Binance intends to replace its native token’s quarterly burn with a new mechanism called BNB Auto-Burn.
The burn took 1,684,387.11 BNB, according to a Binance blog post. That’s $798,887,962 in tokens at the time of writing.
Through the Binance Pioneer Burn program, which counts BNB delivered to dead wallets, 6296 of those coins were ‘effectively’ destroyed.
This burn, unlike the previous, was not carried out manually through the Binance exchange’s income-generating. Rather, Binance Smart Chain’s auto-burn feature was used to gather BNB for elimination.
Binance’s plan to shift to BNB auto-burn
The auto-burn system calculates how much BNB to burn based on a formula that takes into account the price of BNB and the number of blocks created that quarter. Manual burns will be phased out in the future. The previous fire, which took place in October, consumed around 1.3 million BNB, which was worth about $640 million at the time.
Binance intends to use these burns to lower the token count to half of its original supply — from 200 million to 100 million.
