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Binance Implements ‘Auto-Burn’— A New BNB Token Burn Method for BSC -Breaking

by Mike Robinson

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Binance Implements ‘Auto-Burn’— A New BNB Token Burn Method for BSC
  • Binance introduces Auto-Burn, a BNB token burning procedure.
  • BNB tokens will be continuously burned by the exchange instead of being burnt quarterly.
  • Binance will halt BNB Auto-Burn when BNB’s circulating supply drops below 100 million.

Binance, the crypto exchange giant has announced it has replaced its BNB tokens burning strategy with an Auto-Burn method.

The exchange announced that it is doing so to reflect full use of the BNB token for various products offered by Binance Smart Chain. With a lot of excitement, the new BNB Auto Burn approach is now in effect.

Binance will start burning BNB tokens instead of using its quarterly schedule. With the auto-burn, Binance hopes to provide transparency for its community.

The Auto-Burn will be able to supercharge a BNB token-burning competition and remain independent from all revenues generated by Binance. It will happen by using Binance’s BNB token to increase the Binance ecosystem.

Binance spokeswoman said that the spokesperson commented on this move.

Our announcement of the BNB Auto-Burn is a natural next step in BNB’s journey and will help the BNB community grow through providing greater autonomy, transparency, and predictability.

The Auto-Burn can also burn BNB tokens based on the price of BNB and demand dynamics. This is done using information on-chain from BSC. To ensure that the rate of burn remains constant, (BNB price) will drop in the market.

Furthermore, Binance will stop BNB Auto-Burn when BNB’s total circulation value drops below 100 million. BNB currently has 168million as its circulating supply at press time.

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