BNB Chain removes 1.65 million BNB in 37th quarterly burn

BNB Chain completed its 37th quarterly token burn on October 19, removing 1,646,196.44 BNB from supply, according to the network’s announcement. The tokens were valued at about $1.197 billion, and the reported total supply after the burn was 131,512,085 BNB. The quarterly AutoBurn is part of a program intended to reduce BNB’s total supply to 100 million. The latest amount was about 1.25% of the supply immediately before the burn, according to figures reported by BNB Chain. The remaining supply is roughly 31.5 million BNB above the program’s target. A transaction record cited in coverage shows the tokens sent to a designated blackhole address on BNB Smart Chain, where they are removed from circulation. The data were recorded at 10:05 UTC on October 19. The burn was conducted directly on BNB Smart Chain, and BNB Chain has said future quarterly burns will also take place there. BNB Chain says its AutoBurn calculation uses the price of BNB and the number of blocks produced on BNB Smart Chain during the quarter. The amount therefore varies according to those inputs. BNB Chain has also said that parameters were adjusted after network upgrades changed block production speed. The...