Binance Completes 22nd Token Burn, Removes $620 Million Worth Of BNB From Circulation
In a recent tweet, Binance announced that it has completed its 22nd BNB burn and first quarterly burn of 2023.
When BNB was introduced in 2017, a promise was made to burn 100 million of the coin’s entire quantity, or half of it, and eventually leave only 100 million in circulation. Each quarter, this commitment is automatically carried out and the Auto-Burn formula is used to determine the amount.
According to a statement from Binance, 2.064 million BNB, or around $620 million at today’s values, have been taken out of circulation. In terms of BNB tokens, the 22nd burn broke the previous record set by the 14th, which occurred two years ago.
BNB Auto-Burn Formula
The Auto-Burn formula which is used by BNB provides an independently auditable, objective process. The figures are reported quarterly, and the mechanism is separate from the centralized Binance exchange. A fraction of BNB Chain’s gas fees are still being burned in real-time by a bespoke mechanism.
Based on the price of BNB and the quantity of blocks created on the BNB Smart Chain (BSC) during the quarter, the auto-burn mechanism modifies the amount of BNB to be burned.
The native coin of the BNB Beacon Chain and BNB Smart Chain, BNB fuels the BNB Chain ecosystem. Binance, a cryptocurrency exchange, released it following an initial coin offering in 2017.
The current price of BNB is $ 301.98 per token with a current market cap of $ 47.68B USD. BNB has broken the $300 resistance this weekend to reach $314 last Saturday and shows an upward movement.
Cardano Vasil Hardfork Finally Scheduled on September 22nd ! – Coinpedia – Fintech & Cryptocurreny News Media
Input Output, a Cardano developer, has announced that the highly awaited Vasil upgrade will occur on September 22. After “extensive testing” of all key components, the business was able to publicly declare the date. Technical issues forced numerous postponements of the Vasil upgrade, which was first scheduled to happen in June.
The Vasil hard fork, according to Input Output, is the biggest upgrade to date because it will significantly increase the network’s capacity. Additionally, Cardano developers will have the ability to create more complex decentralized applications.
The Vasil Upgrade is named in honor of the late Vasil Dabov, a devoted Cardano community member. It seeks to strengthen the Cardano network and raise its general efficiency. Additionally, the Vasil Upgrade will reduce block interaction latency while boosting Cardano’s script’s throughput and efficiency.
To proceed with the upgrade, Input Output required to confirm that at least 75% of mainnet blocks were being generated with node version 1.35.3.
In addition, it has to integrate with about 25 exchanges, which together account for the majority of ADA token liquidity and the biggest decentralized applications in terms of total value locked.
Due to the fact that Cardano is now performing “good” in relation to all of these indicators, the hard fork date has been formally confirmed.
Robinhood Announces Cardano listing
Just as the chain is getting ready for the crucial Vasil upgrade, Cardano has now been listed on Robinhood’s platform, the company said in a statement on September 1.
Users of Robinhood have access to trade the ADA and get exposure to its spot price on the same day. According to Robinhood, the platform included ADA because of demand.
The Robinhood listing happens as Cardano gets ready for the eagerly awaited Vasil upgrade. The mainnet update, which was originally planned for July, was postponed in order to address bugs and guarantee the rollout of a stable upgrade.