Neosify - Buy, Stake & Earn Crypto
Neosify - Buy, Stake & Earn Crypto
Neosify - Buy, Stake & Earn Crypto
From pexels, merged and edited in app

All About BNB Burning

By Yugocean | Crypto Champion | 30 Jan 2023

     A sizable amount of BNB has been burned by Binance. This is not the first time Binance has been periodically burned BNB; this was the 22nd burn event. You must be wondering what benefit this burning has for Binance. Actually, BSC is stabilised by this burn process.

Types of Burn -

Binance have three types by BNB Burning - Auto Burning, Pioneer burning, and Real time burning.

Auto Burning

     Happens quarterly, Binance burn the ERC20 version of BNB and release BEP2 version, this do not effect the BNB supply, this is only a convertion in blockchain.

Pioneer Burning 

     Users who have lost their BNB tokens for any reason need to verify this. If verified, those lost tokens will be burned in this burn, and cannot be reused. Then Binance mints new tokens and deducts the transfer fee, sending the balance to users' original addresses. 

Real Time Burning 

     A portion of the gas fee is burned in each block to further decentralise BSC. BSC validators regulate the burning ratio. G of this program is to raise BNB token's intrinsic worth in comparison to the dollar.


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