Crypto exchange Binance announced Monday that it has burned over 1.68 million BNB tokens in its 18th burn.
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
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
18th BNB Burn | Binance BlogFor this past quarter, BNB completed its first quarterly BNB Auto-Burn. A total of 1,684,387.11 BNB was removed from circulation. This includes 6296.305493 BNB that was burned from the Pioneer Burn Program. Here are the facts and figures behind BNB’s first Auto-Burn:
Read more »
383.5 Million SHIB Burned in Past 3 Days, While Coin Is in Decline383.5 million $SHIB burned recently, next 'burn party' scheduled for Feb. 14. iamstevencooper shibburn 317_key ShibaInuCoin Shibtoken Shibance ShibArmy shibarmy
Read more »
DAO Crypto Tokens: What, Why And How To Buy | Binance BlogMirroring the explosive interest in DeFi in 2020, DAOs have gained a spike in popularity with no signs of slowing down. Find out all about DAO crypto tokens and how you can get your own DAO crypto tokens with Binance.
Read more »
How to Get Started With Binance Code | Binance BlogDiscover Binance Code—our latest crypto transfer gateway for everyday users and crypto or non-crypto businesses.
Read more »
$14.6 Million in MATIC Bought by Major ETH Whales, Moved Away from BinanceRecent blockchain data shows that a major Ethereum whale has purchased a large amount of MATIC, while a bigger sum in this coin was transferred from Binance
Read more »