Breaking: Binance Burns Binance Coin (BNB) Worth $480 Million
This is an initiative by Binance to lower the overall supply of BNB tokens in circulation. An Auto-Burn mechanism is used to carry out the burn, and it chooses how much BNB to burn based on the price and the number of blocks generated on the BNB Smart Chain. The exchange has destroyed 48 million BNB tokens overall. advertisement Why Is The Quarterly Burn Required? BNB was introduced in 2017, and a promise was made to burn 100 million BNB (or half of its supply) to remove them from circulation. Only 100 million BNB will eventually remain in circulation due to this. Each quarter, this commitment is automatically carried out and the Auto-Burn algorithm is used to determine the amount. The BNB Auto-Burn offers a technique that can be objectively and independently audited. The method is separate from the Binance centralized exchange, and the numbers are provided every quarter. Additionally, BNB Chain is still using the Real-Time-Burn mechanism to burn a po...