The CEO of Binance, CZ, took to Twitter yesterday to confirm that the 20th BNB coin ‘burn’ will take place soon. Since then, all eyes are on the Binance burn that will destroy coins and send them to a dead wallet. BNB Burn is like an event where the community comes together and embraces the development that removes it from circulation. 19 ‘burn’ events have already occurred so far, and investors are now eagerly waiting for the 20th BNB coin burn.
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When is the 20th BNB Coin Burn Schedule?
The 20th BNB Coin burn might occur on July 13, 2022. CZ revealed in his tweet that the Binance burn would take place in “24 hours or so.”
CZ estimates that around 2,095,257 BNB will be burned during the 20th burn, which is approximately worth $480 million. Previously, the 19th burn saw 1,959,595 BNB removed from circulation, worth $622 million. Therefore, in 2022 alone, BNB coins saw burns worth $1.1 billion, while 40.5 million coins were destroyed and sent to the dead wallet.
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How Does the Burn Work?
Binance coin is one of the most trusted cryptos with use-cases in various segments. It has remained to be inside the top 10 cryptocurrencies list for over three years in a row.
The BNB burn is automated chiefly as the system uses an auto-burn mechanism to remove coins from circulation. The auto mechanism regulates the amount of BNB to be burned based on the price, and it also calculates the number of blocks generated on the Binance Smart Chain this quarter.
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Overall, the development offers transparency to the BNB community making Binance among the most trusted projects.
As of today, $3,760,948,130 ($3.7 billion) Binance coins have been burned from October 1, 2017. An estimated 18.36% of the total BNB coin supply was sent to a dead wallet.