BNB token burning; 575 million BNB tokens were burned by Binance!

Binance, the world’s largest digital currency exchange, has decided to reduce the total supply of its native token BNB token burning hit A total of 2,065,152.42 BNB tokens have been burned.

Binance exchange announced that in its latest token burning operation, more than 2 million BNB tokens It has burned more than 575 million dollars.

Read more: hacking of the world’s largest cryptocurrency exchange; $570 million in BNB tokens were stolen

BNB token burning

According to the announcement made by Binance, a total of 2,065,152.42 BNB tokens have been burned. Binance returned about 4,833 BNB tokens using the Pioneer Burn program. Burn Pioneer Program BNB tokens burned Reverts messages sent by users to non-recyclable addresses by mistake.

mechanism Binance BNB token burning It is done in order to reduce the total supply of this digital currency. Binance plans to reduce the total supply of BNB from 200 million tokens to 100 million tokens. This mechanism has undergone many changes over time. The purpose of these changes will be to improve and accelerate token burning operations.

According to CryptoGlobe, the native token of the BNB chain experienced price growth early last month with the announcement of Binance’s support for ZK collections. Binance’s ZK or zero-knowledge feature significantly reduces transaction processing time and fees.

New update of BNB network

Recent capacity update BNB transaction processing increases. The processing capacity of BNB is about 5000 to 10 thousand transactions per second. Binance network performance improved significantly after the recent update. BNB network is the largest smart contract network in terms of number of users and transaction volume. Ethereum’s total value of $34 billion is less than the $5.3 billion BNB chain.

According to CryptoGlobe, the BNB chain, formerly known as Binance Smart Chain It has been known to outperform other Ethereum (ETH) competitors in the heterogeneous token market. The non-homologous tokens section of the BNB chain has become one of the best networks hosting NFT works, with a significant increase in the volume of secondary sales and the number of unique buyers.

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Source: cryptoglobe