Burning BNB, which involves sending tokens to an inaccessible wallet, effectively removes them from circulation forever. It was initially introduced as a mechanism to accrue value and grow Binance. But as the broader crypto market grew and Binance Smart Chain was launched, BNB found uses beyond simply being an exchange token. It is the third-largest coin by market value, … [Read more...] about BNB Burns Will Now Better Reflect DeFi Activity on Binance Smart Chain
Burns
CyberKongz’ mass monkey minting burns $4M in Ether in 5 hours
The latest craze in animal themed nonfungible tokens has been such a big hit that it has become the top burner of Ethereum transaction fees over the past 24 hours.CyberKongz, which started as a collection of 1,000 unique NFTs in early March 2021, has surged in popularity recently. So much so that it has today usurped NFT marketplace OpenSea and the world’s most popular … [Read more...] about CyberKongz’ mass monkey minting burns $4M in Ether in 5 hours
Ethereum network burns $395K ETH per hour after London upgrade
Approximately 2.3 ETH is being burnt every minute through the new transaction fee mechanism introduced in Ethereum’s London upgrade on August 5.The highly anticipated London hard fork went live on Wednesday this week, ushering in the EIP-1559 upgrade that adjusted gas fees. Part of that adjustment introduced a mechanism that burns some of the base fees collected.The total … [Read more...] about Ethereum network burns $395K ETH per hour after London upgrade
Binance burns $390M worth of BNB tokens
Major cryptocurrency exchange Binance has completed its 16th quarterly Binance Coin (BNB) burn, destroying over $390 million worth of BNB.On July 18, Binance reported that it had destroyed 1,296,728 BNB tokens valued at just under $400 million at the time.The exchange noted an additional 5,163 BNB that were destroyed through its Pioneer Burn Program — an incentive that aims to … [Read more...] about Binance burns $390M worth of BNB tokens
Crypto exchange Binance burns nearly $600 million worth of BNB
Crypto exchange Binance ‘burned’ over $594 million worth of its own BNB token today, in a move that marked the largest ever burn that the exchange did.But it wasn’t a case of Binance trying to pump its own coin (by decreasing supply) or setting money on fire. The ‘burn’ mechanism is an integral part of how BNB works, one that has contributed to the coin becoming the … [Read more...] about Crypto exchange Binance burns nearly $600 million worth of BNB