What is BNB auto-burn and how does it work?
Based on the price of BNB and the number of blocks generated on BSC during the quarter, the BNB auto-burn mechanism automatically modifies the amount of BNB to be burned. BNB and its role in the blockchain ecosystemBinance Coin (BNB) is the Binance ecosystem’s native cryptocurrency. Launched in 2017, BNB was originally presented as an ERC-20 token on the Ethereum blockchain with a total supply of 200 million. In 2019, Binance started its mainnet swap and migrated all BNB tokens to BNB Chain.Related: A beginner’s guide to the BNB Chain: The evolution of the Binance Smart ChainBNB Chain is....
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BNB tokens will now be burned automatically based on a formula that includes blocks generated and BNB’s price. Binance officially announced the implementation of a new Binance Coin (BNB) Auto-Burn protocol to replace its current quarterly burn mechanism. In response to the requests of the BNB community, Binance changed its quarterly burning protocol for BNB tokens. According to Binance, this will provide more “transparency and predictability” to its community. With this, BNB will be burned automatically based on a formula consisting of on-chain data of total blocks generated and the....
Binance permanently destroyed $547 million worth of BNB in its 21st quarterly burning event, but the markets remain steady. Crypto exchange platform Binance has concluded its 21st quarterly Binance Coin (BNB) burn, eliminating around $547 million worth of BNB tokens from its supply. In an announcement, Binance said that it had destroyed a total of 2,065,152 BNB tokens which is valued at just below $600 million at the time of writing. The exchange also mentioned that an added 4,833.25 BNB was burned through its Pioneer Burn Program, a mechanism that helps users who lost their digital assets....
A major thing that is happening for Shiba Inu is the rapid acceleration in the burn rate that has sent more SHIB tokens to the burn address. In addition to the surges that have been recorded this week, there has been an over 72,000% increase in the burn rate in a bare 24-hour period, marking […]
In recent times, cryptocurrencies that burn tokens have been very popular and a number of well known blockchain projects have destroyed large sums of digital assets. While a number of crypto projects have different burn schemes, the overall effect is usually the same, as destroying tokens reduces the circulating supply.
Blockchain Projects Burn Tokens for Specific Benefits and Objectives
Burning tokens has been a popular trend and articles often highlight specific projects like Ethereum, Terra, Shiba Inu, and many more that have destroyed large sums of native tokens.
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The Shiba Inu (SHIB) community has been burning tokens for a while now. This burn is in an effort to reduce the supply of the meme coin, thereby increasing its value. There have been times where the burn has not been as high as expected but the community has been increasing its efforts to burn […]