Binance Introduces New BNB Auto Burn Procedure

Brief:

  • Binance Crypto Exchange waive the BNB quarterly combustion protocol
  • It will be replaced by an automatic procedure
  • It will destroy part of the currency according to the formula, taking into account the number of blocks and the value of the asset

Today, course announced the integration of the new BNB cryptocurrency burning protocol. It is based on a formula that takes into account the cost of one “coin” and the number of generated blocks.

The protocol was named BNB Auto-Burn. Prior to that, the exchange was based on the principle of quarterly burning of a part of the total volume of the cryptocurrency.

According to Binance, the new technology will make the liquidation of “coins” more “transparent” and “fair” for the vast majority of private traders.

Since the integration of the currency on the platform, the Binance administration has promised to eliminate half of the initial issue of BNB, 100 million “coins”. Then the automatic protocol will be suspended.

At the same time, the mechanism for liquidating the percentage of gas charges continues to function on the platform.

Read also: following the results 20 in the quarter, Binance burned more than 591 million dollars in BNB.

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