BNB Chain (Binance Smart Chain), has completed its quarterly auto-burn event for Q1, 2022, taking 1,830,382 BNB tokens worth around $772 million out of circulation.
The total number of tokens burned now count to 34,921,230 BNB, accounting for roughly 21% of the total circulating supply of 165,078,769 tokens.
$741,840,738 worth of #BNB will be taken out of circulation soon.
— CZ 🔶 Binance (@cz_binance) April 19, 2022
Binance’s long-term goal is to burn 100 million BNB tokens, which is 50% of the total BNB supply. Binance launched the quarterly burn program in late 2017 and today’s burn represents the 19th quarterly burn and second quarterly auto-burn.
The number of tokens removed for this quarter was calculated according to the Auto-Burn formula, based on the price of BNB and the number of blocks produced by the chain during the last quarter. Previously, it was based on the BNB trading volume on the Binance exchange.
According to the BNBBurn.info data tracker, it shows that 2,631.88 BNB tokens worth $1.1 million burned in the last 7 days and a total of 72,422.59 BNB tokens worth around $30.5 million burned since this mechanism was implemented.
Ethereum and BNB Chain implement token burn mechanisms to reduce the supply of their native tokens, which makes them more attractive as stores of value and incentivizes token holders to keep their coins.
Binance’s BNB is currently trading at $420.33 up by 3.66% in the last 24 hours, trading volume is also jumped to more than $2 billion by 21.68% according to the CoinMarketCap.