Share this article
BNB Chain Burns Nearly $500M Worth of BNB Tokens
The burned tokens are now permanently destroyed, which makes circulating tokens more valuable if demand increases.
Updated Jul 19, 2023, 11:11 a.m. Published Jul 19, 2023, 11:11 a.m.
Blockchain BNB Chain today burned over 1.99 million bnb tokens in a planned move under the "auto-burn" mechanism in what is the token's 24th quarterly burn event, transactional data shows.
Some $484 million worth of the tokens were effectively taken out of circulation. Token burn refers to the process of permanent deletion of coins from their circulating supply.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The burn was executed at 10:33 UTC in transaction DE23DB2FB61495A902A22E5DE72744AD587A78881FFC4E3136D2BD2C7E824E29.
BNB is the native coin of the BNB Smart Chain and BNB Chain-based networks such as Greenfield. It was issued by crypto exchange Binance after an initial coin offering in 2017.
BNB uses an auto-burn system that aims to reduce its total supply to 100 million BNB, from the original 200 million BNB, over time. The auto-burn mechanism adjusts the amount of BNB to be burned based on BNB's price and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter.
However, the burn event failed to create an immediate demand for BNB tokens among traders as prices remained flat over the past 24 hours.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
DOT Sinks 2% After Breaking Key Support
The Polkadot token erased earlier gains amid elevated volume, falling from a high of $2.09 to $1.97.
What to know:
- DOT collapsed through ascending trendline support around the $2.05 level on a massive 284% volume surge.
- The token broke decisively below the support level to trade 2% lower over the last 24 hours.
Top Stories
