In what is the 24th quarterly burn event for the token, Blockchain BNB Chain burnt approximately 1.99 million bnb (BNB) tokens today in a programmed action under the “auto-burn” mechanism, according to transactional data.The tokens were effectively removed from circulation for $484 million.Token burning is the process of permanently removing currency from circulation.In transaction DE23DB2FB61495A902A22E5DE72744AD587A78881FFC4E3136D2BD2C7E824E29, the burn was carried out at 10:33 UTC.
The BNB Smart Chain and networks built on the BNB Chain, like Greenfield, use BNB as their native currency.After a 2017 ICO, it was released by the cryptocurrency exchange Binance.With an initial supply of 200 million BNB, BNB employs an auto-burn technology that gradually lowers that amount to 100 million BNB. The auto-burn mechanism modifies the quantity of BNB to be burned based on the price of BNB and the quantity of blocks produced on the BNB Smart Chain (BSC) during the quarter.
The burn event did not, however, result in an instant increase in trading demand for BNB tokens as prices were stable over the previous day.