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Binance Completed 21st Quarterly Burn Using Bnb Auto-Burn

Binance Completed 21st Quarterly Burn Using Bnb Auto-Burn
  • The 21st quarterly BNB token burn totaled 2,065,152.42 BNB.
  • It has pledged to burn 100 million BNB since the launch of BNB and Binance in 2017.

BNB Chain has finished its 21st BNB burn and the final quarterly burn of 2022. The burn includes the Auto-Burn feature, the Pioneer Burn Program, and a portion of each transaction’s gas fees.

The 21st quarterly BNB token burn of 2,065,152.42 BNB has been completed according to the BNB Auto-Burn procedure. The most recent quarterly burn included 4,833.25 BNB effectively burned through the Pioneer Burn Program.

Since the launch of BNB and Binance in 2017, it has pledged to burn 100 million BNB or half of the total supply. The number of tokens removed is determined automatically by the Auto-Burn formula. In the fourth quarter of 2021, this burn mechanism was implemented. 

The Auto-Burn

BNB auto-burn was developed in conjunction with the launch and rebranding of Binance Chain and Binance Smart Chain as BNB Chain. According to Binance, the auto-burn mechanism was created to maximize the value of the BNB token while also providing a sustainable and safe long-term growth strategy for the BNB ecosystem. Binance used to do quarterly BNB burns based on their exchange’s BNB trading volume.

The BNB Auto-Burn process is independent of the Binance centralized exchange and is independently auditable. Furthermore, BNB Chain continues to burn a portion of its gas fees in real-time. BNB is a deflationary currency, which means it keeps its value stable by burning its tokens throughout the year. 

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