In a recent announcement from Binance, the BNB Foundation declared the successful completion of the 26th quarter Binance coin token burns through the BNB chain. The burns, which included Auto-Burn and the Pioneer Burn Program, removed a significant portion of the exchange’s original token from circulation.
BEP95 initiative results in 210K BNB permanently burned
During this last one fire eventthe Auto-Burn process removed 2,141,487.27 BNB from circulation, equivalent to approximately $636 million in USD.
It is worth noting that the Auto-Burn mechanism works independently of Binance’s centralized exchange (CEX) and provides an auditable and objective process, the exchange’s statement said.
Moreover, the Pioneer Burn Program contributed by withdrawing 1542.15 tokens from circulation. This program permanently eliminates an amount of BNB equal to eligible users’ verifiable lost funds.
Since the introduction of BEP95, an estimated 210,000 tokens have been permanently burned under this mechanism. As announced, the Pioneer Burn Program helps maintain the integrity of the ecosystem and ensures lost money does not impact circulating supply.
Furthermore, BNB Chain’s Real-time burning mechanism continuously reduces the token supply. This mechanism allows for a portion of BNB Chain’s gas fees to be burned in real time, further contributing to the ongoing supply reduction efforts.
Completing the 26th quarterly BNB token burn marks another major milestone for the BNB ecosystem. The independent Auto-Burn mechanism, combined with the Pioneer Burn program and the Real-Time-Burn mechanism, demonstrates BNB Chain’s approach to reducing token supply and driving long-term value.
Robust user adoption
In addition to the quarterly token burn, BNB has recently shown remarkable strength and progress, as evidenced by Token Terminal’s on-chain facts.
With a circulating market cap of $47.86 billion, BNB Chain has experienced a 30.45% increase in market cap. This increase in value reflects the growing confidence and demand for the token among investors.
BNB Chain’s financials are equally impressive. The platform has witnessed a revenue growth of 30.47% in the last 30 days, generating $1.72 million in revenue during this period, as seen in the chart below.
Extrapolating this data to an annual basis, the chain’s revenue is notable: $20.96 million, reflecting solid financial stability and sustainable growth.
Token Terminal’s data also highlights BNB Chain’s rise user acceptance and developer activity. The platform has seen a strong increase in the number of active daily users, with a 30-day average of 1.42 million, representing robust growth of 48.6%.
Binance Coin’s price performance has been stable, down 2.14% in the past 24 hours, while showing a positive trend over longer periods.
The token registered an increase of 4.38% over the past seven days and achieved an impressive growth of 30.51% over the past 30 days. Moreover, BNB’s performance over the past 180 days has been significant, with a growth rate of 29.92%.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.
