.BNBCHAIN burned over 1.99 million $BNB, worth nearly $500 million, in a planned move under the 'auto-burn' mechanism. By shauryamalwa.
Some $484 million worth of the tokens were effectively taken out of circulation. Token burn refers to the process of permanent deletion of coins from their circulating supply.DE23DB2FB61495A902A22E5DE72744AD587A78881FFC4E3136D2BD2C7E824E29BNB is the native coin of the BNB Smart Chain and BNB Chain-based networks such as Greenfield. It was issued by crypto exchange Binance after an initial coin offering in 2017.
BNB uses an auto-burn system that aims to reduce its total supply to 100 million BNB, from the original 200 million BNB, over time. The auto-burn mechanism adjusts the amount of BNB to be burned based on BNB's price and the number of blocks generated on the BNB Smart Chain during the quarter.over the past 24 hours.
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