Skip to main content

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 .

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
Upland - Collect Digital Properties & Test Your Skills
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more