•Binance, the leading cryptocurrency trading platform in the world, revealed... announced plans for a token burning scheduled to take place on Monday, January 22. The burning will be done for Binance linked via different chains.
•This initiative does not come as a surprise considering that the cryptocurrency exchange has conducted such token burnings in the past which mostly involved encrypted Binance tokens.
•About the recent Binance Burn Initiative In a recent post on X, Binance announced that their team “will burn a large amount of tokens associated with Binance on different chains.” In addition, they indicated that the process will include releasing an equivalent amount of these tokens on their original networks. Which served as a guarantee earlier. However, the exact size of the burn or which cryptocurrencies will be affected is not yet known.
•These token burnings have become a common practice among cryptocurrency platforms and developers. Generally, such burns are used to manage the token supply. While Binance mostly aims to burn inactive tokens to boost its economics.
•Token Burn in September 2023 On September 14, Binance revealed its plan to start a major token burn. It was also announced on her official X account. Among the candidates for burning, four of the five tokens identified were Binance USD (BUSD) tokens across different blockchains. The exchange's initiative involved burning the tokens staked on the original blockchains and then releasing the equivalent number of tokens initially used as collateral.
•Moreover, a similar process will be followed in today's final cremation. Tokens in the September Burn lineup include TUSDOLD on the BSC chain and BUSD across the MATIC, BNB, BPSC and TRX chains. The token burn began right after the cryptocurrency exchange announced that it would end support for BUSD in 2024 due to regulatory challenges from the US Securities and Exchange Commission (SEC).
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