Binance periodic burning of BNB is a supposedly deflationary mechanism to reduce the total supply of their coins and drive its appeal.
Cryptocurrency exchange Binance has announced completing the 20th quarterly burn of its native token, BNB., nearly 1.96M BNB was burned in the process, marking its third quarterly burn through the relatively new “auto-burn” feature.
The previous BNB burns reflected the tokens’ usage and revenue generated in the Binance centralized exchange. However, it was replaced by BNB Auto-Burn, a move with which the platform expects to make the process more objective and clear to the community.of BEP-95 in November 2021 set the stage for Binance’s BNB auto-burn mechanism in a bid to help burn BNB tokens faster.
The 20th burn comes amidst significant turmoil in the market. BNB’s price also suffered from the rapid declines over the past couple of months. At the beginning of the year, the native token was trading above $500. The price has declined by about 60% since then.“During this downturn and all market cycles, our goal is to continue building and investing in the industry and projects to spur adoption and further infrastructure growth. Historically, bear markets have been great periods for focused and long-term-minded builders.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
20th BNB Burn | 5 Year Insights from CZ | Binance BlogFor this past quarter, landing on our five year anniversary, BNB completed its third quarterly BNB Auto-Burn. A total of 1,959,595.29 BNB was removed from circulation. This includes 4,181.77 BNB that was burned from the Pioneer Burn Program.
Read more »
BTC, ADA, and BNB Price Analysis for July 13Which coins have touched their respective support levels? Dave_Jonez_02 BNB Pain_Alive_BNB Binance_DEX CardanoStiftung ADAcoin_ Cardano cardano
Read more »
20th BNB Burn | 5 Year Insights from CZ | Binance BlogFor this past quarter, landing on our five year anniversary, BNB completed its third quarterly BNB Auto-Burn. A total of 1,959,595.29 BNB was removed from circulation. This includes 4,181.77 BNB that was burned from the Pioneer Burn Program.
Read more »
Binance Labs Incubation Program Season 5: Apply Before July 31 | Binance BlogSeason 5 of the BinanceLabs Incubation Program is almost here! Learn more about how Binance Labs helps accelerate projects and grow by shaping the future of Web3, and how you can apply ⤵️
Read more »
Binance Has Completed the aelf (ELF) Mainnet Integration | Binance SupportFellow Binancians, Binance has completed the aelf (ELF) mainnet integration. Deposits and withdrawals for mainnet ELF tokens are now open. Please find your assigned ELF deposit addresses of the ael...
Read more »
Binance Has Completed the RAMP (RAMP) Token Swap, Redenomination & Rebranding Plan to LeverFi (LEVER) | Binance SupportFellow Binancians, The RAMP (RAMP) token swap, redenomination and rebranding to LeverFi (LEVER) is now complete. Binance has opened deposits and withdrawals for LEVER (ERC-20). Please note: Depos...
Read more »