Binance launches BNB Auto-Burn to replace quarterly burn agreement

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Binance official Announce The implementation of New Binance Coin (Bitcoin) Auto-Burn agreement to replace its current quarterly destruction mechanism.

In response to the request of the BNB community, Binance changed the quarterly destruction agreement for BNB tokens. According to Binance, this will provide more “transparency and predictability” to its community. In this way, BNB will be automatically burned according to a formula consisting of the on-chain data of the total number of blocks generated and the average price of BNB.

Currently, BNB has two combustion mechanisms. One is to burn a certain percentage of gas fees in real time on the Binance Smart Chain. The second is the quarterly burning based on Binance’s accelerated burning plan, and the BNB automatic burning mechanism will replace this plan.

Since the launch of BNB, Binance has pledged to burn 100 million BNB, half of the initial total. When the total circulation of BNB is less than 100 million, Auto-Burn will stop.

During the last quarter’s destruction, the company recovered 1,335,888 BNB, which was approximately US$639,462,868 at the time and ceased to circulate.Earlier this year, the team Destroyed 400 million dollars The value of BNB tokens in the 16th quarter burn event.

At the time of writing, BNB’s trading price fell less than 10% this month to $528. It is down 23.65% from the historical high of US$690.93 on May 10, 2021, but it is still up by 1,295% since the beginning of 2021.

related: Binance VC division leads USD 60 million investment in Multichain, a cross-chain protocol

At the same time, Binance became the earliest Join the encryption center Established in Dubai by the government of the United Arab Emirates.This news was released on the second day of the Dubai government Announced Its encryption center.