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BNB Foundation has officially announced that BNB Chain has completed its 30th quarterly BNB token burn, with a total of 1,634,200 BNB destroyed.
In an official blog post, BNB Chain gives a breakdown of this figure. The total of 1,634,200 BNB includes two components: the actual burn on-chain for this quarterly auto burn (which is auto burn - pioneer burn) was 1,524,200.95 BNB, while BNB burned in the pioneer burn was given as 110,000 BNB. The estimated value in USD for the burn at the time of completion was $1.16 billion.
To facilitate the BNB Fusion, the BNB Beacon Chain validators left a total of 110,000 BNB of their self-staked BNB on the Beacon Chain, which is no longer recoverable. This amount can be considered burned, and validators are compensated under the Pioneer Burn Program.
The remaining amount to be burned is currently 42,465,780.15 BNB, with the remaining total supply given as 142,465,780.15 BNB.
Tomiwabold OlajideBNB is the native coin of the BNB Chain ecosystem, which powers its multidimensional Web3 environment. It can handle transactions on the BNB Smart Chain (BSC), opBNB L2s and BNB Greenfield blockchains. Aside from transaction fees, BNB functions as a governance token, allowing holders to participate in the BNB Chain's decentralized on-chain governance.
Following its mainnet launch on April 18, 2019, BNB moved from the Ethereum Network to the BNB Chain. BNB uses an auto burn system that operates independently of Binance centralized exchange to gradually lower its total supply to 100,000,000 BNB.
BNB price reaction
At the time of writing, BNB was down 2.44% to $0.346 in the last 24 hours due to a market sell-off that resulted in the liquidation of $252 million in crypto assets within the same time frame.
BNB dipped below the daily SMA 50 at $701 following a loss over the weekend. The price recovered for three days in a row this week before falling in today's session, while BNB remains below its daily SMA 50.
If the BNB price increases and closes above the daily SMA 50, bulls may seek to push it up to $745. If they succeed, BNB may rise to $794 and then $872. Meanwhile, further falls may prompt BNB to test the support around $664 or $657.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Denys Serhiichuk
Dan Burgin
Vladislav Sopov