Like ETH, BNB, the native coin of Binance, BNB is now burned with every transaction after the BEP-95 upgrade.
The BEP-95 upgrade was launched on Nov 30th. With this upgrade, a new real-time burning mechanism of BNB was introduced; as a result, a fixed ratio of the BNB gas fee collected by the validators is burned in each block.
Since the BEP-95 real-time burning upgrade, 50,000 BNB worth above $24M has been burned.
50,000 #BNB ($24,488,000) has been burned since the BEP-95 real-time burning upgrade ❤️?
— BurnBNB (@BurnBNB) February 23, 2022
The continuous burning of tokens makes them deflationary. Currently, ETH is leading as a deflationary asset; there were a number of days after ETH fees burning upgrade (EIP-1559), where more ETH was burned than mined.
To make BNB deflationary, Binance has switched from quarterly burning to EIP-1559 (BNB Auto-Burn upgrade). Till today Binance has conducted 17 BNB quarterly burns. In the 17th burn, 1,335,888 BNB, approximately worth $639,462,868, was destroyed, making it the largest BNB burn ever.
For the past quarter, BNB completed its first quarterly BNB Auto-Burn. A total of 1,684,387.11 BNB was removed from circulation. That included 6296.305493 BNB that was burned from the Pioneer Burn Program.
Here are the facts and figures behind BNB’s first Auto-Burn:
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Total BNB burned: 1,684,387.11 BNB
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Transaction ID (TXID) for BNB burn: View Transaction
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BNB burned from the Pioneer Burn Program: 6296.305493 BNB
Since BNB and Binance launched in 2017, Binance has committed to removing 100 million BNB, or half of the total supply from circulation, through burning. Unlike our previous quarterly burns, the number of tokens removed for this quarter was automatically calculated according to the Auto-Burn formula.