Binance announceOn Monday, more than 1.68 million BNB tokens were burned in the 18th incineration, with the tokens burned worth nearly $800 million at current prices. It’s unclear as Binance has just started implementing a new system for burning BNB.
#Binance completes 18th quarterly #BNB burn.
$795M USD has been burned!
— Binance (@binance) January 17, 2022
Up until last month, Binance burned BNB tokens on a quarterly basis based on the revenue it generated over time. But it has just been adjusted.useA new procedure called BNB Auto-Burn, which burns tokens daily based on the price of the BNB and the number of blocks produced during the quarter. The BNB Auto-Burn system uses the following formula:
B is the amount of BNB to be burned , N is the total number of blocks produced on Binance Smart Chain during the quarter , P is the average price of BNB against the US dollar , K is the fixed price anchor which starts at 1000.
Binance started burning BNB in 2017, at that time it was committed to burning 100 million in total BNB, representing 50% of the total supply. And to date, Binance has burned nearly 35 million BNB tokens, according to the cryptocurrency. The Block’s Data Dashboard
refer : LINK
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