BNB Foundation Eliminates 1.9m BNB Tokens Worth $1.17Billion

BNB Foundation recently completed its 27th quarterly token burn, eliminating nearly 1.95 million BNB tokens worth $1.17 billion.

The non-profit organization BNB Foundation, committed to supporting the development of the BNB Chain network, completed the 27th quarterly BNB token burn. The burn eliminated 1,944,452.51 BNB tokens, which were worth around $1.17 billion when destroyed.

Following the current burn procedure, we transferred the corresponding amount to the burn address on the Binance Smart Chain (BSC). There is no need for the Binance-controlled exchange to control the burning process.

Additionally, the Pioneer Burn Program, a new initiative to assist eligible users who lost tokens due to mistakes made while participating in the recently launched Binance Smart Chain, will burn BNB tokens equivalent to the lost funds incurred by users of the BNB Chain.

To keep the token supply at 100 million, the BNB Foundation initially intended to burn 100 million. Quarterly token burns have been a part of the BNB foundation’s strategy since 2017. For better predictability and transparency, the procedure includes automatically deciding how many tokens to burn each time.

There will be 50% fewer tokens in circulation when the burn function finishes. Along with transaction activity, this deflationary mechanism steadily boosts BNB’s value and makes it more stable even when the market as a whole is volatile.

Foundational to the BNB Chain Ecosystem, the BNB Token Powers Decentralized Apps and Political Participation

An integral part of the BNB Chain ecosystem is the BNB token, which serves as the native token for the BSC, the BNB Greenfield, and the opBNB Layer 2 networks. Additionally, it serves as a governance token, facilitating transactions between projects built on the specified blockchains, benefiting both users and holders.

Furthermore, the token’s widespread use within the BNB Chain ecosystem contributes significantly to the advancement of decentralized apps (dApps). Decentralized applications (dApps) in the gaming, social, or decentralized finance (DeFi) industries provide users with high-yield chances.

The coin has gained 0.57 percent in the last 24 hours, and its current trading price of $605 reflects that. Its $90.603 billion market valuation puts it in fourth place among cryptocurrencies. The total value of its trades in the past day was $1.428 trillion. According to CoinMarketCap statistics, the total coin supply is 149.532 million, with 149.532 million tokens now in circulation.