23rd BNB Burn
BNB Chain has completed its 23rd and second quarterly BNB burn of 2023. The burn includes the Auto-Burn as well as the Pioneer Burn Program.
Here are the facts and figures from the latest burn:
Auto-Burn (Total BNB burned): 2,020,132.25 BNB
Approximate value in USD: ~$676,744,304
Transaction ID (TXID) for BNB burn: View transaction
BNB burned from the Pioneer Burn Program: 656.0230123 BNB
Real Burn (Auto-Burn - Pioneer Burn): 2,019,476.2269877 BNB
What You Need to Know About the BNB Burn
BNB is the cryptocurrency that fuels the BNB Chain ecosystem and is the native coin of the BNB Beacon Chain, the BNB Smart Chain, and the newly announced BNB Greenfield blockchain. It also serves as a governance token and allows holders to transact with projects built on those chains.
When BNB was launched in 2017, a commitment was made to remove 100 million BNB (half of its total supply) from circulation through a burning process and to keep only 100 million BNB in circulation. This commitment is automatically honored each quarter and calculated according to the Auto-Burn formula.Â
The BNB Auto-Burn provides an independently auditable, objective process. We report the figures quarterly, and the mechanism is independent of the Binance centralized exchange. On top of that, BNB Chain continues to burn a portion of BNB Chainâs gas fees in real-time using the Real-Time-Burn mechanism.Â
To learn more about the BNB Burn, refer to this Binance Academy article.
Pioneer Burn Program
The Pioneer Burn Program also permanently removes an amount of BNB from circulation equal to provable lost funds by eligible BNB Chain users. This number is then counted towards the total quarterly burn figure. More details can be found here.
When it comes to the Pioneer Burn, BNB Auto-Burn, and Real-Time-Burn (BEP-95) mechanisms, everything has stayed the same as in the 22nd BNB burn. Again, all of these are transparent and independently verifiable.Â
Since the introduction of BEP-95, over 145,600 BNB has been burnt under this mechanism.
BNB Greenfield
In February 2023, the BNB Greenfield whitepaper was unveiled, establishing a pioneering structural and economic model for data management in the Web3 era.Â
BNB Greenfield, as a decentralized storage infrastructure within the broader BNB Chain ecosystem, allows users and decentralized applications (DApps) to create, store, and exchange data with full ownership, thus forming a new data economy.Â
This paves the way for a data-driven economy in which all participants in the BNB Chain ecosystem can now own, use, and monetize their data.
BNB Greenfieldâs Testnet "Congo" is now live. The community invites testnet Validators, Storage Providers (SPs), and dApp Creators to contribute to the future of data ownership in Web3. Click here to learn more.