Binance introduces new ‘Auto-Burn’ protocol for BNB tokens

Binance introduces new ‘Auto-Burn’ protocol for BNB tokens
фото показано с : coinjournal.net

2021-12-24 22:07

The change comes on the back of requests from the Binance Smart Chain and the larger BNB token community

Yesterday, Binance announced the implementation of a new protocol that will automatically burn BNB tokens to give a better overview of the Binance Smart Chain (BSC) activity. As per a blog post published by the crypto exchange today, the new Auto-Burn protocol will improve transparency and enhance predictability for the community.

Binance hopes to foster a healthy blockchain co-existence between Binance Smart Chain (BSC) and the Binance Coin (BNB) ecosystems by implementing this new mechanism.

"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," a spokesperson told Coindesk.

Burning is a common mechanism through which altcoin creators control the supply of tokens in circulation. In Binance's case, the process removes from circulation BNB tokens by sending them into an inaccessible wallet. The burning process will be both verifiable and objective following the deployment of the new system. It will also be independent of the revenues generated from the Binance centralised exchange through the transactions using the BNB token.

The number of tokens burned will now hinge on other factors, including the value of the BNB/USD pair. The burn will take into consideration both the supply and demand of the tokens as well as the quantity of blocks produced over a quarterly period. There will also be a price anchor – a fixed value initially maintained at 1000. This value can only be adjusted via a BSC BEP proposal and community vote as per the blog post.

Binance noted that the burns would stop at the point where the supply falls below 100 million BNB. The exchange further detailed that the Auto-Burn mechanism signified that both BNB and the BSC were gearing up towards the next phase of innovation. The Chao Zeng-led company added that with the community's input, BNB would evolve to help further build the blockchain ecosystem.

The post Binance introduces new ‘Auto-Burn’ protocol for BNB tokens appeared first on Coin Journal.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Binance Coin (BNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $562.5
Капитализация $0 Rank 99999
Цена в час новости $ 545.53 (-100%)

binance introduces bnb tokens auto-burn new protocol

Источник: coinjournal.net

binance introduces → Результатов: 46


Фото:

Blockchain-based P2P Food Marketplace Bistroo (BIST) Unveils Support for Crypto Payments

Blockchain-based peer-to-peer food ecosystem Bistroo today introduced support for merchant payments in bitcoin (BTC), ether (ETH), Binance Coin (BNB), litecoin (LTC), and bitcoin cash (BCH). Bistroo Introduces Support for Crypto Payments In an announcement made today, blockchain-powered P2P marketplace for food and beverages Bistroo (BIST) stated that its merchants can now accept payments in leadingRead More

2021-10-28 15:00


Фото:

Nexus Mutual introduces its custody cover to centralised exchanges

Nexus Mutual, an Ethereum-based firm that provides a decentralised alternative to insurance for smart contract investors, has extended its services to leading centralised crypto exchanges. The organization unveiled this bullish news through a tweet on January 12, noting that it had expanded its custody cover to offer customers of Coinbase, Kraken, Binance, and Gemini staking services.

2021-1-13 11:56


Фото:

Binance’s New Yield Farming Protocol PancakeSwap Promises Staking and Low Transaction Fees

Binance launched another yield farming protocol, PancakeSwap, a new platform that will enable users to provide liquidity using BEP20 tokens on the Binance Smart Chain. While acknowledging that the DeFi market doesn’t need another food-based yielding protocol, Binance stated that PancakeSwap introduces a new staking feature and will eliminate the high transaction fees problem on […]

2020-9-25 11:15


Binance Pool introduces ‘Smart Pool’ service with higher hash rate and returns for miners

Binance Pool, a cryptocurrency mining platform dedicated to empowering miners and the global crypto mining industry, recently launched a Smart Pool service to enable higher returns for miners. By auto-switching hash rates to mine different currencies with the same algorithm, the Smart Pool service provides higher hash rates and an increase of returns to its […] CryptoNinjas: Binance Pool introduces ‘Smart Pool’ service with higher hash rate and returns for miners

2020-6-23 16:40


Binance now has personalized OTC services for wealthy crypto traders

Binance will now offer wealthy traders a “personalized way” to conduct trades larger than 10 BTC off of the exchange’s order books via over-the-counter (OTC) trading. Binance trading introduces block trading services One of the world’s largest and most popular cryptocurrency exchanges, the Malta-headquartered Binance, introduced a new feature that allows its users to trade […] The post Binance now has personalized OTC services for wealthy crypto traders appeared first on CryptoSlate.

2019-7-28 12:59


Фото:

Binance Introduces Blockchain Tracking Portal for Crypto Donations

Binance has announced the launch of a new generation blockchain-based tracking platform for cryptocurrency donations. In a post published on its official blog on Oct. 24, which is also UN Day, the company’s charity arm revealed that it will cover all operational expenses, ensuring that all donations go toward the causes they were intended for.

2018-10-29 13:00


Фото:

Binance Introduces New Tiered Trading Fee Program and BNB Coin Discount Rates

Binance Introduces New Tiered Trading Fee Program and Makes Alterations to BNB Discount, As per its Whitepaper On July 19, 2018, Binance released a document detailing the changes made to its native token, BNB’s discount rate along with introducing what’s dubbed as the “Tiered Trading Fee Discount Program”. The team shared that they are on […]

2018-7-19 19:51


Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

PEPE and FLOKI rally as Binance lists tokens

Pepe (PEPE) and Floki Inu (FLOKI), the two of the top trending memecoins today, have spiked over the last hour after news that Binance would be listing the tokens. As of writing, PEPE was trading at $0.