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Binance Completes First Quaterly 2023 And 22nd BNB Chain Burn

Date:

  • Binance CEO announcenes 22nd BNB burn finished by BNB Chain.
  • The crypto exchange also shared that the BNB chain has completed its first quarterly burn of 2023.
  • Binance shared that the Auto-Burn or the Total BNB burned was worth 2,064,494.32 BNB.

Binance CEO Changpeng Zhao announced on Twitter that the first quarterly burn of 2023 and the 22nd BNB burn have both been finished by BNB Chain. Both the Auto-Burn and the Pioneer Burn Program are included in the burn. He added that large BNB burn will happen on-chain but there is โ€œno need to FUD.โ€

The leading cryptocurrency exchange, Binance stated in its announcement blog the facts and figures from the latest burn including the Auto-Burn which is the Total BNB burned worth 2,064,494.32 BNB. The Approximate value in USD stood at $575,458,677.66, while the BNB burned from the Pioneer Burn Program was 7,181.03 BNB. The blog also listed the Real Burn which is the Auto-Burn โ€“ Pioneer Burn amounting to 2,057,313.29 BNB alongside the transaction ID (TXID) for BNB burn.

When BNB was introduced in 2017, a promise was made to burn 100 million of the coinโ€™s entire quantitysupply, or half of it, and eventually leave only 100 million in circulation. Each quarter, this commitment is automatically carried out and the Auto-Burn formula is used to determine the amount.

The BNB Auto-Burn offers a technique that can be objectively and independently audited. The method is separate from the Binance centralised exchange, and the numbers are provided on a quarterly basis. Additionally, BNB Chain continues to employ the Real-Time-Burn mechanism to burn a portion of its gas costs in real-time.

Additionally, the Pioneer Burn Program also effectively eliminates from the market an amount of BNB equal to money that have been proven to have been lost by qualified BNB Chain users. The overall quarterly burn amount is then calculated using this value. You may find more information here.

Moreover, nothing has changed since the 21st BNB burn in terms of the Pioneer Burn, BNB Auto-Burn, and Real-Time-Burn (BEP95) procedures. Once more, each of these is transparent and subject to independent verification.

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