Over 1.6M BNB Removed In Binance’s First Quarterly Auto-Burn

Binance, the largest cryptocurrency exchange in the world, recently completed its 18th quarterly burn. This was its first quarterly autoburn. This burn saw the network lose more dollar-denominated currency than ever before.

Binance posted a blog post stating that the burn resulted in 1,684,387.11 Bitcoins. According to Binance, the burn removed 1,684,387.11 BNB. Instead, BNB was collected by Binance Smart Chain to be removed through its auto-burn mechanism. The formula is based on BNB price and number of blocks produced in a quarter. This will replace manual burns in the future. Binance plans to reduce its token supply to half its original supply, which is between 200 million and 100 million.
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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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