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The long-term goal is to have only 100,000,000 units of BNB.
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The scarcity of BNB is beneficial for its market price.
The BNB Foundation announced the completion of the thirty-third quarterly burning of BNB tokens, the native digital asset of the BNB Chain ecosystem. In this event, a total of 1,441,281 BNB were destroyed, with an approximate value of $1,208 million at the time of the operation.
This procedure is part of the digital asset’s deflationary strategy, known as BNB Auto-Burn. The system automatically adjusts the number of tokens to be removed from the market based on the price of BNB and the number of blocks produced on the BNB Smart Chain (BSC) network during the quarter. The ultimate goal is to reduce the total supply to 100,000,000 BNB to increase its scarcity.
The process is auditable and operates independently of the Binance centralized exchange. The burning transaction was recorded directly on the BSC network, sending the funds to an unrecoverable address. Now, the total remaining supply of the digital currency stands at 137,738,379 BNB.
Additionally, the ecosystem implements a real-time burning mechanism (BEP95) that destroys a portion of the gas commissions paid for transactions on the network. Through this system, approximately 276,000 BNB have already been incinerated since its implementation, adding to the programmed effort to reduce circulation. At the time of this publication, the price of BNB is around $1,163.