BurnBNB announces destruction of 153700 BNB tokens valuing $57340500
According to reports, BurnBNB tweeted that BNB destroyed 153700 pieces in real time, with a value of about $57340500. It is reported that BNB\’s real-time destr…
According to reports, BurnBNB tweeted that BNB destroyed 153700 pieces in real time, with a value of about $57340500. It is reported that BNB’s real-time destruction mechanism was proposed by BEP95, which is similar to the current EIP-1559 destruction mechanism of Ethereum.
BNB destroyed 153700 pieces in real time, with a value of about US $57340500
Interpretation of the news:
BurnBNB, a popular cryptocurrency influencer on Twitter, has announced that in real-time, Binance Coin (BNB) has destroyed 153700 pieces which are valued at approximately $57340500. This announcement has immediately caught the attention of the cryptocurrency community.
The Binance Chain ecosystem uses a token burn mechanism that is directly linked to the profits produced by Binance Exchange. Token burn refers to the process of forgoing a portion of the token supply, which is then destroyed, permanently reducing the total supply of the cryptocurrency.
The real-time destruction mechanism in BNB was proposed by BEP95, which is similar to Ethereum’s EIP-1559 mechanism. This effectively raises the price of the remaining tokens by reducing the supply and creating scarcity in the market.
Binance, one of the world’s largest cryptocurrency exchanges, allocates 20 percent of its profits to burn its own Binance coin. This is done until 100 million out of the initial 200 million BNBs are burned, making the remaining tokens more valuable. The decrease in supply correlates to the increase in demand for the cryptocurrency, which ultimately leads to higher prices.
The latest announcement of 153700 BNB tokens destroyed in real-time has raised the value of the remaining tokens. The mechanism implemented by BEP95 acts as a preventive measure against token inflation, and as a result, Binance coin continues to be deflationary.
The cryptocurrency community has always regarded Binance Coin as a valuable asset. The token has seen a significant rise in value since its launch, with its market capitalization exceeding $45 billion. The coin acts as a fuel to run the Binance Chain platform, a blockchain ecosystem where various applications and assets can be built and traded.
In conclusion, the real-time destruction mechanism implemented by BEP95 has been proven to be an effective strategy for Binance Coin’s deflationary economy. The destruction of 153700 BNB tokens is a clear indication that this mechanism has worked in reducing the supply of Binance Coin, thus increasing its value. The announcement of BurnBNB is significant, and it will undoubtedly boost investor confidence in Binance Coin’s underlying technology.
This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/daily/1583.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Related recommendations
-
Arnoldo Concepcion to Resign as Co-COO of Animoca Brands and Assume the Position of CEO of Gryfyn
On March 28th, it was announced that Arnoldo Concepcion, the co chief operating officer of Animoca Brands, will resign at the end of the year and assume the position of CEO of Gryf
-
Sei Network to Launch Final Version of Test Network, Atlantic-2, Before Main Network Release
It is reported that the Layer1 public chain Sei Network announced that it will launch the final version of the test network, Atlantic-2. Sei Network regards this version as the last milestone of Sei before the main network starts. Atlantic-2 will adopt Sei’s Twin Turbo consensus, DeliverTx and Enblock parallelization and unlicensed deployment. Sei Network is about to launch the final version of the test network Atlantic-2 Analysis based on this information:Sei Network, a Layer1 public blockchain, recently declared that the final version of its test network, Atlantic-2, is set to release soon. The blockchain platform views this launch as the last milestone before the main network is initiated. Atlantic-2 is expected to have several advanced features like Sei’s Twin Turbo consensus, DeliverTx, Enblock parallelization, and unlicensed deployment. Sei Network believes that the Twin Turbo consensus will help achieve higher network scalability, better security, and in turn, high speed for its transactions. This consensus mechanism helps confirm transaction within seconds,…
-
Introduction
According to reports, the first phase of the NFT Market LooksRare aggregator has now been launched. Users can add NFT to their shopping cart, bulk purchase from LooksRare and OpenS
-
US Cryptocurrency Market Experiencing Decline in Global Dominance
On April 28, it was reported that in the process of carrying out a series of regulatory actions with regulators including the US SEC, the US encryption market continued to lose its
-
BTC fell below $28500
According to reports, the market shows that BTC has fallen below $28500 and is currently trading at $28493.5, with a daily decline of 2.6%. The market is highly volatile, so please
-
Ethereum Shanghai Hard Fork Upgrade: A Game-Changing Move for the World’s Second-Most Valuable Cryptocurrency
According to reports, the upgrade of Ethereum Shanghai hard fork will take place on April 12th. Many experts believe that in the long run, hard forking is beneficial for Ethereum.
-
Sanjian Capital’s Co-founder Denies Pending Litigation but Faces SEC and CFTC Investigation
According to reports, Kyle Davies, the co-founder of Sanjian Capital, a closed hedge fund, said that there was no pending litigation or regulatory action against him. Last July, Sanjian Capital filed for bankruptcy. In October this year, the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) launched an investigation on Sanjian Capital because it misled investors in the balance sheet. In December last year, it was reported that the liabilities of Sanjian Capital exceeded US $3 billion, while the assets were only US $1 billion. Davies said that people’s anger stems from the market decline. As far as we are concerned, there are no regulatory actions and lawsuits against us anywhere. According to the previous news, Su Zhu and Kyle Davies, the founders of Sanjian Capital, recently launched Open Exchange (OPNX), a platform that allows users to trade bankruptcy claims and use claims as collateral to trade encrypted derivatives. （CoinDesk） Kyle Davies, co-founder of…
-
Two Key Bitcoin Positions Identified by Twitter User
It is reported that Twitter user @ ali_ Charts said on social media that there are two key positions supporting Bitcoin: the first is between US $22659 and US …
-
#Table of Contents
On April 30th, the BNB Chain community initiated a Greenfield executable design proposal and is currently soliciting discussions on it. This proposal is proposed by NodeReal, a blo
-
ETH Supply Reaches 5-Month High Based on Glassnode Data
It is reported that according to Glassnode data, the supply of ETH for the last active 6-12 months (1d MA) has just reached 13972630.49 ETH, a new high in near…