BNB chain burns BNB worth about $500 million | CoinDesk JAPAN | Coin Desk Japan

BNBChain burned more than 1.99 million Binance Coins (BNB) based on its “autoburn” mechanism on July 19, the 24th quarterly burn event for native tokens, according to trading data.

Approximately $484 million worth of tokens have been removed from the supply. “Burn” refers to the permanent deletion of tokens by sending them to a wallet address that no one controls.

The burn was executed at 10:33 am UTC on transaction “DE23DB2FB61495A902A22E5DE72744AD587A78881FFC4E3136D2BD2C7E824E29”.

BNB is the native coin of BNB Smart Chain and BNB Chain-based networks such as Greenfield. It was issued by cryptocurrency exchange Binance after its initial coin offering (ICO) in 2017.

BNB has adopted an autoburn system, aiming to reduce the total supply from the initial 200 million BNB to 100 million BNB over time. The autoburn mechanism adjusts the amount of BNB burn based on the price of BNB and the number of blocks generated on the BNB Smart Chain during the quarter.

However, the burn event failed to create demand for BNB among traders and the price remained flat.

｜Translation: CoinDesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Shutterstock
｜Original: BNB Chain Burns Nearly $500M Worth of BNB Tokens