Burn
696,627 views
197 Posts
Hot
Latest
Our 102nd weekly buyback & burn have been completed on Sunday.
➡️ 79,888 $ALPACA (~USD 23.5k) have been sent to the fire 🔥
➡️ We are on a 45 week deflationary streak 🔥
➡️ Total cumulative burn is now 30.05Mn+ tokens (15.99% of total supply)🔥
#Burn #BNB #DeFi #deflationary
➡️ 79,888 $ALPACA (~USD 23.5k) have been sent to the fire 🔥
➡️ We are on a 45 week deflationary streak 🔥
➡️ Total cumulative burn is now 30.05Mn+ tokens (15.99% of total supply)🔥
#Burn #BNB #DeFi #deflationary
#Write2Earn #Ethereum #Burn Rate Soars: $63M ETH Vanishes in Two Weeks $ETH
Over the last couple of weeks, Ethereum saw roughly $63 million worth of ETH disappear from circulation. This drop in available Ether comes as gas fees shot up, increasing the rate at which Ethereum is being burnt.
According to data from Ultra Sound Money, there's now less than 120.16 million Ether available, with over 21,000 ETH (equivalent to $62.8 million) going up in smoke during the past fortnight. Since the implementation of Ethereum's Shanghai upgrade, also known as The Merge, in September 2022, Ether's supply has dwindled by 362,628 ETH.
The Shanghai upgrade moved Ethereum to Proof of Stake consensus, which drastically slashed new Ether issuance by about 90%. Despite over 1.05 million ETH being added through rewards for stakers post-Merge, Ethereum's burn mechanism has permanently removed over 1.4 million ETH during the same timeframe.
The surge in transaction fees is linked to a rise in decentralized exchange (DEX) trading volumes amidst bullish sentiment in the crypto markets, alongside heightened activity in NFT sales and on Layer 2 networks.
DEXes have handled trades exceeding $5 billion in the last 24 hours, a 134% increase since February 4th, as reported by #DeFi Llama. Concurrently, #NFT trading volume soared to $33 million on February 19th, marking a 114% surge since February 2nd, according to data from Dune Analytics.
Activity on Layer 2 networks is also heating up, contributing to congestion on the Ethereum mainnet as L2 transactions are finalized on the base layer. Data from L2beat reveals that combined Layer 2 throughput hit its second-highest level on record during February 17th and 18th, with L2s processing more than 92.4 transactions per second on average.
Average transaction fees have doubled over the past three days, according to Etherscan.
Over the last couple of weeks, Ethereum saw roughly $63 million worth of ETH disappear from circulation. This drop in available Ether comes as gas fees shot up, increasing the rate at which Ethereum is being burnt.
According to data from Ultra Sound Money, there's now less than 120.16 million Ether available, with over 21,000 ETH (equivalent to $62.8 million) going up in smoke during the past fortnight. Since the implementation of Ethereum's Shanghai upgrade, also known as The Merge, in September 2022, Ether's supply has dwindled by 362,628 ETH.
The Shanghai upgrade moved Ethereum to Proof of Stake consensus, which drastically slashed new Ether issuance by about 90%. Despite over 1.05 million ETH being added through rewards for stakers post-Merge, Ethereum's burn mechanism has permanently removed over 1.4 million ETH during the same timeframe.
The surge in transaction fees is linked to a rise in decentralized exchange (DEX) trading volumes amidst bullish sentiment in the crypto markets, alongside heightened activity in NFT sales and on Layer 2 networks.
DEXes have handled trades exceeding $5 billion in the last 24 hours, a 134% increase since February 4th, as reported by #DeFi Llama. Concurrently, #NFT trading volume soared to $33 million on February 19th, marking a 114% surge since February 2nd, according to data from Dune Analytics.
Activity on Layer 2 networks is also heating up, contributing to congestion on the Ethereum mainnet as L2 transactions are finalized on the base layer. Data from L2beat reveals that combined Layer 2 throughput hit its second-highest level on record during February 17th and 18th, with L2s processing more than 92.4 transactions per second on average.
