Binance, the world’s leading crypto trading avenue, has unveiled plans for a major token burn scheduled for Monday, January 22. The burn would be conducted for Binance-pegged across various chains. The initiative doesn’t come as a surprise as the crypto exchange has performed such token burns in the past that mostly encompassed idle Binance-wrapped tokens.
About Binance’s recent burn initiative
In a recent post on X, Binance announced that their team “will burn a significant amount of Binance-pegged tokens on various chains.” In addition, they noted that the process will involve the release of an equivalent amount of these tokens on their respective native networks, which earlier served as collateral. However, the exact amount of burn or the cryptocurrencies to be affected are yet not known.
Such token burns have become a common practice among crypto platforms and developers. Generally, such burns are employed to manage the token supply. Whilst, Binance mostly aims at burning
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