BNB Auto-Burn replaces Binance quarterly burn agreement-


lead Cryptocurrency exchange Binance announced the launch of a powerful Binance Coin (BNB) The Auto-Burn protocol replaces the current quarterly destruction system. The decision was made in response to multiple requests forwarded by users of the BNB community to replace the existing local currency quarterly destruction mechanism. Through this new process, Binance looks forward to achieving higher standards of transparency and predictability based on its market leadership. Decentralized transaction ecosystem.

The new protocol adopted will promote the automatic burning of BNB tokens through a formula involving the on-chain data of the total blocks generated and the average price of the tokens. Currently, BNB tokens have two burning processes. One mechanism involves burning a certain percentage of gas fees on the Binance Smart Chain in real time. The second involves the destruction of tokens quarterly on the basis of Binance’s accelerated destruction plan. Introduced the BNB Auto-Burn protocol to replace the second burning system.

Since the launch of BNB, Binance plans to burn 100 million BNB, which is equivalent to half of the currency’s original total supply. When this total circulating supply is less than 100 million, the Auto-Burn mechanism will stop. In the previous quarter, Binance burned 1,335,888 BNB worth US$639,462,868. In addition, at the time of the 16th quarter burn, the company transferred $400 million worth of tokens from circulation.

In terms of daily trading volume of digital currencies, Seychelles-based cryptocurrency exchange Binance prides itself on being the world’s largest trading platform. It has a strong investment portfolio, including a variety of top crypto tokens. The exchange became one of the first entities to join the crypto cluster developed by the UAE government in Dubai. The BNB token is in a safe state of operation in the industry, and its price has soared by 1,295% since the beginning of the year. The latest destruction mechanism adopted by the exchange may expand its influence in this field.


Source link

Recommended For You

About the Author: News Center