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BNB Chain burns $772 million worth of BNB

 


BNB Chain successfully burned over 1.8 million BNB tokens in a transaction completed on April 19, 2022.


According to data from Binance Explorer, 1,830,382.48 BNB were burned in the transaction. The market value of the tokens at the time of burning was over USD 772 million.


Binance CEO Changpeng Zhao previously confirmed the removal of the 1.8 million+ BNB . He also reported on the successful burn and explained that this activity is part of BNB's whitepaper.

This was BNB's 19th burn (for Q1 2022) after Binance introduced an auto-burn system, which is automatically triggered by an on-chain command.


The auto-burn system allows for a scheduled removal of BNB from circulation, taking into account the price of the coin and the total number of blocks generated on the Binance Smart Chain in the given quarter. For the first quarter of 2022, the total number of blocks was 2,581,627 with an average price of $403.22.


During the 18th burn, over $729 million worth of BNB was phased out.


An estimated 1.8 million BNB (estimated at $769 million) will also be phased out at the next burn. According to data from BNB Chain, the 20th burn is expected to come at an average price of $424.59.


BNB Chain plans to reduce the total supply from 200,000,000 BNB tokens to 100,000,000. A total of over 34.6 million tokens were destroyed by the last fire. Data shows that the circulating supply is currently just over 165.3 million.


BNB is trading at $420 at the time of writing, with the token's value up 4.4% over the past 24 hours. BNB/USD has gained nearly 7% over the past week.

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