BNB Chain, backed by Binance, has burned 1.579 million BNB tokens worth $916 million as part of its quarterly burn program.
Details of the Token Burn
According to the official [announcement](https://www.bnbchain.org/en/blog/31st-bnb-burn), this was the 31st quarterly burn, removing 1,579,207 BNB from circulation, valued at $916.07 million at the time of burning.
Reasons Behind the Burn and Its Effects
Token burning is a strategic process aimed at reducing excess token supply from the market and sending it to a "blackhole" address. There is a goal to decrease the total BNB supply from 139.31 million to 100 million by systematically burning tokens each quarter.
BNB Market Price and Current Status
Despite the significant burn, the price of BNB remains steady. At the time of writing, the price is around $578, with a market cap of $81.44 billion. It is also noted that BNB Chain continues to burn a portion of BNB from gas fees.
BNB Chain will continue its burning programs, which will benefit the ecosystem in the long term, helping to control token inflation.
