Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The cryptocurrency exchange giant Binance announced the implementation of a new BNB Auto-Burn mechanism.
- The aim is to provide greater transparency and predictability to the BNB community.
- BNB Auto-Burn is also designed to foster the development of a âhealthy blockchain ecosystemâ together with the Binance Smart Chain (BSC) and Binance Coin (BNB) communities.
- According to the official blog post, the new system, dubbed âBNB Auto-Burn,â will have two characteristics. It will be objective and verifiable. It will not rely on the revenues generated on the Binanceâs centralized exchange through the use of the native token.
- Instead, it will be automatically adjusted in that the burn amount will be based on BNBâs price. This, in turn, takes into account the supply and demand for the token in addition to the number of blocks produced during a quarter based on on-chain data.
- With the introduction of the BNB Auto-Burn, Binance revealed that the next phase in the development of its native tokens and BSC has started.
- CryptoPotato had earlier reported about Binance Smart Chain launching its automatic burning mechanism.
- After the activation of BEP-95, which is involved with integrating a real-time burning system into its tokenomic structure, a fixed ratio of gas fees accumulated by the validators in the BSC ecosystem will be burned in each block.
- The main objective is to ramp up Binanceâs burn process while simultaneously decentralizing the network.
Publication date
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.