Following the end of the latest quarter, the 16th BNB Burn is finally here.
This regularly scheduled event will saw over 1.2 million Binance Coin destroyed by the cryptocurrency exchange Binance.
Here's all you need to know about the 16th BNB burn.
When is the next BNB Burn?
The 16th BNB Burn took place on July 18, 2021, at 15:39:25 UTC. The timeframe was initially announced in a tweet by Binance founder Changpeng Zhao (known as CZ). On July 18, CZ then tweeted details of the BNB Burn on July 18, which you can see below.
The 12th BNB Burn at the end of Q2 2020 also occurred on July 18.
BNB burns are quarterly events that happen after the end of every quarter, with June 30 marking the end of Q2 2021.
The next BNB Burn - the 17th event - will take place at the end of Q3 2021. In 2020, this occurred on October 16.
How much BNB was burned?
As first detailed by CZ, 1,296,728 BNB worth $390,855,150 USD was burned in the 16th BNB Burn.
We'll update this page when we know more, likely from a blog post later today.
Binance's original whitepaper stated that the exchange would burn 20% of its quarterly profits in the BNB burn.
The whitepaper was changed in 2019 to remove such a reference, meaning it is no longer clear how much BNB will be burned, or what proportion of profits this will be.
One explanation for this change comes from the accelerated BNB burn. Binance has promised to burn 100,000,000 BNB, which it now expects to take 5-8 years, rather than 27 years, according to CZ.
"Initially, the speed of the burn was associated with trading volumes on Binance," said CZ after the 14th BNB Burn. "This turns out to be somewhat “slow”, or at least slower than we originally anticipated."
"One negative side effect may be that you won’t be able to use the burn number to reverse calculate Binance revenues, etc. You may still be able to infer that our revenues are lower than a certain number. But it will be a rough guess at best."
The previous BNB burn in April 2021 saw 1,099,888 BNB - worth $595,314,380 at that point - burned.
What is a BNB Burn?
The BNB burn is a quarterly event whereby Binance buys back BNB using its profits and then burns, or destroys, this BNB. This will continue until Binance has burned 100,000,000 BNB.
Binance Coin is not the only cryptocurrency subject to coin burning. In May 2021, Ethereum co-founder Vitalik Buterin burned 90% of his SHIB - over 410 billion SHIB worth over $7bn on the day of transfer - gifted to him by the Shiba Inu founder.