The BNB Auto-Burn feature powered by the new BEP-95 mechanism has accelerated the burn rate of BNB.
BEP-95 Burning Mechanism Completes 18th BNB Burn
Binance has completed its 18th Binance Coin (BNB) Burn and its first quarterly BNB Auto-Burn. Binance Blog on January 17th January disclosed that a total of 1,684,387.11 BNB was removed from circulation.
The figure also includes 6296.305493 BNB burned before Binance Smart Chain (BSC) introduced the new Binance Evolution Protocol (BEP-95). Binance launched the BEP-95 auto-burning mechanism in October 2021 to accelerate the burn rate of BNB tokens.
“For this past quarter, BNB completed its first quarterly BNB Auto-Burn. A total of 1,685,387.11 BNB was removed from circulation. This includes 6296.305493 BNB that was burned from the Pioneer Burn Program,” the Binance Blog reads.
Co-founder and CEO of Binance, Changpeng Zhao, spoke about the BNB Auto-Burn mechanism. The influential figure was optimistic that innovation is a huge step towards growing the BNB community.
“The implementation of the BNB Auto-Burn is a natural next step in the BNB’s journey and will help the BNB community grow through providing greater autonomy, transparency and predictability,” Changpeng Zhao said.
Read our article to understand the BEP-95 mechanism, which promises to make BNB more of a deflationary token.
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About Binance Smart Chain
The Binance Smart Chain is a leading blockchain network with smart contract functionality. Since its launch on Aug. 31, 2020, the total value locked (TVL) in DeFi protocols quickly rose to hit an all-time high of $41.39 billion in May. 8, 2020, according to data from Dappradar. At the time of writing, the TVL stands at $21.45 billion.
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Source : bsc.news
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