Nearly $1 Billion BNB Disappears in Epic Burn

The BNB Foundation has just announced its 28th quarterly Binance Coin (BNB) burn, and it is a big one. Thus, 1.64 million BNB were burned, which means nearly a billion dollars in BNB gone.

As a reminder, BNB is the native coin of the BNB Chain, used for transactions on the BNB Smart Chain, opBNB layer 2 and BNB Greenfield. It is also a governance token, which means holders can take part in the decision-making process of the BNB Chain.

On April 18, 2019, BNB moved from Ethereum to the BNB Chain and adopted a burning mechanism. Today, the BNB Auto-Burn system helps reduce the total supply to 100,000,000 BNB. The amount burned is based on BNB token’s price and the number of blocks created on BNB Smart Chain each quarter.

This latest burn is unique because it happened directly on the BSC. The burned BNB tokens were sent to a “dead” address, decorated for this very reason. BNB also has a real-time burning mechanism that burns gas fees from each block, which has removed about 234,000 tokens so far, according to the latest report.

Interestingly, the price of Binance Coin fell since the start of trading session. The drop of 1.33% took the price to $594.60. As things stand, the market cap of BNB tokens is $84.76 billion, which makes it the fourth largest asset on the market, with 145,938,033 BNB in circulating supply.

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Gamza Khanzadaev