Average transaction fees have doubled over the past three days, according to Etherscan.
#Write2earn
Ethereum Supply Concerns: Highest Levels Since December 2023
#Ethereum #ETher #EthereumBurnRate #Burn $ETH
Ethereum's deflationary narrative is under scrutiny as recent data reveals its highest quarterly inflation rate since transitioning to Proof of Stake through The Merge in September 2022, as per CoinGecko's latest quarterly web3 report.
Inflationary Trend Emerges
In Q2 2024, Ethereum's supply increased by 120,800 ETH ($421.3 million), surpassing the 107,725 ETH burned by the network's transaction burning mechanism. This resulted in a significant drop of 66.7% in Ethereum's quarterly burn rate, with the network remaining deflationary for only seven days compared to 66 days in Q1.
Impact of Low Gas Fees
The decline in Ethereum's burn rate was driven by historically low gas fees, currently averaging at 3 gwei per transaction, according to Ultra Sound Money. Fees even reached a low of 1.9 gwei last month, the lowest since 2020.
Supply Dynamics
Ethereum's supply now exceeds 120.2 million ETH for the first time since early December, marking a shift towards inflation since early April. The network currently inflates by 50,000 to 60,000 ETH weekly, despite a reduction of nearly 293,000 ETH since The Merge.
Double-Edged Sword
While low transaction fees encourage greater network adoption, they also challenge Ethereum's promise of post-Merge deflation, a draw for many investors since 2022.
Post-Dencun Effect
The network's inflationary phase coincided closely with the Dencun upgrade in March, which drastically reduced Layer 2 transaction costs. This led to substantial fee reductions on top Layer 2 networks, benefiting Ethereum's scalability but impacting its deflationary trajectory.
Conclusion
Ethereum's recent supply dynamics highlight the complexities of balancing transaction efficiency with maintaining deflationary pressure. The network's evolution continues to shape investor sentiment amidst ongoing developments in blockchain technology.
Ethereum Supply Concerns: Highest Levels Since December 2023
#Ethereum #ETher #EthereumBurnRate #Burn $ETH
Ethereum's deflationary narrative is under scrutiny as recent data reveals its highest quarterly inflation rate since transitioning to Proof of Stake through The Merge in September 2022, as per CoinGecko's latest quarterly web3 report.
Inflationary Trend Emerges
In Q2 2024, Ethereum's supply increased by 120,800 ETH ($421.3 million), surpassing the 107,725 ETH burned by the network's transaction burning mechanism. This resulted in a significant drop of 66.7% in Ethereum's quarterly burn rate, with the network remaining deflationary for only seven days compared to 66 days in Q1.
Impact of Low Gas Fees
The decline in Ethereum's burn rate was driven by historically low gas fees, currently averaging at 3 gwei per transaction, according to Ultra Sound Money. Fees even reached a low of 1.9 gwei last month, the lowest since 2020.
Supply Dynamics
Ethereum's supply now exceeds 120.2 million ETH for the first time since early December, marking a shift towards inflation since early April. The network currently inflates by 50,000 to 60,000 ETH weekly, despite a reduction of nearly 293,000 ETH since The Merge.
Double-Edged Sword
While low transaction fees encourage greater network adoption, they also challenge Ethereum's promise of post-Merge deflation, a draw for many investors since 2022.
Post-Dencun Effect
The network's inflationary phase coincided closely with the Dencun upgrade in March, which drastically reduced Layer 2 transaction costs. This led to substantial fee reductions on top Layer 2 networks, benefiting Ethereum's scalability but impacting its deflationary trajectory.
Conclusion
Ethereum's recent supply dynamics highlight the complexities of balancing transaction efficiency with maintaining deflationary pressure. The network's evolution continues to shape investor sentiment amidst ongoing developments in blockchain technology.
$BNB
Good news!
Good news is coming!
BNB Foundation proudly announced that
the exciting 28th BNB token destruction feast on BNB Chain was successfully held!
In this grand celebration, 1,643,698.8 BNB tokens were witnessed to leave in style,
the value before destruction was as high as about 971 million US dollars,
This is not just a reduction in numbers, but also a firm implementation of the community's commitment, another milestone in the BNB ecosystem.
