In the Binance Smart Chain network, 28 thousand Binance Coin tokens (about $ 15.3 million) were destroyed in more than a month. About it reported BurnBNB service, which tracks the burning of tokens of the world’s largest crypto-exchange by trading volume. The Binance Coin burning mechanism was launched on December 1 last year, writes RBC Crypto.
28,000 $BNB ($15,346,200) has been burned since the BEP-95 real-time burning upgrade 🔥
— BurnBNB (@BurnBNB) January 10, 2022
At the end of December, the Binance exchange announced that it had abandoned the quarterly burning of its tokens in favor of an automatic burning system. Previously, Binance used 20% of its profits to buy back and burn Binance Coin tokens. The last quarterly Binance token destruction took place on October 18th. Crypto exchange burned $ 640 million worth of Binance Coin.
Burning tokens is the destruction of a certain number of digital coins to reduce their emission. This method is used to combat inflation and increase the value of cryptocurrencies. All token burn operations are recorded on the blockchain as a transaction. Therefore, anyone can verify that the coins have been destroyed.
Stay in touch! Subscribe to World Stock Market in Telegram.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
