BNB token burn. We will discuss this further below.
Eligibility for the BNB Pioneer Burn Program
Binance.com will help users who lose their assets in the following cases below:
- The lost tokens are either BNB, “wrapped” tokens (e.g. WBNB), or “pegged” tokens (e.g. BTCB) supported via the Binance “Token Canal” Project;
- The lost tokens are transferred to BEP20 contract addresses that are verified on bscscan.com, so that the loss can be publicly justified or recognized as moving the asset out of circulation and cannot be brought back forever;
- The loss is from an honest mistake and is worth more than 1,000 USD, but is less than the projected BNB burn amount in the upcoming quarter.
Mechanics for the BNB Pioneer Burn Program
Binance will cover losses for the cases accepted for this program, through the following steps:
- A user should submit his/her case through Binance.com customer support channels.
- Binance will investigate and confirm if the case is qualified for the program.
- Binance will reserve the tokens and do the following:
- For “pegged” tokens via our Token Canal project (tagged “Binance-Peg” as listed here), Binance will mint extra corresponding tokens and send the tokens back to the originating address of the case (with fees deducted). This extra amount will not be counted as part of increased total supply.
- For BNB, Binance will send BNB to the originating address of the case (with fees deducted). The number will be booked and counted as part of the total BNB burned in the next quarterly burn.
Adjustments for the BNB Quarterly Token Burn
Effective on the third quarter of 2020 (July 1 to September 30), this will be the new calculation for the BNB Quarterly Token Burn:
Actual BNB Quarterly Token Burn = Original BNB Token Burn Amount - Amount of BNB Distributed Through the BNB Pioneer Burn Program
To clarify, we are not deviating from the original token burn amounts planned for the upcoming quarters. We are just including the token burns that result from losses made by users that we reimbursed through the BNB Pioneer Burn Program. For more information, please visit this blog.
To apply for the BNB Pioneer Burn Program, please contact Binance 24/7 Customer Support, and mention “Pioneer Burn.”
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