Over $500 million worth of BNB tokens were removed from circulation, BNBCHAIN said in a release on Tuesday. By shauryamalwa.
Token burn refers to the process of permanent deletion of coins from their circulating supply. Over 100 million BNB, or half of its total supply, are intended to be removed from circulation through a burning process and to eventually keep only 100 million BNB in circulation. This commitment is automatically honored each quarter and calculated according to the Auto-Burn formula, as previously reported.
The BNB Auto-Burn provides an independently auditable, objective process. The figures are reported quarterly, and the mechanism is independent of the Binance centralized exchange. BNB Chain still continues to burn a portion of BNB Chain’s gas fees in real-time using a bespoke mechanism. The auto-burn mechanism adjusts the amount of BNB to be burned based on BNB's price and the number of blocks generated on the BNB Smart Chain during the quarter. BNB powers the BNB Chain ecosystem and is the native coin of the BNB Beacon Chain and BNB Smart Chain. It was issued by crypto exchange Binance after an initial coin offering in 2017.
BNB was up nominally in the past 24 hours, trading at $300 on Tuesday morning. Traders did not immediately react to the burn.
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