In one of its major announcements on Thursday, December 23, crypto exchange Binance announced that it will be introducing the BNB Auto-Burn feature with immediate effect in the broader interest of the Binance Smart Chain (BSC) and BNB communities.
As of now, BNB is the native cryptocurrency that fuels transactions on the Binance Smart Chain (BSC). This is pretty similar to the gas fee paid on Ethereum. Furthermore, BNB is essential to participate in the decentralized on-chain governance on BSC.
Currently, the Binance blockchain follows two major burning mechanisms for the BNB tokens. Since the introduction of BEP95, a portion of the gas fee spent on BSC gets burnt in real-time. BSC is currently burning 860 BNB tokens on a daily basis since its Bruno upgrade last month.
Furthermore, Binance burns the BNB tokens every quarter with Binance removing 1,335,888 BNB from circulation during the last quarter. Now the quarterly burn shall be replaced with BNB Auto-Burn. The official announcement
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