As a seasoned researcher with years of experience in the crypto market, I find the BNB Foundation’s quarterly burn announcement both fascinating and encouraging. The consistent effort to reduce the circulating supply of BNB tokens through the Auto-Burn mechanism is a testament to their commitment towards fostering ecosystem development and maintaining the value of their native coin.
As a researcher, I’m excited to report that I’ve just learned about the completion of the latest quarterly BNB token burn by the BNB chain. This time around, an impressive 1.7 billion BNB tokens were automatically incinerated, equating to approximately $1.07 billion in value.
In a recent blog post, Binance Chain shared details of their latest burn event. The total BNB tokens destroyed in this automated process amounted to approximately 1,772,712.363 BNB. This figure is split into two parts:
The BNB Foundation has confirmed the conclusion of the 29th round of BNB destruction, having automatically incinerated a total of 17,727,123.63 BNB, which translates to around $1.07 billion in value. The burning for this quarter and subsequent quarters will be executed directly on the Binance Smart Chain (BSC), with the equivalent amount of BNB being removed…
— Wu Blockchain (@WuBlockchain) November 1, 2024
43,533,387.84 BNB out of a total supply of 144,099,981.1 BNB remains to be burned.
In simpler terms, BNB serves as the main currency within the BNB Chain system, facilitating transactions not just on the BNB Smart Chain (also known as BSC), but also on the optimistic BNB L2s and the new BNB Greenfield blockchain. Apart from payment for transaction fees, BNB is used to take part in the decision-making process of the BNB Chain, through its decentralized on-chain governance.
Regarding BNB burn
After debuting on the main network on April 18, 2019, Binance Coin (BNB) transitioned from the Ethereum Network to the Binance Chain. This shift aligns with BNB’s “Build and Build” ethos, which emphasizes its function in nurturing ecosystem growth. Moreover, BNB employs an Automatic Burn mechanism to progressively reduce the total supply of 100 million BNB over time.
The burn rate gets adjusted according to the value of BNB and the number of blocks produced on the Binance Smart Chain within a three-month period. This process operates independently from the centralized Binance exchange.
This quarter’s burn and future burns took place directly on BSC as a result of the ongoing BNB Chain Fusion, with the equivalent BNB amount transferred to the “blackhole” address.
Right now, as I’m typing this, BNB was observed to have dropped by 3.14% over the past day, reaching a value of $583. This decline comes after a general drop in the crypto market that happened earlier.
On Thursday, Bitcoin dipped briefly under $70,000, following its approach to setting a new record high earlier this week. This downturn in Bitcoin’s price coincided with a broader sell-off in the stock market, as traders unloaded stocks, leading to the Nasdaq and S&P 500 experiencing their most challenging days in over a month.
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2024-11-01 13:35