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Binance sets $600M in $BNB ablaze in scheduled quarterly burn

Winnie Kimeu

Writer, News

Jan 19, 2023 at 10:29

2,064,494.32 BNB went up in smoke! 

The Pioneer Burn Program burnt 7,181.03 tokens which were considered to be losses from mistakenly sent tokens to unrecoverable addresses. 

And 2,057,313.29 BNB was burned as part of their auto-burn system.

Like a phoenix rising from the ashes

Binance’s $BNB is on a mission to shrink its supply from 200 million to 100 million through burning. The platform is adjusting as it goes, having incinerated 21% of its total burning goal.

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On October 21, 2022, Binance introduced their new BEP-95 feature, which lights a match to a  portion of the gas fees collected by validators on their native network. 

BNB like a phoenix
BNB like a phoenix

BEP-95 may continue to burn the token if the on-chain governance mechanisms say nothing.

Since its introduction, BEP-95 has burned 145,000 tokens. However, the feature hit a bit of a hiccup on October 7, 2022, as an exploit on the BSC Token Hub bridge created “roughly two million BNB.”

BNB’s maximum supply may have risen to 202 million with the minting of new tokens, but the BNB Community’s trusty validators burned 1.02 million of them. 

The remaining tokens are set to go up in smoke through the BEP-95 feature.

BNB Price Data - 1 month. Source: CoinmarketCap
BNB Price Data – 1 month. Source: CoinmarketCap

BNB price on Jan 18, 2023 is $300.36 USD.

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