TL;DR
- BNB Foundation completes its 30th quarterly token burn, destroying 1.634 million BNB worth over $1.16 billion, reducing total supply to 142.47 million BNB.
- The burn utilized the Auto-Burn mechanism and Pioneer Burn Program, with plans to continue reducing the total supply to 100 million BNB.
- Binance CEO Richard Teng emphasizes early-stage crypto adoption and significant future opportunities, highlighting the foundation’s commitment to token scarcity and ecosystem health.
The BNB Foundation announced the successful completion of its 30th quarterly BNB token burn on the BNB Chain. This event marks a significant milestone in the foundation’s ongoing commitment to reducing the total supply of BNB tokens. Approximately 1.634 million BNBs, valued at over $1.16 billion, were destroyed during this burn, reducing the total supply to 142.47 million BNB.
The 30th quarterly $BNB token burn has been completed directly on BNB Smart Chain (BSC).
1.63M #BNB has been burned. 🔥
View burn details 👇https://t.co/tmabJ0JAoH pic.twitter.com/dlUw8nRint
— BNB Chain (@BNBCHAIN) January 23, 2025
Auto-Burn Mechanism and Pioneer Burn
The BNB Foundation utilized the Auto-Burn mechanism introduced in BEP-95 to execute the majority of the burn, clearing over 1.5 million BNB. The remaining 110,000 BNB were burned through the Pioneer Burn Program.
This program compensates validators who left their self-staked BNB on the Beacon Chain, rendering the tokens unrecoverable. The foundation plans to continue using the Auto-Burn system to gradually reduce the total supply of BNB tokens to its target of 100 million BNB.
Future Burn Processes
The Auto-Burn mechanism will adjust future burn amounts based on BNB’s price and the number of blocks generated on the BNB Smart Chain (BSC) during each quarter.
This approach ensures predictability and transparency, providing an auditable and objective process independent of the Binance centralized exchange. All corresponding BNB amounts will be sent to the “black hole” address: 0x000000000000000000000000000000000000dEaD.
Real-Time Burning Mechanism
In addition to the quarterly burns, the BNB Chain will continue implementing a real-time burning mechanism based on gas fees. BSC validators determine the ratio of gas fees collected in each block, which are then burned at a fixed rate. Since the introduction of BEP-95, nearly 248,000 BNBs have been burned under this mechanism.
Binance CEO’s Perspective
Binance CEO Richard Teng emphasized that crypto adoption is still in its early stages. He addressed the misconception that it is too late to invest in crypto, highlighting the ongoing transformative forces within the industry.
Teng pointed out that while early adopters have benefited, the opportunities ahead remain significant. The completion of the 30th quarterly BNB token burn underscores the BNB Foundation’s dedication to maintaining token scarcity and promoting the ecosystem’s long-term health.
