The BNB chain announced that it has removed 1991854 BNB from circulation, completing its three-month autoburn process.
The core team of BNB Chain states that it has successfully removed 1,991,854 BNB, equivalent to $480 million, by completing the last three months of auto-burning activity. A total of 24 BNB burns took place in the system, which started in late 2017. The last automatic burn represents approximately 1.2 percent of the current circulating supply of 153.8 million BNB.
A total of 48.14 million BNB was burned
Each quarter, the amount of BNB to burn is determined by an algorithm, taking into account variables such as the token’s current price and network activity. The BNB chain also burns some of its real-time gas fees in a manner similar to Ethereum, but this is different from quarterly auto-burn events.
The BNB burning system, which started towards 2018, automatically took place a total of 24 times. With the last burning, $48.14 million worth of BNB was burned, and the burning system automatically took place 24 times in total. With the last burn, $48.14 million BNB was burned.
The burning of BNB, which was close to 500 million dollars, has not yet been reflected in the token price. What kind of price structures will be in BNB, which has gained momentum from time to time with the news on the Binance side, is followed with interest.
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