BNB Chain successfully burned more than 1.8 million BNB tokens in a transaction completed on April 19, 2022.
According to data from the Binance explorer, the burn removed 1,830,382.48 BNB. At the time of the burn, the market value of those tokens exceeded $772 million.
🔥 🔥 🔥 🔥 🔥 🔥 🔥 🔥 🔥 🔥 1,830,382 #BNB (772,363,806 USD) burned at #Binancehttps://t.co/x1VxRpqgt1
— Whale Alert (@whale_alert) April 19, 2022
Changpeng Zhao, CEO of Binance, confirmed that more than 1.8 million BNB were withdrawn and acknowledged the successful burn, noting that this activity is part of BNB’s whitepaper.
$741,840,738 worth of #BNB will be taken out of circulation soon.
Real time info: 👇https://t.co/BikWciOHY7#BNB is deflationary. If you don’t know what that means, you lack basic financial knowledge to get lucky in this world. Harsh but true. Time to learn.🙏
— CZ 🔶 BNB (@cz_binance) April 19, 2022
BNB’s 19th Burn
This was BNB’s 19th burn (for Q1 2022) following the implementation of Binance’s automated on-chain burn mechanism. The automated system removes BNB from circulation according to a scheduled plan, taking into account the coin’s price and the total number of blocks produced on the Binance Smart Chain during the quarter.
For Q1 2022, the total number of blocks was 2,581,627, with an average BNB price of $403.22 for the period.
During the 18th burn, BNB worth more than $729 million was removed from circulation.
The next scheduled burn is expected to remove around 1.8 million BNB (approximately $769 million). According to BNB Chain data, the 20th burn is projected at an average price of $424.59.
BNB Chain’s long-term plan is to reduce total supply from 200,000,000 BNB tokens to 100,000,000. Following the most recent burn, more than 34.6 million tokens have been destroyed. Current data indicate a circulating supply of just over 165.3 million BNB.
BNB Supply
At the time of writing, BNB is trading at $420. The token’s value rose 4.4% in the past 24 hours and gained nearly 7% over the past week.