After the BEP-95 upgrade, BNB, Binance’s native coin, is now burned with every transaction, much like ETH.
On November 30th, the BEP-95 upgrade was released. A new real-time BNB burning mechanism was implemented with this upgrade, as a result of which a fixed ratio of the BNB gas fee collected by validators is burned in each block.
50,000 BNB worth over $24 million have been incinerated since the BEP-95 real-time burning update.
Tokens become deflationary as they are continuously burned. ETH is currently the most deflationary asset; after the ETH fees burning update (EIP-1559), more ETH was burned than mined for a few days.
Binance has shifted from quarterly burning to EIP-1559 to make BNB deflationary (BNB Auto-Burn upgrade). Binance has done 17 BNB quarterly burns to date. The 17th fire burned 1,335,888 BNB, valued roughly $639,462,868, making it the largest BNB burn ever.
BNB conducted its first quarterly BNB Auto-Burn this quarter. The total number of BNB taken from circulation was 1,684,387.11. This includes 6296.305493 BNB from the Pioneer Burn Program, which was destroyed.
The following are the details of BNB’s first Auto-Burn:
- Total BNB burned: 1,684,387.11 BNB
- Pioneer Burn Program BNB burned: 6296.305493 BNB
Since the introduction of Binance and BNB in 2017, Binance has pledged to burn 100 million BNB, or half of the total supply, to remove it from circulation. The number of tokens removed during this quarter was automatically determined using the Auto-Burn methodology, unlike previous quarterly burns.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.