Binance Coins (BNB) to burned automatically in the first quarter

The latest news that came drifting this Tuesday stated that Binance Coins(BNB) were to be burned in the first quarter.

The news came out on the Twitter account of Binance CEO Changpeng Zhao stating the worth of $770m will be taken out of circulation soon.

The burn of the coins would be conducted at an average price of approx $403 per Binance Coins (BNB). These tokens were also mandatory to participate in the on-chain governance of BSC.

Binance has implemented a new auto-burn system that lasts about a year to build a healthy BNB Smart Chain (BSC) ecosystem. Previously, before this update, it was said that Binance had about two BNB burn mechanisms. Binance Coins (BNB) uses an auto-burn system to decrease its entire supply to 100,000,000 Binance Coins.

Additionally, the data shows an estimated 1.8 million BNB are on track to be burned by the following quarter, maybe it is in August. Trades of BNB are at $419 at writing time and are up 4.9% in the past 24 hours.

The BNB Auto-Burn mechanism will automatically determine the amount of BNB tokens to be burned based on the price of BNB and the number of blocks created on BSC during the quarter. The advantage of this is that it offers greater clearness, transparency, and predictability to the BNB population.

Binance is also working actively on launching its NFT marketplace which can benefit many other existing projects, by enabling them to access BSC network. Projects like, MetaLopp, Rarible, Faith Tribe can greatly benefit from this launch.