Binance Could Replace Quarterly Burn With Auto-Burn Mechanism

Binance could replace the quarterly burn of BNB tokens with a new auto-burn mechanism as we can see more today in our latest binance coin news.

The crypto exchange giant announced the implementation of a new BNB auto-burn Burn and the goal is to provide bigger transparency and predictability to the BNB community. BNB is also designed to foster the development of a healthier blockchain ecosystem alogn with Binance smart chain and Binance coin communities. According to the official blog post, the new BNB Auto-burn will have two main characteristics. It will be objective and verifiable and will rely on revenues generated on the Binance centralized exchanges via the use of the native token.

Instead, the mechanism will be automatically adjusted in that the burn amount will be based on the BNB price.
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This will take into account the supply and the demand for the token in addition to the number of blocks that are produced during the quarter based on the data. With the introduction of the BNB Auto Burn, Binance could replace its mechanism and revealed the next phase in the development of the native tokens and BSC started. The reports show that the Binance Smart Chain is launching its automatic burning mechanism and after the activation of BEP-95 that involved integrating a real-time integration of a burning system into the tokenomics structure with a fixed ratio of gas accumulated by the validation in the BSC ecosystem will be burned in each block. The main objective is to ramp up the burn process while also decentralizing the network.

As recently reported, Crypto exchange Binance seals the deal with Dubai’s authorities to establish a crypto hub in the region and announced that it signed a Memorandum of Understanding with the Dubai World Trade Centre Authority with the goal of making Dubai an industry hub.

It added that the main goal was to help various crypto and blockchain-related businesses to become licensed in Dubai. However, this MOU is not a license for Binance to operate in Dubai and is a contrast to a license, these are agreements between parties that are seen as the starting point for the negotiations. They are not legally binding but only pose a signal that the relevant parties reached an agreement and that the foundation was laid for both to move ahead. Binance had a difficult time satisfying the criteria for regulators around the world