BNB Chain has successfully burned over 1.8 million BNB tokens in a transaction completed on 19 April 2022.
Per data from Binance explorer, the transaction saw 1,830,382.48 BNB burned. The market value of the tokens at the time of the burn was over $772 million.
This was BNB’s 19th burn (for Q1 2022) after Binance adopted an auto burn system that automatically triggers from an on-chain command.
The auto burn system allows for a planned removal of BNB from circulation and takes into account the coin’s price and total blocks generated in the given quarter on the Binance Smart Chain. For Q1 2022, the total number of blocks was 2581627, with the average price at $403.22.
During the 18th burn, over $729 million worth of BNB was removed from circulation.