Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » Binance Rolls Out Automated BNB Token Burning Mechanism

Binance Rolls Out Automated BNB Token Burning Mechanism

Kelly Cromley by Kelly Cromley
Dec 23, 2021
in Market News, News
Reading Time: 2 mins read
0

To overhaul its existing quarterly burn process, Binance has revealed the deployment of a novel Binance Coin (BNB) Auto-Burn algorithm, which will go into effect immediately. In response to demands from the BNB community, Binance modified their quarterly token burning mechanism for BNB tokens to include more frequent burning.

Moreover, as per Binance, this will give its community with greater “clarity and consistency.” BNB will be burnt programmatically as a result of this, according to a calculation based on on-chain statistics about the total number of blocks issued and the average selling price of BNB.

For the time being, BNB is powered by two different burning methods. For instance, one feature of the Binance Smart Chain is the real-time clearing of a part of the gas costs. The second is a quarterly burn predicated on Binance’s Accelerated Burn Program, which would be replaced by the BNB Auto-Burn process if the ABP is not implemented.

Binance has pledged to clearing 100 million BNB since the debut of BNB, which is 50% of the entire quantity of BNB that was initially available. When the total number of BNB in circulation falls under 100 million, the Auto-Burn feature will be turned off permanently.

During the most recent quarterly burn, the business removed 1,335,888 BNB from circulation, which was worth around $639,462,868 at the moment. Earlier in 2021, the team participated in the 16th quarterly burn process, which resulted in the destruction of $400 million worth BNB tokens.

BNB was trading at $530 while writing this report, a decline of about 10% from the beginning of the month. Despite the fact that it is down 23.65% from its all-time peak of $690.93 set on May 10, 2021, it has still gained 1,295 percent from the beginning of the year 2021.

Furthermore, Binance has turned out to be the first cryptocurrency exchanges to join the cryptocurrency hub created by the government of the United Arab Emirates in Dubai. The announcement comes only a day after the Dubai administration officially opened a cryptocurrency centre.

Previous Post

Bitcoin Struggles to maintain holiday momentum, but Shiba Inu Records significant gains

Next Post

Zilliqa Enters Metaverse with the Launch of XR platform Metapolis

Related Posts

d3serve-labs-blockchain-model-domain-transfers

D3Serve Labs Proposes Blockchain Model for Domain Transfers

by Kelly Cromley
Jun 15, 2025
0

D3Serve Labs, operating independently from D3 Global Inc., has submitted a new patent application to the United States Patent and...

figure’s-$355m-blockchain-securitization-earns-s&p-ratings

Figure’s $355M Blockchain Securitization Earns S&P Ratings

by Kelly Cromley
Jun 15, 2025
0

Figure Technology Solutions has announced the successful securitization of $355 million in mortgage assets through its latest transaction, designated FIGRE...

daiko’s-virtual-pet-blends-real-dog-care-with-gamified-tech

Daiko’s Virtual Pet Blends Real Dog Care with Gamified Tech

by Kelly Cromley
Jun 15, 2025
0

Daiko, an Ireland-based technology company, has revealed plans to introduce a blockchain-powered Virtual Pet game that aims to bridge the...

tass-hub-ziggy-zeigler-web3-partnership

TASS HUB and Ziggy Zeigler Team Up to Empower Web3 Creators

by Kelly Cromley
Jun 14, 2025
0

TASS HUB, a decentralized Web3 content marketplace built on the Solana blockchain, has announced an exclusive long-term collaboration with Ziggy...

peaq-partners-abu-dhabi-dubai-for-machine-defi

peaq Joins Forces with Abu Dhabi and Dubai to Pioneer “Machine DeFi”

by Kelly Cromley
Jun 14, 2025
0

Abu Dhabi and Dubai have revealed an ambitious plan to establish what is being described as the world’s first fully...

altlayer-t-rex-web3-partnership

AltLayer and T-Rex Unite to Simplify Web3 Access for Billions

by Kelly Cromley
Jun 14, 2025
0

AltLayer, a leading provider in the Rollup-as-a-Service domain, has disclosed its strategic collaboration with T-Rex, a distinctive blockchain platform known...

Next Post
Zilliqa Enters Metaverse with the Launch of XR platform Metapolis

Zilliqa Enters Metaverse with the Launch of XR platform Metapolis

  • blackrock invests in colle web3

    COLLE: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025
  • Blockchain Based Sports Platform SportsMint Unveiled

    by Kelly Cromley
    Apr 30, 2024

Recent News

d3serve-labs-blockchain-model-domain-transfers
Market News

D3Serve Labs Proposes Blockchain Model for Domain Transfers

by Kelly Cromley
Jun 15, 2025
figure’s-$355m-blockchain-securitization-earns-s&p-ratings
Market News

Figure’s $355M Blockchain Securitization Earns S&P Ratings

by Kelly Cromley
Jun 15, 2025
daiko’s-virtual-pet-blends-real-dog-care-with-gamified-tech
Market News

Daiko’s Virtual Pet Blends Real Dog Care with Gamified Tech

by Kelly Cromley
Jun 15, 2025
tass-hub-ziggy-zeigler-web3-partnership
Market News

TASS HUB and Ziggy Zeigler Team Up to Empower Web3 Creators

by Kelly Cromley
Jun 14, 2025
peaq-partners-abu-dhabi-dubai-for-machine-defi
Market News

peaq Joins Forces with Abu Dhabi and Dubai to Pioneer “Machine DeFi”

by Kelly Cromley
Jun 14, 2025

Categories

  • Altcoin News
  • Analysis News
  • Binance Coin News
  • Bitcoin News
  • Blockchain
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market Forecasts
  • Market News
  • News
  • Ripple
  • Ripple News
  • Solana News
  • Tether News
  • XRP

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree