Binance Completes 23rd Quarterly BNB Burn, Removing Over $676 Million

Binance has completed its 23rd quarterly BNB burn and its second of 2023, utilizing both the Auto-Burn mechanism and the Pioneer Burn Program.

Binance Completes 23rd Quarterly BNB Burn, Removing Over $676 Million

On April 14th, Binance announced that in its 23rd quarterly coin burn, it had destroyed 2,020,132 BNB, valued at approximately $676.7 million. This figure surpasses the amounts from the two previous burns. Specifically, 656 BNB were burned through the Pioneer Burn Program, while 2,019,476 BNB were removed via Real Burn (Auto-Burn - Pioneer Burn).

Compared to Q1 2023, the amount of BNB removed from circulation has remained relatively stable. However, the value in USD has increased by nearly $60 million, largely due to the easing of FUD related to Binance and CEO CZ, along with the overall market uptrend pushing BNB's price higher.

1D Chart of BNB/USDT on Binance at 03:50 PM, April 14, 2023

BNB burns have been a quarterly tradition for Binance since the platform's inception, in line with the commitments outlined in the initial whitepaper. Binance aims to reduce the total BNB supply from 200 million to 100 million tokens through these regular burns.

Since early 2022, Binance has adopted a new mechanism called BNB Auto Burn. Instead of calculating the value of burned BNB based on exchange revenue, Binance now uses a formula based on the price of BNB and the number of BNB Chain blocks produced during the specified period.

The Pioneer Burn Program also contributes to the reduction of BNB in circulation, equating to the amount lost by BNB Chain users. This figure is added to the total quarterly burn total.

Recently, the testnet "Congo" for BNB Greenfield has gone live. This decentralized data storage solution, built on BNB Chain's blockchain technology, enables users and dApps to create, store, and trade data within a unified economy. The mainnet is expected to launch in Q3.

In simple terms, BNB Chain, originally Binance Smart Chain, now comprises three distinct blockchains:

• BNB Chain Beacon: Launched in April 2019, this is the foundational blockchain that directly handles transactions.
• BNB Smart Chain: Formerly known as Binance Smart Chain (BSC), this blockchain debuted in September 2020, supporting smart contracts for token issuance and dApps, and is compatible with Ethereum and other blockchains.
• BNB Greenfield: Introduced in February 2023, this blockchain focuses on data storage.