Crypto Exchange Binance Implementing New BNB Auto Burn Protocol
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- Binance implementing a new Binance Coin (BNB) auto burn protocol.
- BNB will be burned automatically as per the formula.
- There are two burning mechanisms in total for Binance Coin BNB.
The popular cryptocurrency exchange Binance has announced, it will replace its current quarterly burn mechanism, implementing a new Binance Coin (BNB) Auto Burn protocol.
According to the BNB community requests, Binance replaced its quarterly burning protocol for BNB tokens. As per the announcement from Binance, this will provide more transparency and predictability to its community. So, Binance Coin (BNB) will burned automatically as per the formula consisting of on-chain data of total blocks generated and the average price of BNB. BNB Auto-Burn will be both objective and verifiable, independent of revenues generated on the Binance CEX through the use of BNB.
Currently, there are two burning mechanisms in total for BNB. One mechanism is the real-time burning of a percentage of gas fees on the Binance Smart Chain. And then another one is the quarterly burn based on Binance’s Accelerated Burn Program, which the BNB Auto Burn mechanism would replace.
More so, Binance Coin (BNB) launched in June 2017, from its launch Binance has committed to burning 100 million BNB, this is half of the original total supply. If the total circulating supply of BNB goes below 100 million, the Auto-Burn will stopped automatically.
Additionally, in the previous quarterly burn, the company took 1,335,888 BNB, nearly $639,462,868 during that time, out of circulation. At the time of writing, as per CoinMarketCap Binance Coin’s (BNB), price is trading at $530.19 with a 24-hour trading volume of $1,753,788,374. In the last 24-hour BNB price dropped nearly 0.62%. The circulating supply of BNB is 166,801,148.00 BNB. BNB can traded in top crypto exchanges such as Binance, CoinTiger, FTX, Huobi Global, and Bybit.
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