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50,000 Binance Coin (BNB) Valued $24 Million Has Been Burned

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50,000 Binance Coin (BNB) Valued $24 Million Has Been Burned

  • Ethereum is now in the lead; after the ETH fees burning upgrade (EIP-1559).
  • The 17th burn destroyed 1,335,888 BNB, which was estimated to be worth $639,462,868.

The BEP-95 update was made available on November 30th. This update brought about the introduction of a new real-time burning mechanism for BNB. A defined percentage of the BNB gas charge received by the validators is burnt in each block. Tokens become deflationary as a result of their constant burning. Ethereum is now in the lead; after the ETH fees burning upgrade (EIP-1559), there were a handful of days in which more ETH was burnt than was mined.

Binance Adopted EIP-1559 Burning Policy

Binance has changed its quarterly burning policy to EIP-1559 to make BNB deflationary (BNB Auto-Burn upgrade). Binance has carried out 17th BNB quarterly burns up to the present day. The 17th burn destroyed 1,335,888 BNB, which was estimated to be worth $639,462,868, making it the greatest BNB burn in history.

BNB has completed its first quarterly BNB Auto-Burn, which took place during the most recent quarter. 1,684,387.11 BNB were withdrawn from circulation. This total was 6296.305493 BNB from the Pilot Burn Program, which was destroyed.

Since the introduction of BNB and Binance in 2017, the cryptocurrency exchange has pledged to eliminate 100 million BNB, or half of the entire supply, from circulation by the burning of BNB. In contrast to its previous quarterly burns, the number of tokens eliminated for this quarter was automatically computed using the Auto-Burn methodology instead of its prior quarterly burns.

According to CoinMarketCap, the BNB price today is $344.45 USD with a 24-hour trading volume of $2,602,649,905 USD. BNB is down 8.06% in the last 24 hours.

The post has appeared first on thenewscrypto.com

50,000 Binance Coin (BNB) Valued $24 Million Has Been Burned

 

 

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