As a part of the innovative, eco-friendly improvement of the Binance Smart Chain, and the BNB community-orientated approach, Binance launched its very first BNB Auto-Burn protocol for the 18th BNB Token Burn 2022! The Auto-Burn managed to burn from circulation 1.6 million BNB Tokens! Replacing the quarterly burn with a smashing success and leaving the BNB community satisfied with amazing feedback received!
For the 18th token burn, the new-implemented automated system of Binance has burned the massive number of 1.6 million BNB tokens which is worth $750 million. While the future plan is to remove from circulation 100 million BNB tokens through several spread-out, quarterly token burns, which estimates at half of the supply of BNB tokens. It’s proven such an automated mechanic will increase the burning rate of tokens reaching the goals of Binance for building an eco-friendly cryptosystem.
The way that the Auto-Burn works is calculates automatically the BNB tokens needed to burn over quarterly periods based on a completely new and improved burning formula and is also considered to be self-adjusting. The formula is based on the average BNB price and the number of produced blocks on the BSC.
Binance has announced the Auto-Burn in December 2021, and with the new launch, plenty of excitement has been raised in the BNB community. The crypto chain has been striving to build a blockchain system with a healthy, eco vision and to leave its community and supporters to operate Binance. This creates a clearer, more genuine, and transparent approach. Binance has been promoting it is one of the few built by the community cryptos: ‘Build the community, aNd let the community Build. Build’N Build.’! – they say.
‘The implementation of the BNB auto-burn is a natural next step in BNB’s journey and will help the BNB community grow through providing greater autonomy, transparency, and predictability’ – commented Changpeng Zhao, co-founder, and CEO of Binance.
The BNB Auto-Burn is about to bring a bigger value appeal to the cryptocurrency, lowering the BNB price. At the moment, BNB has a price of $472, trading volume of $1,727,514,808, and an increasing market cap value of $78,022,342,382. The BNB price is down by somewhere around 10% from last month.
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