Binance Just Destroyed 1.6M BNB Tokens In First-Ever Auto Burn | CryptoGazette
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It’s been just revealed that crypto exchange Binance implemented its first-ever Binance token auto-burn program in Q4 2021. The exchange removed more than 1.6 million BNB tokens that are worth over $750 million from circulation.
As the popular publication CoinDesk notes, under the new program, the number of tokens to be burned is arrived at using a formula based on the total number of blocks produced on the Binance Smart Chain.
This is a programmable blockchain powering smart contracts and running parallel to Binance Chain, and BNB’s average dollar-denominated price during the quarter.
The same online publication mentioned above notes that the move away from the previous token burn methodology, which was based on revenue generated from the Binance centralized exchange, is expected to make the process more objective and clear to the BNB community.
“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.”
This is what Changpeng Zhao (CZ), co-founder and CEO of Binance, said in an official announcement published on Binance blog.
Check out the complete announcement in the official blog.
Binance latest investment
There are all kinds of exciting moves taking place in the crypto space these days. The latest one comes from Binance, which invested $12 million in the liquidity platform WOO Network.
The platform is connecting users to exchanges, institutions, and DeFi networks as well.
“WOO Network adds significant value to the crypto ecosystem by providing deep liquidity and zero-fee trading both on- and off-chain. We are excited to expand our long-lasting relationship and explore further collaborations, especially on [the Binance Smart Chain].”
This is what Peter Huo, Binance Labs investment director, said in a press release. Check out our previous article in order to learn more about all this.
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