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19-04-2022|Crypto

Over $770 Million in BNB Tokens are Burned by the BNB Chain.

For the first time this quarter, the tokens were burned automatically.

BNB Chain will burn around 1.8 million binance coins (BNB) in its first burn this quarter, according to statistics from trackers.

The burn took place on BNB Chain on Tuesday at 08:23:05 UTC via the "bnb1ultyhpw2p2ktvr68swz56570lgj2rdsadq3ym2" linked to Binance, according to statistics.

Binance CEO Changpeng Zhao said in a tweet that "$741,840,738 worth of #BNB will be taken out of circulation soon." According to the research, the burn would cost an average of $403 per BNB.

BNB is the native coin of the BNB Beacon Chain and BNB Smart Chain, and it fuels the BNB Chain ecosystem. Binance, a cryptocurrency exchange, issued it following its ICO in 2017.

To lower its total supply to 100,000,000 BNB, BNB uses an auto-burn method. Based on the price of BNB and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter, the auto-burn mechanism modifies the amount of BNB to be burned.

Meanwhile, data shows that an estimated 1.8 million BNB would be destroyed next quarter, with the date set for August. BNB is currently trading at $419, up 4.9 percent in the last 24 hours.

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