The largest crypto exchange Binance has finished its 18th BNB Burn with its newest Auto-Burn system.
Binance has been using its quarterly burn formula since 2017 with a goal of removing 100M BNB from circulation. However, in late December of 2021, the crypto exchange announced that it will be launching an Auto-Burn Protocol which has been used for the first time on the 18th burn of BNB.
CEO of Binance Changpeng Zhao commented on the new burn protocol, stating:
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"The implementation of the BNB Auto-Burn is a natural next step in BNB’s journey and will help the BNB community grow through providing greater autonomy, transparency and predictability."
Essentially, the Auto-Burn system adjusts accordingly to contemporary prices of the coin, and burns the appropriate amount of BNB. On the 18th burn, which was performed on January 17th, a total amount of 1,684,387.11 BNB was removed from circulation.
After the burn, the price of BNB has not seen any major fluctuations, sitting at an average of $472.11, with a 2.65% drop in the past 24 hours.
