BNB Foundation Completed 27th BNB Token Burn Worth $1.17 Billion!

Bittime - BNB Foundation has carried out its 27th BNB token burn. This is a routine BNB Chain program to reduce the number of BNB tokens in circulation, thereby potentially increasing the value of the token.

Details of the 27th BNB Token Burn

• Auto-Burn (Amount of BNB Burned): 1,944,452.51 BNB
• Estimated Value (USD): US$1.17 billion (at time of burn)
• Pioneer Burn Program: No BNB has been burned through the Pioneer Burn program this quarter.

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BNB Token Burning Program (BNB Burn)

BNB is a crypto token that fuels the BNB Chain ecosystem. This token functions as a native coin for BNB Smart Chain (BSC), opBNB L2s, and the BNB Greenfield  blockchain.

Apart from that, BNB also acts as a governance token and allows users to transact with projects built on the network.

At the launch of BNB in ​​2017, the development team committed to halving the total BNB supply (100 million BNB) from circulation through a burning program. 

That way, there will only be 100 million BNB left in circulation. This commitment is executed automatically every quarter and is calculated based on the Auto-Burn formula which is transparent and can be independently audited.

Benefits of BNB Token Burning Program

• Transparency and Objectivity: The BNB burning process is automated and can be independently audited. Burn reports are done quarterly, and the mechanism is not affected by Binance's centralized exchange.
• Reduced Supply: As the amount of BNB in ​​circulation decreases, the potential for the token's value to increase is higher.
• Network Stability: Token burning also helps maintain the stability and sustainability of the BNB Chain network.
• Real-Time Burn Mechanism: In addition to quarterly burns, BNB Chain also continues to burn a portion of gas fees in real-time using the Real-Time-Burn mechanism.

Also Read: Get to know BNB Auto-Burn and how it works

Change of Burning Location

Unlike previous quarterly burns, BNB burns this quarter and next will be carried out directly on the BNB Smart Chain (BSC) due to the ongoing BNB Chain integration process. Next, the burned BNB will be sent to the blackhole address.

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Pioneer Burn Program

Apart from the Auto-Burn program, BNB Chain also has a Pioneer Burn program. This program allows for the permanent deduction of a certain amount of BNB from circulation that originates from user funds that are proven to be lost. This amount will then be included in the total quarterly burn.

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How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read: 

Binance Coin (BNB): A Quick Guide 2024

BNB Price Prediction After Bitcoin Halving According to Crypto Academy

Shiba Inu (SHIB) Burning Record: More Than 15 Billion Coins Burned Last March!

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.