BNB has unlimited possibilities, and a new chapter is opening.
#币安HODLer空投BANANA #美国大选如何影响加密产业？ #山寨季何时到来？ #美国PCE数据将公布 #美国6月CPI大幅降温
Good news!
Good news is coming!
BNB Foundation proudly announced that
the exciting 28th BNB token destruction feast on BNB Chain was successfully held!
In this grand celebration, 1,643,698.8 BNB tokens were witnessed to leave in style,
the value before destruction was as high as about 971 million US dollars,
This is not just a reduction in numbers, but also a firm implementation of the community's commitment, another milestone in the BNB ecosystem.
BNB has unlimited possibilities, and a new chapter is opening.
#币安HODLer空投BANANA #美国大选如何影响加密产业？ #山寨季何时到来？ #美国PCE数据将公布 #美国6月CPI大幅降温
Binance completes 28th BNB destruction, worth about $971 million
ChainCatcher news, according to the official announcement, Binance has just completed the 28th BNB destruction. This destruction totals 1,643,698.8 BNB, worth about $971 million. 🔥
BNB destruction is a routine operation of Binance, which aims to increase its value by reducing the number of BNB in circulation. The scale of this destruction is considerable, showing Binance's continued influence on the market.
For investors in the crypto market, this is undoubtedly an event worthy of attention. Although the destruction behavior may have a certain impact on the price of BNB, the specific reaction of the market still needs to be observed.
Overall, BNB's destruction mechanism is part of the Binance ecosystem and reflects its commitment to long-term value. 📈
ChainCatcher news, according to the official announcement, Binance has just completed the 28th BNB destruction. This destruction totals 1,643,698.8 BNB, worth about $971 million. 🔥
BNB destruction is a routine operation of Binance, which aims to increase its value by reducing the number of BNB in circulation. The scale of this destruction is considerable, showing Binance's continued influence on the market.
For investors in the crypto market, this is undoubtedly an event worthy of attention. Although the destruction behavior may have a certain impact on the price of BNB, the specific reaction of the market still needs to be observed.
Overall, BNB's destruction mechanism is part of the Binance ecosystem and reflects its commitment to long-term value. 📈
BNB Foundation Completes $971 Million Binance Coin Burn
The BNB Foundation's 28th quarterly burn removes 1.64M BNB, worth $971M, reducing supply and potentially boosting BNB's value.
BNB's governance lets holders participate in decisions, enhancing its role beyond transactions in the BNB Chain ecosystem.
BNB's real-time burning mechanism has eliminated 234,000 tokens, supporting a deflationary dynamic to maintain token value.
The 28th quarterly Binance Coin (BNB) burn, announced by the BNB Foundation, would remove 1.64 million BNB tokens, or roughly $971 million. Because of this momentous occasion, there is less BNB in circulation overall, maintaining the token's value over time.
https://twitter.com/BNBCHAIN/status/1815268226609148217
Important parts of the BNB Chain ecosystem are BNB, opBNB layer 2, and BNB Greenfield. Holders are able to participate in the decision-making process of the BNB Chain through the governance component of BNB.
Transition from Ethereum and Burning Mechanism
From Ethereum to the BNB Chain, it happened during the burning procedure on April 18, 2019. Therefore, being that BNB Auto-Burn works, the total supply of BNB is 100,000,000. The following are the rules that govern how much of it is burned: BNB price and the number of extra blocks incorporated into the BNB Smart Chain in a quarter.
This latest burn is unique because it occurred directly on the BNB Smart Chain (BSC). The burned tokens were sent to a "dead" address, specially designated for this purpose. Additionally, BNB has a burning mechanism that burns gas fees from each block. According to the latest report, this mechanism has removed about 234,000 tokens so far.
Impact of the Burn
The BNB Foundation aims to create a deflationary mechanism by reducing the total coin supply. This supports the token’s value over time. Economic theory suggests deflationary currencies with a fixed or decreasing supply tend to hold or gain value better than inflationary assets. As BNB coins are destroyed, the remaining coins become scarcer and theoretically more valuable.
