News

BNB Chain announces 26th Quarterly Token Burn, Removing ($636M) 2.14M BNB

Published

3 months ago

January 17, 2024

The BNB Chain team has completed the 26th quarterly burning of their native cryptocurrency, BNB (Binance Coin), removing a total of 2.14 million BNB from circulation.

The burn, executed through the BNB Auto Burn mechanism, is a strategic measure to decrease the total supply of BNB.

This periodic reduction is part of Binance’s commitment, established during BNB’s launch, to eliminate 100 million BNB (half of its total supply) over time. The BNB Auto Burn mechanism provides a transparent and auditable process for systematically reducing the available supply of BNB.

BNB, short for Binance Coin, is the native cryptocurrency of the Binance ecosystem.

It serves various purposes within the Binance network, including paying for goods and services, settling transaction fees on the Binance Smart Chain, participating in exclusive token sales, and more.

BNB is also used for staking to earn rewards, securing the BNB Chain ecosystem, and applying for crypto loans through Binance Loan.

Additionally, BNB is subject to a regular burning mechanism to reduce its total supply, and it is used to offer discounts on trading fees and as a governance asset for the BNB Chain.

BNB is an integral part of the Binance Academy, Trust Wallet, and other Binance sub-projects, contributing to the functionality of the entire ecosystem.

It powers various chains, including the BNB Beacon Chain, BNB Smart Chain, opBNB L2s, and BNB Greenfield blockchain. Additionally, it serves as a governance token, enabling transactions with projects built on these chains.

Details of the burn reveal that the 2,141,487.27 BNB estimated value was around $636 million, reflecting market conditions.