[BNB Chain Completes Season 28 Token Burn]
The BNB Foundation recently announced the completion of the 28th BNB coin destruction, with a total of 1,643,698.8 BNB tokens destroyed, significantly reducing the total supply and improving the value and stability of the ecosystem.
BNB is the local token of the BNB chain ecosystem. It is mainly used for transfer fees of BNB Smart Chain, BNB Greenfield Blockchain and opBNB layer 2 solutions. It is also used as a governance token to allow holders to participate in the decentralized governance on the chain. .
Since the launch of the mainnet on April 18, 2019, BNB has transformed from the Ethereum network to the exclusive BNB chain, emphasizing the role of the token in promoting the sustainable development of the ecosystem.
The platform has established an Auto-Burn mechanism for token burning, with the goal of reducing the total supply of BNB to approximately 100,000,000. The amount burned is determined based on the BNB price and the number of blocks generated by BSC each quarter, ensuring predictability and transparency.
BNB’s Auto-Burn process is autonomous and auditable, providing quarterly reports of relevant data. This mechanism operates independently of the centralized exchange Binance, and current and future burns will be performed directly on BSC.
