Cryptocurrency exchange Binance has completed its 29th quarterly BNB token burn, removing 1.77 million coins worth $1.07 billion from circulation.
The 29th quarterly $BNB token burn has been completed directly on BNB Smart Chain (BSC), with 1772712.363 $BNB being burned ?
View burn details below ?https://t.co/QjGO4lmhDP pic.twitter.com/SrEKXtAc4Y
— BNB Chain (@BNBCHAIN) November 1, 2024
The volume of assets destroyed amounts to approximately 1.1% of the total supply of ~144 million BNB.
To reach the target of 100 million BNB, 43.5 million more coins need to be burned.
This time, the procedure included the automatic destruction of tokens (1.71 million BNB) and adjustments from the previous process (62,596 BNB).
When BNB was launched in 2017, a commitment was made (BEP-95) to destroy 100 million coins—half of the total issuance—through burning. The proposal is automatically executed each quarter and calculated using the Auto-Burn formula.
“The Auto-Burn system not only helps maintain a healthy token economy but also aligns with the broader Build and Build platform philosophy, ensuring BNB’s role in blockchain governance, transaction facilitation, and ecosystem development. With the Fusion BNB Chain update, future burns will occur directly on the Binance Smart Chain to streamline and standardize the process,” the platform’s statement reads.
In April, Binance removed approximately 1.94 million BNB worth $1.17 billion from circulation during the token burn round.