Jul 10, 08:48 AM

BNB Foundation Burns $1.02 Billion in 32nd Quarterly Token Cull

The BNB Foundation has removed 1,595,599.78 BNB from circulation in its 32nd quarterly burn, a transaction valued at about $1.024 billion. The event, executed directly on the BNB Smart Chain, comprised 1,595,470.69 BNB eliminated through the protocol’s Auto-Burn mechanism and 129.10 BNB canceled under the Pioneer Burn program, which compensates users for verified accidental losses. Following the burn, the total outstanding supply stands at roughly 139.29 million BNB. The Auto-Burn algorithm, adjusted each quarter to reflect network activity and price, is designed to cut the token’s maximum supply to 100 million over time, aiming to enhance scarcity and support the BNB Chain ecosystem. Separately, the foundation acknowledged that an earlier $25,000 on-chain purchase intended to support the Janitor community incurred a $24,728 loss after the transaction was routed through a low-liquidity pool, causing severe slippage. The incident was attributed to unchecked routing rather than a malicious ‘sandwich’ attack, and the group said it is reviewing safeguards to prevent similar errors.

#BNB Foundation #BNB Smart Chain #Pioneer Burn #BNB Chain #Janitor

Written with ChatGPT .