BNB Set for Major Burn in Q2 2024: Bullish Outlook Ahead

The $BNB burn for Q2 2024 is approaching, promising to boost Binance Coin's value by reducing its circulating supply. Here’s a concise overview:

Circulating Supply Calculation

BNB’s dual-chain structure enables cross-chain transfers between the Beacon Chain and Smart Chain. This system ensures the total supply remains consistent, with no new #BNB minted. The circulating supply is always less than the initial total due to the lock/unlock mechanism.

Burn Mechanism

$BNB uses a real-time burning mechanism per BEP95, where a portion of gas fees collected is burned in each block. This process, alongside community projects that burn BNB, contributes to reducing the supply.

Auto-Burn System

Binance aims to reduce the total BNB supply to 100,000,000 through an Auto-Burn system. This mechanism adjusts the amount of BNB burned based on BNB’s price and the number of blocks generated on BSC during the quarter. Lost BNB in eligible cases is also reimbursed and counted towards the official burn total.

Burn and Circulating Supply Calculation

- Auto Burn: Initial total supply (200M BNB) minus current total supply.

- Real-Time Burn: Amount shown on BSC Scan.

- Community Burn: BNB balance of dead accounts minus Real-Time Burn.

- Total Burned: Sum of Auto Burn, Real-Time Burn, and Community Burn.

- Total BNB Circulation:Unlocked BNB minus Real-Time Burn and Community Burn.

Key Points

- 2M BNB minted during a hack, with 1.02M locked on-chain, treated as burned.

- 6,823 BNB accidentally locked in TokenHub is also treated as burned.

The upcoming burn event is expected to positively impact BNB’s value, making this a potentially bullish period for investors. Stay tuned for the official burn count and further updates.

Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in any crypto assets.

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