BNB Chain successfully burned more than 1.8 million BNB tokens in a transaction completed on April 19, 2022.
Data from Binance Explorer shows that 1,830,382.48 BNB were burned. The market value of those tokens at the time of the burn exceeded $772 million.
🔥 🔥 🔥 🔥 🔥 🔥 🔥 🔥 🔥 🔥 1,830,382 #BNB (772,363,806 USD) burned at #Binancehttps://t.co/x1VxRpqgt1
— Whale Alert (@whale_alert) April 19, 2022
Binance CEO Changpeng Zhao had previously confirmed the removal of the more than 1.8 million BNB. He acknowledged the successful burn and stated that the action 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
19th BNB Burn
This marked BNB’s 19th burn (for Q1 2022) after Binance adopted an automated burn mechanism that is triggered by on-chain instructions.
The auto-burn system schedules the removal of BNB from circulation based on the coin’s price and the total number of blocks produced on the Binance Smart Chain during the quarter. For Q1 2022, the total block count was 2,581,627, with an average BNB price of $403.22.
During the 18th burn, more than $729 million worth of BNB were taken out of circulation.
The next burn was also expected to remove roughly 1.8 million BNB (estimated at $769 million). According to BNB Chain data, the 20th burn was projected based on an average price of $424.59.
BNB Chain aims to reduce the total supply from 200,000,000 BNB to 100,000,000 BNB. Following the most recent burn, more than 34.6 million tokens have been destroyed in total. Data indicates the circulating supply currently stands at slightly more than 165.3 million.
BNB supply
At the time of writing, BNB traded at $420, with the token up about 4.4% in the past 24 hours. BNB/USD has gained nearly 7% over the past week.