This deflationary dynamic can initiate a reinforcing cycle. Higher prices incentivise increased usage of BNB across the Binance ecosystem, driving up demand. Consequently, as demand strengthens, the rising value validates the token’s worth, attracting new users and traders. This further reduces the supply as more coins are permanently locked through burnings.
However, no guarantees exist for a price increase. Much depends on wider adoption and market conditions. Additionally, BNB Chain has announced a Meme Innovation Campaign. This campaign aims to attract meme coin developers amid the rising popularity of meme tokens. The network revealed in a recent post on X that it is setting aside up to $1 million. This reward will be given to eligible developers who deploy their meme coin projects on the network.
BNB's governance lets holders participate in decisions, enhancing its role beyond transactions in the BNB Chain ecosystem.
BNB's real-time burning mechanism has eliminated 234,000 tokens, supporting a deflationary dynamic to maintain token value.
The 28th quarterly Binance Coin (BNB) burn, announced by the BNB Foundation, would remove 1.64 million BNB tokens, or roughly $971 million. Because of this momentous occasion, there is less BNB in circulation overall, maintaining the token's value over time.
https://twitter.com/BNBCHAIN/status/1815268226609148217
Important parts of the BNB Chain ecosystem are BNB, opBNB layer 2, and BNB Greenfield. Holders are able to participate in the decision-making process of the BNB Chain through the governance component of BNB.
Transition from Ethereum and Burning Mechanism
From Ethereum to the BNB Chain, it happened during the burning procedure on April 18, 2019. Therefore, being that BNB Auto-Burn works, the total supply of BNB is 100,000,000. The following are the rules that govern how much of it is burned: BNB price and the number of extra blocks incorporated into the BNB Smart Chain in a quarter.
This latest burn is unique because it occurred directly on the BNB Smart Chain (BSC). The burned tokens were sent to a "dead" address, specially designated for this purpose. Additionally, BNB has a burning mechanism that burns gas fees from each block. According to the latest report, this mechanism has removed about 234,000 tokens so far.
Impact of the Burn
The BNB Foundation aims to create a deflationary mechanism by reducing the total coin supply. This supports the token’s value over time. Economic theory suggests deflationary currencies with a fixed or decreasing supply tend to hold or gain value better than inflationary assets. As BNB coins are destroyed, the remaining coins become scarcer and theoretically more valuable.
This deflationary dynamic can initiate a reinforcing cycle. Higher prices incentivise increased usage of BNB across the Binance ecosystem, driving up demand. Consequently, as demand strengthens, the rising value validates the token’s worth, attracting new users and traders. This further reduces the supply as more coins are permanently locked through burnings.
However, no guarantees exist for a price increase. Much depends on wider adoption and market conditions. Additionally, BNB Chain has announced a Meme Innovation Campaign. This campaign aims to attract meme coin developers amid the rising popularity of meme tokens. The network revealed in a recent post on X that it is setting aside up to $1 million. This reward will be given to eligible developers who deploy their meme coin projects on the network.
LIVE
Coinaute
--
The news is explosive: 1.6 million BNB, or nearly $1 billion, have been burned!
🚀💥 The news is explosive: 1.6 million $BNB BNB, or nearly 1 billion dollars, were burned!
A new destruction of BNB, the emblematic token of the Binance ecosystem, has taken place. The BNB Foundation announced that these BNBs were transferred to an address known as a “black hole”, making their recovery impossible.
The foundation burned 1,643,698 BNB as part of its regular token destruction operations. For the 28th consecutive time, this quarterly operation was carried out, with the total value of tokens burned reaching approximately $971 million.
A new destruction of BNB, the emblematic token of the Binance ecosystem, has taken place. The BNB Foundation announced that these BNBs were transferred to an address known as a “black hole”, making their recovery impossible.
The foundation burned 1,643,698 BNB as part of its regular token destruction operations. For the 28th consecutive time, this quarterly operation was carried out, with the total value of tokens burned reaching approximately $971 million.