Binance Destroys 1.6M BNB Tokens in First-Ever Auto Burn

Posted on by American Coins & Gold

Binance Destroys 1.6M BNB Tokens in First-Ever Auto Burn
Cryptocurrency exchange Binance implemented its first-ever binance token (BNB) auto-burn program last quarter, removing over 1.6 million BNB tokens worth $750 million from circulation.Under the new program, the number of tokens to be burned is arrived at using a formula based on the total number of blocks produced on the Binance Smart Chain, a programmable blockchain powering smart contracts and running parallel to Binance Chain, and BNB’s average dollar-denominated price during the quarter.The move away from the previous token burn methodology, which was based on revenue generated from the Binance centralized exchange, is expected to make the process more objective…