Cryptocurrency exchange BINANCE plans to accelerate its BNB burning program every three months.
Binance CEO Changpeng Zhao said in a statement today that the team will discuss ways to speed up the BNB burning program. More details will be announced soon, said Zhao, "If you have any suggestions or brilliant ideas, we welcome you." I said.
Binance, the world's largest cryptocurrency exchange with its transaction volume, also has a crypto currency called BNB. Binance users can enjoy commission discounts and various benefits by purchasing BNB. Although BNB was launched as an Ethereum-based token, Binance's own blockchain was later moved to Binance Chain. Today, BNB is one of the top 10 cryptocurrencies with a price of $ 34 and a market value of $ 4 billion 900 million.
With the BNB burning program, BNB is removed from circulation every three months in direct proportion to the trading volume of the exchange. Binance has destroyed 24 percent of 200 million BNB so far, and the amount has dropped to 176 million 400 thousand. This program will continue until 100 million BNB remains.
The exchange burned a record amount of BNB in ??dollars last October. The said amount was 2 million 253 thousand BNB with a value of 68 million dollars. With the price increase in bitcoin and cryptocurrencies, a large amount of BNB is expected to burn after transaction volumes also increase.
In such a case, the BNB price increase will be faster and we may no longer see these prices.
