Earlier today, #Binance burned $444,632,106 worth of #BNB as part of the 20th BNB Burn.
If you’d like to learn how coins are ‘burned’, including #BNB, open this thread 🧵
Coin burning is when a certain amount of crypto is destroyed and permanently removed from circulation, reducing the supply of the crypto.
Coins are sent to a black hole address to burn them, after which cannot be used for anything. They are burned. Destroyed. Gone forever.
#Binance conducts #BNB coin burning events every quarter, aiming to burn 50% of the original total supply of #BNB, which would be 100 million coins.
So far, 20% of the original supply has been burnt.
Meanwhile, BEP-95 was introduced on BNB Chain in October 2021, which adds another deflationary aspect to the #BNB supply.
With BEP-95 the network burns a fixed ratio of each block’s gas fees that validators collect. The BEP-95 burns will take place even after 100 million #BNB has been burnt through the quarterly burn process.
BNB quarterly burns now occur through an Auto-Burn mechanism, which calculates the amount of BNB to be burnt based BNB price and the number of blocks generated on BNB Chain during each quarter.
We'd like to take this time to reflect on our journey over the past 5 years, highlight some milestones and take a look at what to expect from #Binance in the future.
🧵 Let's dive into it in this thread.
🗓️ July 14, 2017.
Binance.com was launched with the vision of providing users with a new crypto trading experience.
The team worked tirelessly to ensure that we were offering a trusted, intuitive, and simple marketplace for trading crypto - from here, we built!
As an indication to how hard the #Binance team worked before launch in 2017, @cz_binance tweeted this yesterday...
CZ: "5 years ago, tonight was unquestionably an all-nighter for the whole #Binance team."
The postponement is due to delays in deposits caused by high on-chain transaction volume. We are currently working to resolve the deposit issue for $OP.
Users that deposited between block heights 9748130 to 9812404 might not be able to see their deposits yet.