January 21, 2024

BNB Quarterly Token Burn: Over 2 Million Tokens Permanently Removed

In the latest update from Binance, the BNB Foundation has confirmed the successful conclusion of its 26th quarterly BNB token burn, executed through the BNB Chain.

During the recent token burn event, the Auto-Burn process eliminated 2,141,487.27 BNB from the circulating supply, amounting to approximately $636 million.

It's essential to highlight that the Auto-Burn mechanism functions independently of Binance's centralized exchange (CEX), providing a transparent and unbiased process, as stated by the exchange.

Moreover, the Pioneer Burn Program contributed to the reduction by permanently removing 1542.15 tokens from circulation. This initiative aims to eliminate a quantity of BNB equivalent to the proven lost funds of eligible users. Since the introduction of BEP95, around 210,000 tokens have been permanently burned through this program. The Pioneer Burn Program serves the purpose of upholding ecosystem integrity and ensuring that lost funds do not impact the circulating supply.

Additionally, the Real-Time-Burn mechanism within the BNB Chain continues to diminish the token supply by burning a portion of the chain's gas fees in real-time, further supporting ongoing supply reduction efforts.

The completion of the 26th quarterly BNB token burn signifies another significant achievement for the BNB ecosystem. The combination of the independent Auto-Burn mechanism, the Pioneer Burn Program, and the Real-Time-Burn mechanism exemplifies BNB Chain's strategy for reducing token supply and fostering long-term value.

Aside from the token burn, BNB has demonstrated considerable strength and progress, as indicated by on-chain data from TokenTerminal. With a circulating market cap of $48.88 billion, BNB Chain has experienced a 24.78% increase in market capitalization over the past 30 days, reflecting growing confidence and demand among investors.

Financially, BNB Chain has exhibited impressive metrics, with a 26.24% growth in revenue over the past 30 days, generating $1.72 million in revenue during this period. Extrapolating this data to an annualized basis reveals a noteworthy annual revenue of $20.91 million, highlighting financial stability and sustainable growth.

The data also underscores BNB Chain's rising user adoption and developer activity, with a 30-day average of 1.43 million active daily users, representing robust growth of 48%.

The BNB price performance has been steady, showing a 1.1% increase over the past 24 hours, with even more positive trends over longer periods. In the past seven days, the token recorded a 5.3% increase, while the growth over the past 30 and 180 days stands at an impressive 16.9% and 29.6%, respectively.

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