I posted about BNB'a autoburn last time but is it really?
As someone who's into crypto, you probably heard about coin burning right? Coin burning is a mechanism used to remove coins from circulation. This ofc affects the coins value. Burning reduces the coin's supply permanently.
Taken from Binance Academy:
BNB adopts two coin-burning mechanisms, which will reduce its total supply by 50% in the long term. The first mechanism consists of burning a portion of the BNB spent as gas fees on the Binance Smart Chain (BSC) (introduced in the BEP-95). The second consists of quarterly BNB burning events.
As of January 2022, there were 17 BNB burn events. A total of 33,199,679 BNB were burned, which represents 16.59% of the total supply.
Now, what is BNB's auto burn?
BNB Auto-Burn will automatically adjust the burn amount based on BNB’s price and supply-demand dynamics. This means that if the BNB price drops, the amount of BNB burned will increase.
