Binance-backed BNB Chain has completed its 31st quarterly token burn using its proprietary Auto-Burn mechanism, removing 1.58 million BNB worth approximately $916 million from circulation.

According to the BNB Foundation's strategy, an additional 40.88 million BNB needs to be burned in order to reach the 100 million BNB supply goal.

The automatic burning process is quite transparent: every quarter, the amount of coins burned is adjusted depending on the price of BNB and the number of blocks produced on the Binance Smart Chain. Destroyed tokens are sent to a “dead wallet” (0x00…00dEaD), which ensures that they cannot be recovered.

These measures are aimed at managing inflation on the network and creating a more efficient token economy, while maintaining long-term stability in the value of BNB.

Despite the large dollar value of the tokens destroyed, the price of BNB has remained virtually unchanged. BNB is currently trading around $584, down a mere 0.1% on the day.