Tuesday, July 5

Binance Introduces BNB Auto-Burn to Replace Quarterly Burn Protocol By CoinTelegraph

© Reuters. Binance Introduces BNB Auto-Burn to Replace Quarterly Burn Protocol

Binance officially announced the implementation of a new self-burn (BNB) protocol to replace its current quarterly burn mechanism.

In response to requests from the BNB community, Binance changed its quarterly burning protocol for BNB tokens. According to Binance, this will provide more “transparency and predictability” to its community. With this, the BNB will be burned automatically based on a formula consisting of the chain data of the total blocks generated and the average price of the BNB token.

  • The full version of the HUMAN application is launched with more than 200,000 users

At the moment, there are two BNB burning mechanisms. One is the real-time burning of a percentage of the gas rates on the Binance Smart Chain. The second is the quarterly burn based on Binance’s Accelerated Burn Program, which the BNB Automatic Burn mechanism would replace.

Read the full article on Cointelegraph

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