27th BNB Token Burn Successfully Completed by BNB Foundation: An Inside Look
BNB Foundation announced the successful culmination of the 27th quarterly BNB token burn conducted by BNB Chain. An automatic burn mechanism destroyed 1,944,452.51 BNB, approximately valued at $1.17 billion at burn-time. However, the recent burn saw no BNB decommissioned under the Pioneer Burn Program.
Decoding the Role of BNB Burn
The official cryptocurrency of the BNB Chain ecosystem, BNB, also functions as the BNB Smart Chain's native coin, as well as for opBNB L2s and the BNB Greenfield blockchain. Its applications encompass governance token functions and facilitating transactions within projects developed on these chains.
Upon BNB's 2017 inception, an agreement was struck to remove 100 million BNB (50% of total supply) from circulation via an automated burn process, leaving 100 million BNB in circulation. The BNB Auto-Burn ensures an auditable, objective way to uphold this commitment. Figures are reported quarterly, detached from the Binance centralized exchange, augmented by a portion of BNB Chain’s gas fees burned in real-time with the Real-Time-Burn mechanism.
Given the ongoing BNB Chain Fusion, this quarter's burn – and subsequent ones – will be conducted directly on the BNB Smart Chain (BSC). The corresponding BNB amount will be sent to the "blackhole" address: 0x000000000000000000000000000000000000dEaD.
Understanding the Pioneer Burn Program
The Pioneer Burn Program executes permanent elimination of an equivalent amount of BNB to verified lost funds by eligible BNB Chain users. This figure contributes to the total quarterly burn data. Post BEP95's introduction, an approximate total of 210K BNB has been incinerated through this mechanism.
