A total of 1,684,387.11 BNB was removed from circulation.
The 18th BNB Burn by Binance
In the just-concluded last quarter, BNB was automatically destroyed for the first time , and a total of 1,684,387.11 BNB were withdrawn from the circulation market. Among them, 6296.305493 BNBs were effectively destroyed through the BNB “anti-black hole plan” . The following is the data about the first automatic destruction of BNB:
- Total BNB burned: 1,684,387.11 BNB
- BNB Burn Transaction ID (TXID): View Transaction
- The number of additional BNB burned in the “anti-black hole” plan: 6296.305493 BNB
Go to Binance’s Official Website
About BNB burning
Since BNB and Binance went live in 2017, Binance has pledged to remove 100 million BNB from market circulation through quarterly burns, or half of the total BNB supply. Unlike previous quarterly burns, the number of tokens burnt this time is automatically calculated according to the BNB automatic burn formula.
In the past, the burning of BNB reflected the token usage and profits generated by the Binance exchange. With the feedback and support of the community, the BNB automatic burning mechanism effectively replaced the previous profit burning mechanism, which will help promote the process of BNB becoming independent of the Binance centralized ecosystem. Having said that, BNB is still the “fuel” that enables transactions on BSC (Binance Smart Chain).
Changpeng Zhao (CZ), founder and CEO of Binance, said: “Implementing automatic burn is a natural step in BNB’s development journey, and this mechanism will help the BNB community continue to grow in a more autonomous, transparent and predictable way.”
How to calculate the automatic destruction of BNB
BNB automatic destruction formula BNB price further reflects the supply and demand of BNB and the number of blocks produced in the quarter. The amount of BNB automatically destroyed is calculated based on the price of BNB and the number of blocks produced in the quarter. The formula is as follows:
The automatic destruction mechanism is one of the innovative mechanisms in the development of the BNB ecosystem. It will continue the schedule of the original quarterly destruction plan, that is, it will be destroyed every quarter. The data and quantity of each BNB destroyed can be publicly tracked and queried using the platform bnbburn.info established by the BSC community.
Go to Binance’s Official Website
Please check Binance official website or contact the customer support with regard to the latest information and more accurate details.
Binance official website is here.
Please click "Introduction of Binance", if you want to know the details and the company information of Binance.
(Forex Broker)
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April 24, 2024
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