Leading cryptocurrency exchange Binance, introduced the ‘burn mechanism’ for its native token BNB a long time ago. The exchange, which carries out the burning process at regular intervals, announced that the 21st burning process has been completed. Here are the details.
Koinfinans.com As we reported, 2,065,152.42 in the 21st burn, according to the announcement made by Binance. BNB was burned. The total value of the tokens is seen as 547,885,352.70 dollars. You can access the TXID information about the incineration by clicking here.
The BNB Burn was eagerly awaited
Introduced about a year ago, the ‘auto-burn’ mechanism focused on reducing the supply of BNB by applying certain formulas. As it is known, the decreasing supply has the potential to increase the price as a result.
Binance CEO Changpeng ‘CZ’ Zhao In a tweet he shared yesterday, he made the announcement of burning and excited the community. The anticipated fire has finally come true.
#BNB burn soon. Any good burn memes?
— CZ 🔶 Binance (@cz_binance) October 12, 2022
In the promotional text included in Binance’s post: “Since its launch in 2017, BNB has evolved in many ways as a result of the feedback and support from the community. At Binance, we believe that with the launch of BNB Auto Burn, the next phase in the development of BNB and BNB Chain has begun. More importantly, this move reinforces the continued evolution of BNB, which increases its ability to assist the Build ‘N’ Build blockchain ecosystem.” His future plans are summarized in his words.
BNB Auto Burn will be stopped when the total circulation of BNB drops below 100 million.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.