BNB

BNB Chain Completes 22nd BNB Burn

by BSCN

January 17, 2023

The burn comprises the Auto-Burn as well as the Pioneer Burn Program.

First Quarterly Burn of 2023

In a continuous commitment to make the native token BNB deflationary and halve its total supply by 100 million BNB through a burning process, BNB Chain announced it had completed its 22nd BNB burn and first quarterly burn of 2023.

The burn includes the Auto-Burn of 2,057,313.29 BNB (real burn) and 7,181.03 BNB, which was burned via the Pioneer Burn Program, totaling 2,064,494.32 BNB, approximately $575,458,677.66 and equating to 1.3% of the token supply.

The BNB Auto-Burn follows an independently auditable, objective process and is entirely independent of the Binance centralized exchange. In addition, BNB Chain continues the real-time burning of a portion of BNB Chain gas fees, using the Real-Time-Burn mechanism.

Like the Auto-Burn, the Pioneer Burn Program also permanently removes an amount of BNB from circulation equal to provable lost funds by eligible BNB Chain users and then included in the total quarterly burn figure.

The Pioneer Burn, BNB Auto-Burn, and Real-Time-Burn (BEP-95) mechanisms are all transparent and independently verifiable.

What is BNB Chain:

Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.