Binance Chain (BEP/BEP20)
BNB Quarterly Burn Completed: what you should know
The Binance ecosystem has completed its 23rd quarterly BNB token burn. The second quarterly burn includes an Auto-Burn as well as the Pioneer Burn Program where 2,020,132.25 BNB was burned via the Auto-Burn and 656.0230123 BNB effectively burned via the Pioneer Burn Program. The burn value in USD amounts to $676,744,304 and the Real Burn (Auto-Burn – Pioneer Burn) totaled 2,019,476.2269877 BNB.
Binance made a commitment upon the launch of the platform in 2017 to remove 100 million BNB which is half of its total supply from circulation through a burning process. This means only 100 million BNB will be kept in circulation.
In 2021 Binance introduced a new procedure for quarterly BNB Burn, BNB Auto Burn. Interestingly, the burn will be based on the price of BNB. BNB Auto-Burn is an independent auditable method separate from Binance’s centralized exchange. The numbers are released quarterly and a percentage of BNB Chain’s gas fees are also still burned in real-time using the Real-Time-Burn method.
The Pioneer Burn Program also permanently removes from the market an amount of BNB equal to the money that has been proven to have been lost by qualified BNB Chain users. The overall quarterly burn amount is then calculated using the value obtained. Over 145,600 BNBs have been burned using this since the release of BEP-95. BEP-95 refers to Binance Evolution Proposal and introduces a real-time burning mechanism to BNB Smart Chain (BSC).
BNB facilitates the BNB Chain ecosystem and is the native coin of the BNB Beacon Chain, the BNB Smart Chain, and the latest BNB Greenfield blockchain.
Greenfield is a newly announced blockchain released in February 2023. It is a decentralized storage infrastructure for the webspace that enables users and decentralized apps (DApps) to produce, store, and exchange data with full ownership, thereby building a new data economy.
23rd Quarterly BNB Burn Txid: https://explorer.bnbchain.org/tx/926B2A741628272FE9CC3883485CED145EADFE7EB3A900F3E5A45DD70AAEB25D
The market impact after 24 hours according to Coinmarketcap shows the price of BNB at $333.74 with a 24-hour trading volume of $766,876,569. BNB is up 0.28% in the last 24 hours at the time of writing.
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