Binance Auto-Burn Steps in For Earlier BNB Burn Protocol

Binance is currently operating on a quarterly burn protocol, and has been running it since 2017. The newest Auto-Burn protocol will, as the name suggests, burn appropriate amounts of BNB based on its average price and on-chain information, which will adjust its price accordingly.

This type of automatization is set to give BNB owners greater insight into their assets, and a more transparent market for the community. In fact, when BNB reaches 100M tokens in circulation, the Auto-Burn mechanism will no longer be in motion.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What Are Flash Loans? TOP Ways to Make Passive Income Explained

SUBSCRIBE

ON YOUTUBE

Currently, the circulating supply is around 170M of BNB, and, according to a blog post by Binance on its 14th burn, the supply should reach 100M BNB in around 5-8 years. That being said, Changpeng Zhao, founder of Binance, is not sure about the time period, especially with the Auto-Burn coming in, stating that:

“...a number of factors could change the accelerated part in the future, including BNB price fluctuations, overall market conditions, and more.” 

The last (17th) burn of BNB took out over 1,3M BNB (worth approximately $708M), and the current price of Binance coin is sitting at $530.45 without any major drops or leaps in the past few weeks.