- Binance Chain has burnt around 2.06 Million BNB ($575 Milion).
- The burn follows the Pioneer Burn, BNB Auto-Burn, and Real-Time-Burn (BEP95) mechanism.
- Since 2017, Binance has burnt 100 million BNB, or half of its total supply, from circulation.
Binance (BNB) Chain has completed its 22nd BNB burn, which is the first quarterly burn of 2023. As per its official website, the Chain has burnt around 2.06 million BNB ($575 million).
The burn includes the Auto-Burn and the Pioneer Burn Program. BNB burned from the Pioneer Burn Program includes 7,181.03 tokens, whereas the Autoburn Program includes 2,057,313.29 BNB.
Since 2017, Binance has removed 100 million BNB, or half of its total supply, from circulation using a burning process. For the uninitiated, burning helps the price of the cryptocurrency increase.
The website has revealed that, just like the 21st BNB burn, this time too, the burn has been done as per the mechanisms of Pioneer Burn, BNB Auto-Burn, and Real-Time-Burn (BEP95). Again, all of these mechanisms are transparent and independently verifiable.
Since the launch of BEP95, Binance has burnt more than 145,000 BNB using this mechanism.
Binance CEO Changpeng Zhao tweeted:
Roughly equal to $616m USD, they say.
The news of the burn prompted several responses on Twitter. Several users commended Binance’s transparency and pointed out the irony in the skeptical views of those people speculating on Binance’s solvency.
Last year, in October 2022, the BSC Token Hub bridge was attacked, which affected the BNB burn. As a result, an extra supply of nearly 2 million BNB was minted. After this, BNB’s maximum supply was increased to 202 million. However, BNB Community’s validators voted to lock 1.02 million and then burnt it.