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BNB Burning System Has Been Implemented


Suba
 Suba
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Yesterday the BSC team on Twitter announced that the BNB burning system has been implemented, namely the standard burning mechanism, BEP-95.
Burning will be carried out based on a fixed ratio for each block of gas fees that have been collected by the validator, currently burning BNB is 10%, because BSC uses Proof-of-Stake, no new cryptocurrencies will be issued, although some have been destroyed. BEP-95 has been launched since Oct 22, 2021, Investors and holders will certainly expect a price increase because the supply of BNB has decreased. The main goal of burning is to reduce the supply of BNB by 50 percent, from 200 million BNB to 100 million BNB. Currently, Dec 4, 2021, BNB units in circulation are 166,801,148 BNB.

This topic was modified 2 months ago by Suba

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cmoneyspinner
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100 million Binance tokens were initially offered in the ICO (Initial Coin Offering). Every quarter, Binance uses one-fifth of its profits to repurchase and permanently destroy, or "burn" BNB. Binance has regularly performed these burning events and this is the “17th burn” and it removed 1,335,888 BNB from circulation (the value is about $639,462,868 USD). (REF: Binance blog)

I am in the USA and still unsure about the legal challenges facing Binance in this country. Hopefully, the regulatory matters will get resolved.  For now, this info is just business history.

* Earn interest on your crypto. Open BIA account OR Earn interest on minimum balance of 35K. *


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