BNB Foundation Automatically Eliminates 1,9M BNB Tokens Worth Approximately $1,17B
In Brief
BNB Foundation finalized its 27th quarterly BNB token burn, automatically eliminating 1,944,452.51 BNB tokens.
Non-profit entity dedicated to fostering the growth of the BNB Chain network, BNB Foundation finalized its 27th quarterly BNB token burn, automatically eliminating 1,944,452.51 BNB tokens, valued at roughly $1.17 billion at the moment of destruction.
The current burn procedure took place on the Binance Smart Chain (BSC), with the respective amount being transferred to the burn address. The burning process operates autonomously from the Binance centralized exchange.
Furthermore, the Pioneer Burn Program, a recent initiative aimed at aiding eligible users who experienced token loss due to errors made while participating in the recently launched Binance Smart Chain, has also announced the burning of BNB tokens equivalent to the lost funds incurred by users of the BNB Chain.
Originally, the BNB Foundation had planned to burn 100 million tokens, aiming to maintain only 100 million tokens in circulation. Since 2017, the foundation has adhered to this plan, conducting quarterly token burns. The process involves determining the quantity of tokens to be burned each time automatically for enhanced transparency and predictability.
Once the burn function concludes, a half of the total token supply will have been removed. This deflationary mechanism, combined with transaction activity, consistently contributes to the upward momentum of BNB’s value and reinforces its stability amid fluctuations in the broader market.
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Pillar Of BNB Chain Ecosystem, BNB Token Drives Decentralized Applications And Governance
The BNB token plays a central role within the BNB Chain ecosystem, functioning as the native token for the BSC, the BNB Greenfield, and opBNB Layer 2 networks. It also operates as a governance token, enabling users and holders to engage in transactions across projects established on the aforementioned blockchains.
Moreover, within the BNB Chain ecosystem, the token is extensively utilized, further fostering the advancement of decentralized applications (dApps). Users can leverage it to access high-yield opportunities available on decentralized finance (DeFi) applications, games, or social dApps.
As of the writing time, the token is being traded at $605, reflecting a 0.57% increase over the past 24 hours. It holds the 4th position in the cryptocurrency rankings, boasting a market capitalization of $90.603 billion. Within the last 24 hours, its trading volume amounted to $1.428 billion. The token’s circulating supply stands at 149.532 million tokens out of a total supply matching this figure, based on data from CoinMarketCap.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
