On April 20, Binance announced the completion of the 19th quarterly BNB token burning with 1,839,786.26 BNB. The last quarterly burn burn burned an additional BNB 9,403.78 through the BNB Pioneer Burn Program. Txid of the 19th Quarterly BNB Burn: https://explorer.binance.org/tx/7EA14BB56EF812C142242F360E938BF545E5E17446039DD7D9CB6C9D1EE09DB9
Information about the 19th BNB burn
In the last quarter, BNB completed the BNB Auto-Burn in the second quarter. A total of BNB 1,839,786.26, or the equivalent of $741,840,738,874 USD, was removed from circulation. This included 9,403.78 BNBs that had been burned from the Pioneer Burn Program. Here are the facts and figures:
- Total BNB burned: 1,839,786.26 BNB
- Approximate value in USD: ~$741,840,738,874 USD
- Transaction ID (TXID) to burn BNB: View transactions
- BNB burned from Pioneer Burn Program: 9,403.78 BNB
About BNB Auto-Burn: New Quarterly BNB Burning Protocol
Over the years, the blockchain ecosystem has evolved in a variety of ways from the community’s constructive feedback. Like many projects that have been supported by the community, BNB has been on its own development journey towards greater innovation. In the future, quarterly BNB burning will take place using the BNB Auto-Burn protocol. This will bring greater transparency and predictability to the BNB Community. BNB Auto-Burn will be objective and verifiable, independent of the revenue generated on Binance CEX through the use of BNB, and the amount burned will be automatically adjusted the amount burned will be based on the price of BNB. Therefore, the number of BNBs will reflect the amount of supply and demand in terms of BNB, as well as the number of Blocks generated in a quarter calculated on the basis of information on the chain. This formula is as follows: B is the amount of BNB to burn. N is the total number of blocks produced on BSC in the calendar quarter*. P is the average price of BNB versus U.S. dollars**. K is a constant value as the price anchor, initially set at 1,000***.BNB Auto-Burn will be halted when the total amount of BNB in circulation falls below 100 million. * The typical block generation time of BSC is about 3 seconds, so the number of blocks created in an hour would be about 1,200 (3,600 seconds per hour, divided by 3). Assuming there are three months and thirty days in a calendar quarter, N must approximately 3,600 ÷ 3 × 24 × 30 × 3 = 2,592,000. Of these, 24 are the number of hours in a day, 30 are the number of days in a month and 3 are the number of months in a quarter. **P is the average value of a sampling on a widely accepted oracle price provider (e.g., ChainLink ) on BSC and the sampling frequency is per 10,000 blocks, which is now equivalent to an 8.3-hour period. The value of K may vary through BSC BEP proposala and community votes. The chart below shows the number of BNBs projected quarterly by Auto-Burn for a wide range of BNB average prices. After the implementation of BNB Auto-Burn, the BNB number expected to be burned based on the above formula will be published widely.
What is BNB Auto-Burn?
As mentioned, BNB Auto-Burn will automatically adjust the number recorded based on the BNB price and BNB’s supply-demand dynamics. This means that if the price of BNB falls, the amount of BNB burned will increase. BNB Auto-Burn is a mechanism that is both objective and verifiable. Its purpose is to provide greater transparency and predictability of transactions. Unlike Quarterly Burning, BNB Burn automatically is independent of the BNB trading volume on the Binance exchange. Instead, it uses the information on the chain from the BSC to calculate the amount to burn.
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