BNB Quarterly Burning: Over 2 Million Tokens Disappear, Valued At $636 Million
In an official statement, the BNB Foundation announced the successful completion of the 26th quarterly Binance Coin token burn through the BNB Chain. This burn, which included the Auto-Burn and Pioneer Burn Program, effectively removed a significant amount of BNB from circulation.
During this most recent burn event, the Auto-Burn process eliminated a staggering 2,141,487.27 BNB from circulation, equivalent to a value of approximately $636 million USD. It is important to note that the Auto-Burn mechanism operates independently of Binance’s centralized exchange (CEX), providing an auditable and objective process.
Additionally, the Pioneer Burn Program contributed to the token burn by eliminating 1542.15 tokens from circulation. This program permanently removes an amount of BNB equal to the provable lost funds of eligible users. Thus far, the introduction of BEP95 has resulted in an estimated 210,000 tokens being permanently burned under this mechanism. The Pioneer Burn Program plays a crucial role in maintaining the ecosystem’s integrity and ensuring that lost funds do not affect the circulating supply.
Moreover, BNB Chain’s Real-Time-Burn mechanism continuously decreases the token supply. By burning a portion of BNB Chain’s gas fees in real-time, this mechanism further supports the ongoing supply reduction efforts.
This 26th quarterly BNB token burn represents another significant milestone for the BNB ecosystem. The combination of the independent Auto-Burn mechanism, Pioneer Burn Program, and Real-Time-Burn mechanism exemplifies BNB Chain’s commitment to reducing token supply and fostering long-term value.
In addition to the token burn, BNB has shown remarkable strength and progress recently, as evidenced by Token Terminal’s on-chain data. With a circulating market cap of $47.86 billion, BNB Chain has experienced a 30.45% increase in market capitalization, indicating growing confidence and demand from investors.
The financial metrics of BNB Chain are equally impressive, with a 30.47% revenue growth over the past 30 days, generating $1.72 million in revenue during this period. Extrapolating this data to an annualized basis reveals remarkable financial stability and sustainable growth, with an estimated revenue of $20.96 million.
Furthermore, the data from Token Terminal highlights the increasing user adoption and developer activity on BNB Chain. The platform has witnessed a surge in active daily users, with a 30-day average of 1.42 million, representing a robust growth rate of 48.6%.
Although the Binance Coin price performance has experienced a slight decrease of 2.14% in the past 24 hours, it has displayed positive trends over longer periods. The token recorded a 4.38% increase in the past seven days and an impressive growth rate of 30.51% over the past 30 days. Additionally, BNB has performed significantly well over the past 180 days, with a growth rate of 29.92%.
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