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Binance introduces new "auto-burn" combustion mechanism for BNB

 


BNB's new combustion mechanism is intended to ensure “more transparency and predictability”.


The market-leading crypto exchange Binance has for its proprietary cryptocurrency Binance Coin ( BNB a new automatic "combustion mechanism" called Auto-Burn) introduced , which replaces the previous quarterly mechanism.


The decisive factor for this change was a corresponding request from the BNB community, which is why Binance is now switching from quarterly "incineration" to an automatic mechanism. As the Binance states, this should ensure "more transparency and predictability", because in the future a certain part of the amount in circulation will be burned by BNB according to fixed criteria, including the total number of blocks generated and the average market value.


But the new combustion mechanism is not completely alone, because there is already a second one that will continue to be used. The second combustion mechanism is real-time combustion depending on the transaction fees (gas fees) generated on the Binance Smart Chain. The quarterly mechanism, i.e. the Accelerated Burn Program, is now being replaced by Auto-Burn.


With the introduction of the BNB, Binance has set itself the goal of burning 100 million currency units, which corresponds to almost half of the original amount in circulation. A not entirely unimportant mark, because as soon as the available volume of the BNB in ​​circulation slips below a value of 100 million units, the auto-burn mechanism is automatically switched off again, if necessary.


In the course of the last quarterly burn, the crypto exchange burned 1,335,888 BNB worth 639,462,868 US dollars. In the previous Burning, BNB were again taken out of circulation in the amount of 400 million US dollars .


At the time of going to press, BNB is trading at $ 528, down 10% from the previous month. This puts the cryptocurrency 23.56% behind the current record high of 690.93 US dollars, which was only set on May 10, 2021. Nonetheless, there is a substantial gain of 1,295% on the table for the current year.


In addition, the Binance one of the first large crypto company has the new hub of the United Arab Emirates joined . The government in Dubai had given the go-ahead for the new project the day before .

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