The BNB Chain will burn more than 1.8 million binance coins (BNB) in the first of the quarter 2022, tracker data shows.
The burn was carried out by BNB Chain on Tuesday at 08:23:05 UTC via “bnb1ultyhpw2p2ktvr68swz56570lgj2rdsadq3ym2” connected to the Binance crypto exchange, data showed.
“$ 741,840,738 #BNB will be burn soon,” Binance CEO Zhao confirmed in a tweet. The burn will take place at an average price of $403 per BNB, data show.
The BNB uses the Auto-Burn system to reduce the total suply to 100,000,000 BNBs. The BNB Auto-Burn mechanism adjusts the amount of BNB to be burned based on the BNB price and the number of blocks generated by the BNB Smart Chain (BSC) per quarter. It provides greater transparency and predictability for the BNB community.
BNB losses in eligible cases can also be compensated through the BNB Pioneer Burn Program. It counts users’ lost coins into the official number of fires and pays them to the BNB.
The BNB also uses a real-time combustion mechanism based on a gas charge. In each unit, a fixed ratio of the collected gas charge is burned, the ratio is decided by the BSC validators.