Binance has carried out its 18th quarterly coin burn, therefore lowering the supply of its BNB coins. The number of coins to be burned was determined using a new “Auto-Burn” technology in this most recent burn. After starting at $471, the price of BNB has only been mildly influenced in the hours after the coin burn.
Source: Binance
The platform said on Monday, January 17, that it has burnt over 1.68 million BNB, which is about $792 million at current market pricing.
Binance informed users that it has commited to withdrawing half of the total amount of BNB from circulation, or 100 million of the initial supply of 200 million tokens. Today’s burn corresponds to 0.84% of Binance’s original supply.
Coin burns like this one are designed to lower the supply of a cryptocurrency while keeping prices relatively high by increasing demand for the tokens that are currently in circulation. Tokens are burned by sending them to an inactive address.
This is the 18th quarterly currency burn since the practice was introduced in 2017.
This quarter’s burn was also the first to employ a new “Auto-Burn” methodology, which estimates the burn amount based on market prices and the number of blocks created by the BSC.
Source: Binance
The goal of this new model is to be more objective than the old one. Changpeng Zhao, CEO of Binance, stated that the new approach will allow “greater autonomy, transparency, and predictability.” The new model was selected in response to community comments.
Previously, according to Binance, burn quantities were determined based on BNB consumption and income earned by Binance’s exchange. The 17th quarterly burn of BNB resulted in the elimination of 1.34 million BNB from circulation. The magnitude of other fires has ranged from 808,000 BNB to 3.6 million BNB.
So far, news of the coin burn has had just a little impact on BNB values. Binance executed the burn transaction at 8:14 a.m. PST on January 17, when BNB was valued at $471.
At 12:00 p.m. PST, the price of BNB momentarily increased to $478, reflecting a 1.5% rise.
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Binance Burns $792 Million in BNB.
Binance has carried out its 18th quarterly coin burn, therefore lowering the supply of its BNB coins. The number of coins to be burned was determined using a new “Auto-Burn” technology in this most recent burn. After starting at $471, the price of BNB has only been mildly influenced in the hours after the coin burn.
Source: Binance
The platform said on Monday, January 17, that it has burnt over 1.68 million BNB, which is about $792 million at current market pricing.
Binance informed users that it has commited to withdrawing half of the total amount of BNB from circulation, or 100 million of the initial supply of 200 million tokens. Today’s burn corresponds to 0.84% of Binance’s original supply.
Coin burns like this one are designed to lower the supply of a cryptocurrency while keeping prices relatively high by increasing demand for the tokens that are currently in circulation. Tokens are burned by sending them to an inactive address.
This is the 18th quarterly currency burn since the practice was introduced in 2017.
This quarter’s burn was also the first to employ a new “Auto-Burn” methodology, which estimates the burn amount based on market prices and the number of blocks created by the BSC.
Source: Binance
The goal of this new model is to be more objective than the old one. Changpeng Zhao, CEO of Binance, stated that the new approach will allow “greater autonomy, transparency, and predictability.” The new model was selected in response to community comments.
Previously, according to Binance, burn quantities were determined based on BNB consumption and income earned by Binance’s exchange. The 17th quarterly burn of BNB resulted in the elimination of 1.34 million BNB from circulation. The magnitude of other fires has ranged from 808,000 BNB to 3.6 million BNB.
So far, news of the coin burn has had just a little impact on BNB values. Binance executed the burn transaction at 8:14 a.m. PST on January 17, when BNB was valued at $471.
At 12:00 p.m. PST, the price of BNB momentarily increased to $478, reflecting a 1.5% rise.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
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