BNB Foundation Announces Completion of 28th Quarterly BNB Token Burn
The BNB Foundation has successfully completed the 28th quarterly $BNB token burn on BNB Chain. The latest burn saw 1,643,698.8 BNB removed from circulation, with an approximate value of $971 million at the time of the burn.
Key Points:
- Total BNB Burned: 1,643,698.8 BNB
- Approximate USD Value: $971 million
BNB Burn Process Explained:
BNB is the native cryptocurrency of the BNB Chain ecosystem, essential for its Web3 applications. It supports transactions on the BNB Smart Chain (BSC), opBNB L2s, and BNB Greenfield blockchain. In addition to transaction fees, $BNB acts as a governance token, allowing holders to participate in the BNB Chainโs decentralized on-chain governance.
Since its mainnet launch on April 18, 2019, BNB transitioned from the Ethereum Network to the BNB Chain, embracing a "Build and Build" philosophy aimed at fostering ecosystem development.
The BNB Auto-Burn mechanism is designed to gradually reduce the total supply to 100,000,000 BNB. The burn amount is adjusted based on BNB's price and the number of blocks generated on BSC during the quarter, ensuring both transparency and predictability.
This quarterly burn underscores BNB's strategy to enhance scarcity and value within its ecosystem, reaffirming its role as a key asset in the blockchain space.
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