BNB Chain will burn over 1.8 million binance coins (BNB) in its first burn this quarter, data from trackers show.
The burn was executed on BNB Chain at 08:23:05 UTC on Tuesday via the “bnb1ultyhpw2p2ktvr68swz56570lgj2rdsadq3ym2” tied to crypto exchange Binance, data show.
“$741,840,738 worth of #BNB will be taken out of circulation soon,” Binance CEO Changpeng Zhao confirmed in a tweet. The burn would be conducted at an average price of $403 per BNB, the data show.
$741,840,738 worth of #BNB will be taken out of circulation soon.
— CZ 🔶 Binance (@cz_binance) April 19, 2022
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BNB powers the BNB Chain ecosystem and is the native coin of the BNB Beacon Chain and BNB Smart Chain. It was issued by crypto exchange Binance after an initial coin offering in 2017.
BNB uses an auto-burn system to reduce its total supply to 100,000,000 BNB. The auto-burn mechanism adjusts the amount of BNB to be burned based on BNB’s price and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter.
Meanwhile, data show an estimated 1.8 million BNB are on track to be burned next quarter, expected sometime in August. BNB trades at $419 at writing time and is up 4.9% in the past 24 hours.
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