Binance Coin Launches Autoburn Deflationary Mechanism – Binance Coin – Binance USD ($ BNB)
Binance Coin (CRYPTO: BNB) has launched an auto-burn feature that will establish itself as a long-standing deflationary mechanism for the asset.
What happened: Binance announcement that his Binance Coin will now be burned automatically instead of relying on the quarterly burns he has used so far.
The exchange planned to spend some of its revenue to buy back half of the initial supply of the BNB 200million coin in order to permanently destroy it in a so-called burn-out mechanism. At the time of the last burn made in October, the total BNB burned reached 1,335,888 BNB, or just under $ 730 million at the time of publication.
See also: BINANCE CORNER PRICE FORECAST
With the automatic burn function replacing the quarterly burn, the BNB will be automatically burned based on a formula consisting of chain data of the total generated blocks and the average BNB price.
Binance Coin Price Action: As of Thursday afternoon’s post, Binance Coin is trading at $ 549.24 after seeing its price rise by around 1.73% in the past 24 hours.
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