Binance plans BNB token burn acceleration program
The quarterly BTC token burn destroys the equivalent of 20% of the monthly profit. Speeding up this process will positively impact the value of BNB. This was announced by the CEO of Binance
Changpeng Zhao tweeted that his team plans to discuss possible ways to speed up the token burn process. He also invited the community to participate in the discussion and tell what ways there are to change the current state of affairs.
Current BNB Burning Plan
The incineration is currently carried out according to a plan established back in 2017. Every quarter, the exchange spends 20% of Binance's profits to buy back some of the tokens and then destroy them.
The developers plan in this way to destroy 50% of the 200 million BNB created during the ICO. To date, according to Coinmarketcap, there are 176.4 million tokens circulating in the market. This means that over the past 3.5 years the plan has already been fulfilled by 24%.
The gradual reduction in supply has a positive effect on the value of the BNB token. It will take another 10.5 years to finally achieve the planned goal. If the Binance Coin (BNB) token burn program accelerates, Binance will only benefit.
After the message appeared, the market reacted positively. At the opening of Binance Coin (BNB), it traded at $30, and within a day after the publication of the message on Twitter, the price increased by 13% and reached $34.