BNB Burn Schedule: When Is The 20th Binance Coin Burn?
Holders are eagerly monitoring the Binance burn schedule for the 20th BNB Burn as the next BNB Burn approaches.
Binance, a leading crypto exchange, destroyed a significant sum of Binance Coin during this regularly planned event. Shiba Inu Burns, which is well-liked by the SHIB community, is only one cryptocurrency among several that may be used to burn cash.
Here is all you need to know about the most recent BNB Burn and what will happen next.
When Is The Next BNB Burn?
The 20th Burn of the BNB should occur in July 2022, towards the conclusion of Q2 2021. It should take place precisely on July 13.
The creator of Binance, CZ, just shared on Twitter the dates and times for the upcoming burn.
Q: When in the next #BNB 🔥?
— CZ 🔶 Binance (@cz_binance) July 12, 2022
A: 24 hrs or so.
Q: How much will be burned?
A: https://t.co/KZaa8selCh
Q: What is a burn?
A: https://t.co/nKGD6r1gQz
The 20th burn is expected to result in the destruction of 2,095,257 BNB, or almost $480 million. Despite an increase in BNB burnt, the total sum in USD will be lower than it was at the last burn.
BNB burns are quarterly occurrences that take place at the conclusion of each quarter, with Q2 2021 ending in July 2022. Holders are waiting to see how the burn is impacted by the recent quarter's severe conditions for cryptocurrencies, which included the Luna crypto crash and the broader market losing a significant portion of its value.
Keep a watch on Changpeng Zhao's (also known as CZ) Twitter account for updates on the burn's complete confirmation as they become available.
On July 18, 2022, Binance burned 1,296,728 BNB, totaling $393,673,653.52 at the 16th BNB burn.
The 19th BNB burned on what date?
On April 19, 2022, the 19th BNB Burn occurred, resulting in the auto-burn destruction of 1,830,382 BNB valued at about $772,363,806. This amounts to slightly more BNB destroyed than the $729 million from the 18th burn.
The CEO of Binance, CZ, confirmed the burn on Twitter.
Why burn $772 million dollars?
— CZ 🔶 Binance (@cz_binance) April 19, 2022
IYKYK. #BNB https://t.co/nKGD6r1gQz https://t.co/i6SvYTYV1p
We have not yet received a longer blog article about the BNB fire because this is a developing scenario. If Binance publishes one, it will probably do so within the next day.
1,099,888 BNB were obliterated in the 15th BNB Burn in April 2021. The value of this at the time of the fire was $595,314,380.
The amount of BNB burned
For the 18th burn, the Binance BNB burn process underwent a significant shift. It now functions as an auto-burn and follows a specified formula. The primary distinction is that it now relies on BNB's on-chain activity rather than reflecting Binance's profitability.
The new burn method is "both objective and verifiable," according to Binance, and it also offers flexibility when the supply and demand for BNB shift.
In addition, Binance burns in real-time after upgrading to Bruno, burning about 101,000 BNB.
The exchange would burn 20 percent of its quarterly revenues in the BNB burn, according to Binance's initial whitepaper. Since this mention was removed from the whitepaper in 2019, it is unclear how much BNB will be destroyed or what percentage of revenues this will represent.
The faster BNB burn is one theory for these alterations. 50 percent of the total supply, or 100,000,000 BNB, will be burned according to Binance's pledge. Instead of taking 27 years, it is now anticipated to take 5-8 years, according to CZ.
After the 14th BNB Burn, CZ stated, "Initially, the speed of the burn was correlated with trade volumes on Binance. It appears that this is "slow," or at least slower than we had anticipated.
"One drawback might be that you won't be able to utilize the burn number to compute Binance revenues and other things in reverse. You could still be able to guess that our earnings are less than a specific amount. But at best, it will be an imprecise estimate."
What is a BNB Burn?
Every quarter, Binance buys back BNB before burning or otherwise destroying it. This event is known as the BNB burn. Binance will keep doing this until 100,000,000 BNB have been used.
Not all cryptocurrencies, including Binance Coin, experience coin burning. The majority of the SHIB that the creator of Shiba Inu sent to Ethereum co-founder Vitalik Buterin in May 2021—more than 410 billion SHIB worth more than $7 billion on the day of transfer—were destroyed.
EIP-1559 has been implemented, and Ethereum is now burning ETH quickly as well.