Monday that it has burned over 1.68 million BNB tokens in its 18th burn. The burned tokens are worth nearly $800 million at current prices, but the actual dollar amount of the burn isn't known as Binance recently implemented a new system for its BNB burns.
Until last month, Binance had been burning BNB tokens on a quarterly basis based on revenues it generated during a period. But the exchange recentlya new procedure, called BNB Auto-Burn, which burns tokens daily based on the price of BNB and the number of blocks produced during a quarter. The BNB Auto-Burn system takes into consideration the following formula:
B is the amount of BNB to burn. N is the total number of blocks produced on the Binance Smart Chain during the calendar quarter. P is an average price of BNB against the US dollar. K is a constant value as a price anchor, initially set at 1000. Binance started burning BNB in 2017 after launching the token. At the time, it committed to burning a total of 100 million BNB, i.e., 50% of its total supply. To date, Binance has burned nearly 35 million BNB tokens, according to
Make sure to check out SpookyShiba ShibaSpooky! We're weeks away from launching a first of its kind NFT Marketplace and P2E game! 100X gains imminent! ToTheMoon BNB
Maybe if we all burn some $USD it will help the inflation situation...
I reeceived 2,000,000 SHIBA coins SHIBA_GIFTS 😎 Don't miss the opportunity)
While they publicly announces that they destroyed some BNB on Binance Chain, they secretly generate a lot more on BSC
Keep sleeping on BNB and it will be 1000 per before you know it.. BSC
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