Binance has successfully completed its 29th BNB coin burn on the BNB Smart Chain (BSC), removing 1.77 million BNB from circulation. This significant action, valued at approximately $1.07 billion, aims to diminish the circulating supply of BNB while maintaining transparency by publicly sharing transaction details.
How Does the Auto-Burn System Work?
The majority of this burn, totaling 1.71 million BNB, was conducted through Binance’s Auto-Burn system, which calculates burn amounts based on the current BNB price and the production of blocks on the BSC.
What Is the Pioneer Burn Program?
Moreover, an additional burn of 62,569 BNB was executed this quarter to address BTokens inadvertently sent to inactive wallets by some users. This extra burn corrects an oversight from previous quarters when these tokens were not included in the Auto-Burn process.
The Pioneer Burn Program plays a vital role in Binance’s efforts to recover lost assets. This program compensates users for BNB and bridged coins lost due to genuine mistakes. However, this quarter, no new burns were reported under this program.
Key Insights:
- 1.77 million BNB burned, equating to roughly $1.07 billion.
- 1.71 million BNB burnt via Auto-Burn; 62,569 BNB from inactive wallets.
- Pioneer Burn Program continues to focus on recovering lost coins.
Currently, BNB’s price has seen a slight decline of 0.93%, trading at $577.30. This consistent effort from Binance reflects its commitment to maintaining the integrity of the BNB ecosystem while actively managing its supply.
