Thread by @binance

Earlier today, #Binance burned $444,632,106 worth of #BNB as part of the 20th BNB Burn.

If you’d like to learn how coins are ‘burned’, including #BNB, open this thread 🧵

Coin burning is when a certain amount of crypto is destroyed and permanently removed from circulation, reducing the supply of the crypto.

Coins are sent to a black hole address to burn them, after which cannot be used for anything. They are burned. Destroyed. Gone forever.

#Binance conducts #BNB coin burning events every quarter, aiming to burn 50% of the original total supply of #BNB, which would be 100 million coins.

So far, 20% of the original supply has been burnt.

Meanwhile, BEP-95 was introduced on BNB Chain in October 2021, which adds another deflationary aspect to the #BNB supply.

With BEP-95 the network burns a fixed ratio of each block’s gas fees that validators collect. The BEP-95 burns will take place even after 100 million #BNB has been burnt through the quarterly burn process.

BNB quarterly burns now occur through an Auto-Burn mechanism, which calculates the amount of BNB to be burnt based BNB price and the number of blocks generated on BNB Chain during each quarter.

Read more about the #BNB Auto-Burn here ⬇️
academy.binance.com/en/articles/wh…